The secret to successful trading does NOT lie in an amazing theory or
indicator. The secret lies in the traders’ MIND. The seven (7) psychology keys of winning traders are:

1. Discipline
•Trade according to your trading entry/exit rules. Never on rumours, opinions and
emotions
•Have the discipline to stick to your strategy through the wins and losses
• Avoid listening to the opinions of ‘experts’ who can ‘predict’ the market based on
insight or news

2. Think Statistically
•A winning strategy will have wins as well as losses
• The losses can come in a row (5-10 losses together)
• Do not be greedy when you win or fearful when you lose
• Every trade outcome is statistically insignificant
• A good trade can end up as a ‘loss’. Focus on following the rules and not on the
outcome of each trade.
• As long as you have an edge (> 50% win) and average win is more than your
average loss, you will be profitable over many trades

3. Patience
• Only trade when there is a high probability opportunity
• When the rules tell you it is not the time to enter, do NOTHING
• Knowing what NOT to do is as important as knowing what to do
4. Focus on ‘What’ is happening and not ‘Why’ it is happening
•It is a waste of time trying to figure out why the market is moving a certain way
•Price movements are not caused by public news (e.g. Dow Jones increased because of the debt ceiling resolution)
• Avoid associating market trends with news events
• “What has happened in the market to cause this move?” is irrelevant to trading success.

5. Do Not Predict the Future
•It is impossible to predict the future-> driven by crowd psychology
•Avoid listening to experts who give predictions of the future or to predict yourself
•Trade based on the current trend or reversal in trend
•Predicting the future clouds our judgement and makes us less willing to take losses (ego).

6. Risk Management
•There is no trade that is guaranteed a win. Always risk a small percentage of
your capital (e.g. 1-3%) and enter high probability trades where your profit
target and stop loss is pre-set.

7. High Level of Confidence
• Confidence to follow your trading strategy through the wins and losses
• Confidence does not come from the outcome of any particular trade
• Confidence comes from knowing that your trading plan/strategy has a positive
expectancy (edge).
In conclusion,
Putting these seven (7) psychology keys to practise will help us to stay profitable in the long-term. Kindly like, comment and follow me for more useful contents on trading.

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💥A MUST READ FOR EVERY TRADER!!!
Bill Lipschutz is one of the respected and successful traders in the world of trading. He was so good at his craft that, he traded a position size of $20 - $50 million on a day-to-day basis with incredible profit results.
This is how he started:
Lipschutz’s first experience in actual trading was prompted by a $12,000 inheritance that he steadily built up to $250,000 over a four (4) year period. Just like any high-risk trader, he ended up blowing the entire account because of the drastic mistake of overleveraging his position. He learnt the hard way that: “the market is a stern enforcer that unmercifully and unfailingly extracts harsh fines for all trading transgressions”.

When he was out of Cornell University, he had internship opportunity at Salomon Brothers Inc., an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States and a very profitable firm on Wall Street during the 1980s and 1990s. After his internship, the Salomon Brothers saw his potential and offered him a full-time role at the firm.

Despite having had no previous experience whatsoever in the currency markets. Lipschutz applied the skills he used to grow $12,000 to $250,000 and married it with risk management. He was significantly profitable in his very first year of trading these markets and became extraordinarily profitable over the next seven years. Over that period, he traded a position size of $20 - $50 million on a day-to-day basis with incredible profit results of half a billion dollars for the Salomon Brothers.
In an interview with Jack D. Schwager, Lipschutz attributed his success to these five (5) pillars:
Confidence: Although he took over 4years to turn $12,000 to $250,000 and lost it all in just few days. He didn’t allow that mistake to keep him down. He had the confidence to accept responsibility for the loss, learnt the lessons and bounced back stronger. 💪Focus: He decided always to focus one trade at a time.Patience: Great things take time. It took him 4years to turn $12, 000 to $250, 000. Then went on later to make millions at Salomon Brothers.Courage: It is not enough to simply have the insight to see something apart from the crowd, you need to have the courage to act on it and stay with it.Risk management: Making money and keeping money are two different skill-sets. He knew how to make profit but didn’t know how to keep his profits. That’s when he became risk-control oriented.
Lessons:
Avoid the temptation of wanting to be completely right: No one can accurately predict the direction of the market. Trading is not about “always do this and that” but it has more to do with “what to do in each market situation”. If you have a strong conviction about a trade and the market has a large move because a of a news event, the best decision may well be to bite the bullet and buy on extreme strength (or sell on extreme weakness). Start small and scale up: You don’t have to get in or out of a position all at once. Just like the whales, Scale in and out of all your trades.
In conclusion, Bill Lipschutz resigned from Salomon Brothers after a great 8-year spell to start his own trading and investment firm which he managed till the time of his passing.
#UptoberBTC70K? #USRetailSalesBoost #SCRSpotTradingOnBinance @CZ $BTC $FET $WIF

💥A MUST READ FOR EVERY TRADER!💥
On August 2, 1990 Iraq's politician and revolutionary known as Saddam Hussein took a very audacious trade just like any typical high risk trader. Hussein’s trade was the invasion of Kuwait. In fact, he had solid fundamental reasons for the trade such as:
By invading Kuwait, Hussein could drive up oil prices to Iraq’s benefit.

He also stood a perceived good chance of permanently annexing part or all Kuwait’s oil fields, as well as gaining direct access to the Persian Gulf.

The invasion also provided a wonderful opportunity for Hussein to feed his obsessive desire for power.

In exchange for all this upside potential, the initial risk on the trade seemed limited even though he forgets to set a stop-loss based on the possible reaction of the United States. Not long after Hussein entered the trade, as usual the market conditions changed. President Bush committed the US to the defense of Saudi Arabia by sending troops and spear-headed the passage of UN resolutions aimed at convincing Hussein to leave Kuwait.

At that point, Hussein could probably have negotiated a deal in which he would have withdrawn from Kuwait in exchange for some good gains (a quick profit) but he decided to stand pat.

Next, Bush sent a stronger signal by doubling U.S forces to four hundred thousand. An action that not only indicate that the U.S was ready to defend Kuwait, but also, face Hussein head-on. Clearly, the market trend had changed but Hussein ignored the market signal and left things to chance.

So, President Bush gave him a January 15th deadline. At this point, Hussein’s potential profit was probably gone but he could still have approximated a breakeven trade by offering to withdraw from Kuwait. Once again, he decided to hold his position.

Once the January 15th deadline has passed, the U.S and its allies in the Gulf War embarked on the massive bombing of Iraq. Hussein’s original trade was clearly in losing territory. Moreover, the market was moving down sharply every day, as each procrastination resulted in more destruction of Iraq. But how could Hussein give in now when so much had been lost?

Much like a bewildered trader caught in a steadily deteriorating position, he
pinned his hopes on the long shot. Unfortunately, Hussein finally capitulated. He
was like a trader who has held on to a losing position until his account has
virtually liquidated or return to zero.

Moral Lesson:

"If you can’t take a small loss, sooner or later you will take the mother of all losses." - Jack D. Schwager (Author, "The Market Wizards").

* No matter juicy offer a trade presents you, always have a risk management strategy in place.
#BTCUptober #BTCSurges67K #USStockEarningsSeason #MemeCoinTrending @CZ $BTC $WIF $FET

💥BEWARE! Before it drains your wallet to zero.
Money is a powerful tool in the hands of a trader/investor. Just like in real life, every tool requires a unique skill for it effective and efficient use. The market is structured such that, as assets are been traded, money changes hands between respective sellers and buyers.
One of the cardinal rules of trading is: “Don’t trade when you can’t afford to lose (Scared money)”. Scared money could be your rent, tuition fees, life investments or even borrowed money. In fact, there are few more certain ways of guaranteeing that you will lose than by trading money you can’t afford to lose. If your trading capital is too important, you will be doomed to a number of fatal errors.
- Your will miss out on some of the best trading opportunities because these are often the riskiest.
- You will jump out of perfectly good positions prematurely on the first sign of adverse price movement only to then see the market go in the anticipated direction.
- You will be too quick to take the first bit of profit because of concern that the market will take it away from you.

Ironically, overconcern about losing may even lead to stay with losing trades as fear triggers indecisiveness, much like a deer frozen in the glare of a car’s headlights.
In conclusion, volatility and loses are critical component of trading. That is, you need to risk some money to make money in the market. So, trading with “SCARED MONEY” will lead to a host of negative emotions that will cloud decision making and virtually guarantee failure.
Here is a quick fix:
Always trade with an amount of money that is within your emotional threshold and gradually scale up with time.
#BTC60KResistance #USRateCutExpected #USCoreCPIUp @CZ @Richard Teng $BTC $FET $WIF

💥HOW it all started and WHY you should be interested as a TRADER.
The market mostly respond to CPI data and rate cuts with high volatility. We saw what happened on 18th September, 2024 when FED cuts rates by 50 bps. It was a huge bullish wave even though it was short lived due to the Middle-East crisis.
This is how it started:
After Japan surrendered to the US in August 1945, that marked the end of the World War II. According New York times, that was the happiest day in American History. But there is a saying that, “History is just one damn thing after another”.
The joy of the war ending was quickly met with the question, “What happens now?”
Sixteen million Americans, that is 11% of the population at that time, who served in the war. Their average age was 23. Within 18months, all but 1.5 million of them would be home and out of uniform.
And then what?
What were they going to do next?
Where were they going to work?
Where were they going to live?

Those were the important questions of the day, for two reasons. One, no one knew the answers. Two, if they couldn’t be answered quickly, the most likely scenario in the eyes of many was that the economy would slip into the depth of the Great Depression.
Then came the low interest rate and the intentional birth of the American consumer as the panacea of the crisis. The Federal Reserve rate cuts made borrowing to buy homes, cars, gadgets and toys really cheap. This was great as consumption became an explicit economic strategy in the years after World War II and it ripple effect is always in the huge liquidity that floods the market.

With rate cuts came the explosion consumer credit cards which were introduced in 1950. Store credit, installment credit, personal loans payday loans all took off and have been around till now.
CPI data on the other hand is a smart way to measure the inflation level in a country, which have a large impact on central bank's decision-making processes. When inflation gets too high, it is very likely that the central bank will raise interest rates, and when it is too low, they will lower interest rates.

In conclusion, the market mostly responds to CPI data and rate cuts with high volatility. We saw what happened on 18th September, 2024 when FED cut rates. Let us brace ourselves with the volatility that will flood the market as we anticipate the upcoming CPI data. This could spark the Q4 Bullish Cycle.
#USCPIWatch #BTC60KResistance #WeAreAllSatoshi @CZ $BTC $FET $WIF