In trading, there are only two important elements, the Payoff Ratio
and Probability of Win. These are the only two things we traders can
control. We have to leave every other condition to the market.
Don’t focus on the money when trading.
One of the values that I think helped me in trading and life is: Don’t
focus on the money when trading.
Even though trading deals with money, I feel that those who are
concerned about making or losing money, lose it. You should focus only
on being a good trader. When it is time to buy, you buy. When it is time
to cut loss, just cut loss and do it quick! When it is time to take profit,
take it, and do not be greedy hoping for more.
Next, focus on being rather than getting.
As you trade, focus on being a good trader rather than getting the
profits. Once you are a good trader, money is a given, a by-product.
However, if you are only concerned about making money, you will
never be a good trader.
Trading is like a sport
The correct mindset in trading is to treat it like a sport. When a champion
tennis player serves for the final match, he will not be thinking if he
wins this point, what will be the reward he is going to get. The right
mindset is to fight for every point and being present. This is the same as
trading, when you are trading, you want make sure that you are doing
the right thing at any point of time and not be swayed by emotions.
In conclusion, the secrets of successful trading is not so much techniques or strategies, you need the get the psychology right. We will cover more about Psychology during our live training.
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