Trading is not easy. Consistently profitable trading is even more difficult. The ones that succeed in this field or have the highest chances of succeeding are the ones that enter trading with the most realistic expectations.
Get the right tools first. Learn the skill. Put skin in the game.
Successful trading is composed of 80% suffering and 20% pleasure. By suffering I mean the time spent: - Addressing your weaknesses. - Recognizing the times when you are wrong with zero ego involved. - Having the patience to not overtrade during your losing periods. - Sticking to your plan through good and bad and especially through bad.
These are only four of the boxes that a successful trader ticks daily. If I had to condense all of that into one short sentence, I would go for A small ego can equal huge returns.
In trading, it is almost a recipe for disaster to trade on rumors or follow other traders’ ideas. I am certain that in more than 99% of the cases, it pays to learn how to fish than to pay for the fish.
Great traders are contrarian in their own ways. They certainly don’t think like everyone else. Great traders certainly don’t read the books that everyone else reads and they most certainly don’t visit the same blogs.
Great traders are great, not just because they read a lot, but mainly because they ask more questions more often look for the right answers.
Contrary thinking is just a way of thinking, but I believe that we should not put too much weight on it. It is just another way of looking at things and not a crystal ball. The only way to become good at trading is to become good at questioning. As the man from the street would say, “If you don’t think things through, you are through thinking.”
Some of the best traders that I know can recognize that they are in a losing trade immediately and in a second, change their mind and readjust their positions so that in the end of the day they still end up making money.
Trying to always be right is a recipe for disaster and if you want to make it in trading, you should consider that what you have learnt in school or in university might not be practical in the world of trading.
Atrader once sent me an email asking me: “Any tips on minimizing execution errors? This week I did a terrible job executing. I had a very good week, but those errors hurt me.”
My response to his email was the following: “There will always be errors! Nobody is immune from them! It is all about how you manage them and making sure you don’t let them influence your psyche! Instead of thinking about mistakes think of everything you did right and how you can repeat that and possibly improve it!”
My message to you here is the same, so instead of concentrating on trading mistakes, try to accept and minimize them. Instead of blaming yourself for why you have taken this last bad trade, try to ask yourself the question: How can I repeat my successful trades one more time and then again and again? If you manage to reach to that trading level, making trading mistakes will not be a scary process anymore, but a great stage for learning.
In trading, if you see only two possibilities, it means that your analysis is poor. Good traders see things multi-dimensionally. They also see a lot of different scenarios and can narrow them down to the most probable ones.
Unlike a classroom, the world of trading does not like repetition. A definition of good trader is someone, who is not afraid of the unknown and knows how to embrace it.
Changing your mind in a matter of seconds is the only true definition of a great trader who is not afraid to expose his or her weaknesses.
Most of the successful traders I know went through years of losing or breaking even. Trading is a serious discipline, so make sure that this is what you want to do before you even think of starting it.
In trading, we might lose hope when we are sure about an outcome and then we are unpleasantly surprised by the results, but we shouldn’t. Nothing is set in stone and especially in trading. The way we should approach trading is with a pinch of skepticism. We should not rely overly on just one way to see the market. Markets are evolving and as such we constantly need a new way of seeing opportunity and methods that will help us to navigate through stormy waters.
It is better if you get ready for many trading failures and just a few big wins but make sure you really ride those wins for as long as possible. Try to always reject the obvious win and embrace the hidden loss with both hands.
The #bitcoin fall 7.00% in a day. #bitcoin rose to retest the resistance line at 58,496, fell back to the demand zone at 54,302, and was rejected. If this zone can't hold BTC, we'll see BTC price at 52K.
The red day continues...!
LIVE
boyLoyTRADER
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Em Baixa
$BTC Big-Picture Trend...!
Hello Traders,
Happy holiday everyone, Today I wanna talk about #bitcoin.
#bitcoin Breakout the demand zone at 56,855 that holds $BTC still 28 Feb. This breakout demand zone made Bitcoin price fall 16% last week to the zone; 56,900- 52,344.
#Bitcoin confirmed a bearish trend. if Bitcoin can break the supply zone at 56,880 we will see Bitcoin at 52K price.
Happy holiday everyone, Today I wanna talk about #bitcoin.
#bitcoin Breakout the demand zone at 56,855 that holds $BTC still 28 Feb. This breakout demand zone made Bitcoin price fall 16% last week to the zone; 56,900- 52,344.
#Bitcoin confirmed a bearish trend. if Bitcoin can break the supply zone at 56,880 we will see Bitcoin at 52K price.