Many new traders are taken out of the trading game through bad mental practices. Here are some things that top money managers have shared through interviews and books that may help traders who are making mental mistakes in their trading.
Psychological Traits of the Forex/Commodity /Stocks Trader, All have the below points in common. Try to develop the below traits so as to enter the big league 🙂
- They have the ability to admit they were wrong and get out of a trade. They know the place where price proves them wrong.
- They have the ability to not only close a losing trade but reverse and go in the other direction when it is called for.
- The rich trader is not trying to prove anything about themselves they are focused on making money.
- They do not fall in love with an idea, currency, commodity, or stock they will make trades based on price action.
- Rich traders know that the market action is their ultimate boss regardless of their opinions.
- No matter how sure they are about a trade they still ALWAYS manage the risk.
- Rich traders get more aggressive when winning and trade smaller or take a break during a losing streak.
- A great trader is one that can admit to anyone that they were wrong.
- Rich traders do not believe their own hype, they know they can not really predict the future they can only react to current reality and the probabilities.
- Rich traders love what they do, win or lose.
When you are trading like that, it is hard to be beaten. Time is your friend
In searching for this content, I found it from 2012 at:
http://mmb.moneycontrol.com/india/messageboardblog/message_thread/12482561/14309090
http://newtraderu.com/?tag=new-trader-rich-trader-trend-trading-trend-following
And, these places the text is not locked. So, easy to take it.
I like your site so, please continue to provide you updates, but please give credit to the original writer, and also unlock your text (always).
Thanks.
Kenny
Your site is such that it will NOT allow one to Cut-Paste the above great traits to put it into my trading plan.
Why is your text content locked? I am not sure why this kind of public domain material needs to be locked.
Anyone who is motivated to copy is going to do it with an image copy, snipping tool etc. For those who like your writings, we need to use it, remember it, review it, and other things as part of our affirmations, plans, and personalized messages.
Please reconsider if this is ‘you’ who is locking it up, instead of some browser issue I am having with your blog site (3rd time I have noticed it). On this same browser session, I am able to go to other blog sites and select text and save it.
Thanks for your consideration, and if you can’t do it, then so be it, but it is just a humble request since I will be retyping this in 2-3 min into my Trading Plan.
Kenny
Dear Kenny,
After lot of thought and discussion we came to decision to lock our text content as it was plagiarized to many sites. We stick to our decision.We appreciate your comments and logic but to better serve our readers we will not unlock the text.
Rgds,
Bramesh
a professional site maintained by a professional person with a professional thinking..
All the best.
pls send me ur TA course details.
Regards
UDAY
Thanks for this article Bramesh. These are critical elements to a traders make up.
Thanks a Lot !!
Rgds,
Bramesh