Today we delve into the second counter intuitive tip from Top Traders that can change your trading style.
Like in #Tip1 I'll only share tip 2 and use the quotes from these professional traders to buttress main point
For Tip 1,you can check the quoted post
Tip #2: Trading is not about the market; it’s about you.
Analysts worry about the market. But traders go beyond. They think about what to do in response to the market.
"Don’t think about what the market is going to do; you have absolutely no control over that. Think about what you’re going to do if it gets there"- William Eckhardt
William Eckhardt was clearly referring to having a game plan for all possible scenarios. Your trading plan is about you - how you plan to respond to the market.
Note that it goes further than having a detailed technical trading strategy with entry and exit rules. This focus on you extends into your mind.
"Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself."- Martin Schwartz
We tend to focus on the market’s behavior as we try to figure out how to trade profitably.
But in fact, we should spend even more effort and time to figure out our emotions, instincts, and responses. This is why trading psychology is so important.
"There are only a few traders who have come to the realization that they alone are completely responsible for the outcome of their actions. Even fewer are those who have accepted the psychological implications of that realization and know what to do about it" - Mark Douglas
Once you understand your role as the trader, you will see the need to take full responsibility for your trading.
However, as Mark Douglas pointed out, it is a challenging thing to do.
To summarize: Every traders who seeks To be Successful must invest time into learning how to master the act of controlling his emotions and training his psychology
