November 28, 2024

Today's Reading Sharing:

12. Eliminating fear is only half of the formula for success; the other half is the necessity of cultivating self-discipline. Outstanding traders know that internal discipline or mental mechanisms are crucial to counteract the adverse effects that can arise from elation or overconfidence following a series of profitable trades. If a trader has not learned to examine and control themselves, making a profit can become an extremely dangerous situation.

13. There is a strange anomaly in trading. That is, if your trades start to profit, you automatically experience a carefree mindset. This mindset is a byproduct of a victory-seeking attitude, but it is not an actively cultivated attitude.

14. Junior analysts have skills but lack a victory-seeking attitude; they operate based on fear. New traders are not afraid, so they can experience the feeling of a victory-seeking attitude. However, this does not mean that newcomers possess a victory-seeking attitude; it simply indicates that they have not yet experienced the painful consequences in trading that would instill fear in them.

15. Taking responsibility means acknowledging and accepting deep within yourself that you are fully responsible for your trading successes and failures, rather than the market being responsible. Refusing to take full responsibility can create two significant psychological barriers that hinder your pursuit of profit. First, you will form an adversarial relationship with the market, separating yourself from ongoing opportunities. Second, you will mislead yourself into believing that your trading problems and failures can be corrected through market analysis.