After mentoring with a few of the richest and smartest institutional traders in the world, I have come to the conclusion that discipline is way more important than having the best system in the world. I find that I often jump into a trade on the open without thinking (usually on emotion), then later on in the day I start using logic to wait for the best setup to make back some of my losses from the morning. I know that I have fear of missing out when I chase, then I have fear of giving back profits when I take quick profits.
My last mentor said that the knowledge that he taught us is only known by the top 1% of retail traders, yet I can't seem to make money consistently. I seem to be missing out on some of the easiest trades when I take the day off, then trade crappy trades on the days I wake up early.
I took an online trading psychology test and it said that I could recognize patterns easily, but lack discipline in my life which is also transferred to my trading.
I marked up hundreds of the best A+ trades so I know what the best setup looks like.
I tried hypnosis, affirmations, secrets of the millionaire mind, etc...
Anyone else able to relate to this frustrating problem?
I know exactly what you mean. When I first started to learn about trading it all seemed like it was very complicated. I've always been very good at gaining a deep understanding of complex subjects so I figured that if I just gain as much knowledge as I can about the markets and learn about as many patterns and indicators as I can, the more successful I would be. A lot of people have this misconception about trading. Btw, could you point me in the direction of this test that you speak of?
http://www.daytradingpsychology.com/aware-profile/ for a free test
I can absolutely relate to that. I have the hardest time keeping all the knowledge and preparation at the forefront in my mind, and tend to make emotional decisions at times. The most frustrating thing in the world, esp. on trades where the stock is up like 60% on the day, and I have managed to lose money on it by chasing, stops too tight, no plan, etc. I know that fear of missing out is the #1 cause of me losing money. My roommate says that he just concentrates on feeling the soles of his f
yup, try listening to the audio book "trading in the zone" by mark douglas. I'm not done listening to it yet but its been very helpful already. you can buy it on iTunes or I'm sure you can find the actual hard copy book on amazon or something. I also listen to the free podcast called "chat with traders" and he interviews successful traders who all talk about the importance of discipline.
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