Let your winners run, add to your winning positions
90% lose because they have not learned to mute their human nature when in a trade. If you trade like the 90% you will get the same results they do.
Accept you will experience pain, whether that is from holding and letting your winners run when you want to take profits or accepting the market is telling you that you bet wrong and closing a losing bet. Do not avoid pain. Trading is pain whether you do it right or do it wrong.
In the dynamic world of trading, success isn't just about having the right strategy—it's about having the right mindset. The path to profitability is paved with challenges, but those who persevere, stay disciplined, and stick to their plan are the ones who ultimately succeed. Let's explore why never giving up, maintaining consistency, and adhering to your strategy are crucial elements in your trading journey, drawing wisdom from the renowned trading psychologist Mark Douglas. The Power of Persistence Trading is not a sprint; it's a marathon. There will be ups and downs, wins and losses. What separates successful traders from the rest is their ability to keep going when the going gets tough. As Mark Douglas wisely noted: "The goal of any trader should be to acquire and maintain an unwavering belief in their edge and the efficacy of their skills." Remember, every successful trader you admire has faced setbacks. They didn't succeed because they never failed; they succeeded because they never gave up. Consistency: The Key to Long-Term Success Consistency in trading isn't just about showing up every day—it's about approaching each trade with the same level of discipline and focus. It's about following your trading plan religiously, regardless of whether your last trade was a win or a loss. Douglas emphasizes this point: "The consistently successful trader thinks in terms of probabilities. The consistently losing trader thinks in terms of perfection." Consistency builds habits, and good habits lead to success. The Numbers Game At its core, trading is a numbers game. It's not about being right 100% of the time—it's about ensuring that your wins outweigh your losses over time. This is where sticking to your plan becomes crucial. Your trading plan should be designed to give you an edge in the long run. As Douglas puts it: "There is a random distribution between wins and losses for any given set of variables that define an edge." Trust in your plan and the numbers will work in your favor. Execution is Everything Having a great strategy is important, but flawless execution is what turns that strategy into profits. This means entering and exiting trades exactly as your plan dictates, without letting emotions cloud your judgment. Douglas emphasizes: "The moment you create a belief about the future outcome of an event, you stop gathering information." It means having the discipline to take profits when your targets are hit, and to cut losses when necessary. The Rewards of Discipline Discipline in trading is like compound interest—it starts small, but over time, it yields incredible results. Every time you stick to your plan, even when it's difficult, you're building a foundation for long-term success. You're training your mind to make decisions based on logic rather than emotion. Douglas reminds us: "The best traders have developed attitudes that give them the greatest degree of mental flexibility to flow with the markets." Embracing the Process Remember, becoming a successful trader is a process. It's about continuous learning, adapting, and improving. Embrace this process. Celebrate small wins, learn from losses, and always keep your eyes on the long-term goal. As Douglas wisely states: "Trading in the 'now moment' requires the ability to accept what the market is offering in that moment, even if it isn't what you want or expect." Conclusion In the world of trading, giving up is the only true failure. Stay persistent, maintain consistency, and adhere to your disciplined approach. Trust in the process and remember that with each trade executed according to plan, you're one step closer to your goals. The market rewards those who have the patience and discipline to play the long game. Let's conclude with one final quote from Mark Douglas that encapsulates the essence of trading success: "The consistently successful trader has learned to believe that anything can happen, and he doesn't need to know what's going to happen next to make money." Keep pushing forward, stay committed to your strategy, and watch as your persistence pays off in the long run.
OpenAI unveiled more details about Sora in an interview:
- Sora will be released within 2024
- Instead of hours, Mira mentioned it takes a few mins to generate a 20 sec 720p video
- The biggest challenge of AI generated video is consistency between frames, and that's what Sora is particularly good at
- Similar content filtering policy Dall-E has will be applied to Sora to prevent mis-information, like limitation to prevent Sora from generating public figure. #OpenAI #Sora #WLD $WLD