Process OVER Profits - becoming a successful trader
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The Emotional Rollercoaster: Trading, by its nature, is fraught with uncertainty and risk. A focus on potential financial rewards...
Think Like The 5% - Market & Mindset Consistency
In the realm of trading, a stark statistic often captures the attention of newcomers and veterans alike: 90 to 95% of traders fail. This figure, while daunting, shifts the focus onto a critical question that most in the trading community overlook. Instead of dwelling on why the vast majority fail, a more productive inquiry is to explore what the successful 5% do differently. Their secret? Consistency. But not just any form of consistencyā€”there are two distinct types that set them apart: the consistency in action, particularly in journaling and documenting trades, and the consistency in mindset towards trading itself.
Patience = Profits
It would be a lie if the monetary aspect of trading wasn't at the foremost of our mind when we got into trading.Ā
In fact, profits is what drives so many people into the market with its endless, lucrative possibilities.
However,
New traders have a misconception that they can become a full-time trader in a year or less. Although possible, it is more than likely not probable of happening. Please read: IT TAKES TIME TO BE PROFITABLE.
Patience is a key aspect of trading.
You need to be patient in a live position.
You need to be patient before you place a trade.
You need patience with yourself and the systems you have in place when you take a loss.
Some of our best trades have occurred when we just let go of hoping and expecting something to happen. We walked away from our computers and let the trade run its course.
During a month long travel, I was trading at my best. In two back to back positions on NZDUSD & EURGBP, I was able to bank about 3% to close the week. It wouldn't have ...
