1.) They are patient with winning trades and VERY impatient with losing trades.
2.) They know making money is more important than being right, because the market can stay wrong longer than you can stay solvent.
3.) They looks at chart as a picture of where traders are lining up to buy & sell.
4.) They know their exact exits for either a gain or a loss.
5.) They approach the next trade with the same mindset as the previous losing trades.
6.) They use naked chart & focus on zone.
7.) They realize that being uncomfortable trading is okay.
8.) The markets are their workplace. They are a participant, not an onlooker.
9.) They stop trying to pick tops and bottoms.
10.) They stop thinking about the market being expensive or cheap.
11.) They are willing to change side if the market says so.
12.) They trade aggressively when trading well, modestly when trading poorly.
- Reduce your trading size to 1 share until you get back your confidence.
13.) The market will be open tomorrow again.
14.) They never add to a losing trade, EVER !
15.) Cash is the goal, but never the measure of success.
- Your goal as a measure of success is whether you have followed your trading rules.
16.) They read books about mobs and riots.
17.) They provide liquidity to the market while watching price and volume. (This one I also don't really understand)
18.) They have a way to gauge fear, greed and speed of the market.
19.) They practice reading the right side of the markets, not the left.
20.) Every wealthy trader has an "edge" they can explain to their mother.
21.) Their position size is calculated exactly on risk tolerance.
22.) Profit targets are based on average range or something objective.
23.) One or two trades a month make their month.
24.) Confident decision makers in the face of incomplete information.
25.) A losing trade does not mean they are a loser.
26.) Buy higher high and sell lower low.
27.) Their business is not trading - it is finding the right trades.
28.) They have a trading journal.
29.) A winning trade does not result in taking on extra risk the next trade.
30.) Trade the reaction, not the news ! OR trade the reaction to the reaction.
2.) They know making money is more important than being right, because the market can stay wrong longer than you can stay solvent.
3.) They looks at chart as a picture of where traders are lining up to buy & sell.
4.) They know their exact exits for either a gain or a loss.
5.) They approach the next trade with the same mindset as the previous losing trades.
6.) They use naked chart & focus on zone.
7.) They realize that being uncomfortable trading is okay.
8.) The markets are their workplace. They are a participant, not an onlooker.
9.) They stop trying to pick tops and bottoms.
10.) They stop thinking about the market being expensive or cheap.
11.) They are willing to change side if the market says so.
12.) They trade aggressively when trading well, modestly when trading poorly.
- Reduce your trading size to 1 share until you get back your confidence.
13.) The market will be open tomorrow again.
14.) They never add to a losing trade, EVER !
15.) Cash is the goal, but never the measure of success.
- Your goal as a measure of success is whether you have followed your trading rules.
16.) They read books about mobs and riots.
17.) They provide liquidity to the market while watching price and volume. (This one I also don't really understand)
18.) They have a way to gauge fear, greed and speed of the market.
19.) They practice reading the right side of the markets, not the left.
20.) Every wealthy trader has an "edge" they can explain to their mother.
21.) Their position size is calculated exactly on risk tolerance.
22.) Profit targets are based on average range or something objective.
23.) One or two trades a month make their month.
24.) Confident decision makers in the face of incomplete information.
25.) A losing trade does not mean they are a loser.
26.) Buy higher high and sell lower low.
27.) Their business is not trading - it is finding the right trades.
28.) They have a trading journal.
29.) A winning trade does not result in taking on extra risk the next trade.
30.) Trade the reaction, not the news ! OR trade the reaction to the reaction.
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