Sunday, May 3, 2009

Trader's mindset


How does someone know that they reached the trader's mindset?

Here are a few characteristics:

1. No anger whatsoever.2. Confidence and being in control of the self3. A sense of not forcing the markets4. An absence of feeling victimized by the markets5. Trading with money you can afford to risk6. Trading using a chosen approach or system7. Not influenced by others8. Trading is enjoyable9. Accepting both winning and losing trades equally10. An open mind approach at all times11. Equity curve grows as skills improve12. Constantly learning on a daily basis13. Consistently aligning trades with the market's direction14. Ability to focus on the present reality15. Taking full responsibility for your actionsDeveloping the trader's mindset takes time.

It usually takes traders 2-5 years before they can read through the above list and honestly say that it describes themselves.

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