Mastering the Mental Game of Trading
1. Overcome fear by consistently executing your trading systems, even when uncertainty looms. For example, if your system signalled a trade, take it without hesitation instead of letting fear paralyse you.
2. Combat greed by adhering to your risk management plan. For instance, if your plan dictates not risking more than 2% of your capital on a single trade, stick to that rule instead of getting greedy and risking too much.
3. Conquer anger and revenge by adopting a probabilistic mindset. Rather than dwelling on a losing trade, focus on the next opportunity, knowing that losses are an inherent part of trading.
4. Chase away anger and revenge by staying focused on your long-term financial goals. Even on tough trading days, deep your vision fixed on building Wealth Over Time
5. Defeat self-doubt by putting in the hard work. Instead of questioning your abilities, channel that energy into improving your trading skills through learning and practice.