Success vs. Failure
Success vs. Failure
(25 Lessons Most Traders Learn the Hard Way)
(25 Lessons Most Traders Learn the Hard Way)
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1) The market is not logical, so trade with the trend.
1) The market is not logical, so trade with the trend.
2) The market's is always right, so trade with the trend.
2) The market's is always right, so trade with the trend.
3) Overbought & oversold conditions can last a lot longer than expected, so trade with the trend.
3) Overbought & oversold conditions can last a lot longer than expected, so trade with the trend.
4) The more determined you are that your opinions, predictions and biases are right… the more money you will lose, so trade with the trend.
4) The more determined you are that your opinions, predictions and biases are right… the more money you will lose, so trade with the trend.
5) Without a plan, you won't succeed (money, risk and trade management).
5) Without a plan, you won't succeed (money, risk and trade management).
6) Risking too much on any one trade will eventually blow up your account (1% to 2% of capital max per trade).
6) Risking too much on any one trade will eventually blow up your account (1% to 2% of capital max per trade).
7) Trading too big will eventually blow up your account (position sizing is critical).
7) Trading too big will eventually blow up your account (position sizing is critical).
8) Over-trading will eventually blow up your account so only trade the best risk reward setups.
8) Over-trading will eventually blow up your account so only trade the best risk reward setups.
9) Trading inferior setups will eventually blow up your account so trade only your highest probability setups.
9) Trading inferior setups will eventually blow up your account so trade only your highest probability setups.
10) Not understanding that the size of your average wins vs. your average losses AND your winning percent rate are what determine profitability will either keep you stuck in mediocrity or eventually blow up your account.
10) Not understanding that the size of your average wins vs. your average losses AND your winning percent rate are what determine profitability will either keep you stuck in mediocrity or eventually blow up your account.
11) Trading without stops is the single biggest mistake traders make. It will be responsible for most of your BIGGEST losses.
11) Trading without stops is the single biggest mistake traders make. It will be responsible for most of your BIGGEST losses.
12) Averaging down blows up more accounts than it saves. It will also be responsible for most of your BIGGEST losses.
12) Averaging down blows up more accounts than it saves. It will also be responsible for most of your BIGGEST losses.
13) Going on margin before you have mastered your strategy and emotions will most likely blow up your account.
13) Going on margin before you have mastered your strategy and emotions will most likely blow up your account.
14) If you don’t take the time to thoroughly understand your trading strategy you won’t know if it has a true edge or be able to execute it consistently… so you will either stay stuck in mediocrity or eventually blow up your account.
14) If you don’t take the time to thoroughly understand your trading strategy you won’t know if it has a true edge or be able to execute it consistently… so you will either stay stuck in mediocrity or eventually blow up your account.
15) Trade triggers (or rules) not emotions or you will eventually blow up your account.
15) Trade triggers (or rules) not emotions or you will eventually blow up your account.
16) Protecting your confidence and psychological resilience is equally as important as protecting your capital.
16) Protecting your confidence and psychological resilience is equally as important as protecting your capital.
17) Understanding one’s psychology is essential because all observations move through our emotional filters before meaning & relevance is assigned. A commitment to self-awareness and self-regulation is critical to success.
17) Understanding one’s psychology is essential because all observations move through our emotional filters before meaning & relevance is assigned. A commitment to self-awareness and self-regulation is critical to success.
18) Thoughts evoke emotions, strong emotions create beliefs. Beliefs you’re not aware of have control over and limit you. Not being aware of your beliefs about the market, trading and money can either keep you stuck in mediocrity or will eventually blow up your account.
18) Thoughts evoke emotions, strong emotions create beliefs. Beliefs you’re not aware of have control over and limit you. Not being aware of your beliefs about the market, trading and money can either keep you stuck in mediocrity or will eventually blow up your account.
19) An empowering mindset is critical to success! We have control over the meaning we assign to experiences that happen in our life. A losing trade can either be “a horrible failure” or “a great learning opportunity”. How you think can either keep you stuck in mediocrity, blow up your account or lead you to success… you decide.
19) An empowering mindset is critical to success! We have control over the meaning we assign to experiences that happen in our life. A losing trade can either be “a horrible failure” or “a great learning opportunity”. How you think can either keep you stuck in mediocrity, blow up your account or lead you to success… you decide.
20) Blame leads to failure. You are operating in an environment of uncertainty. No one can predict with 100% accuracy what the market or a stock will do… so don’t take it personally if it doesn’t do what you want. Instead take responsibility for your trading choices and decisions.
20) Blame leads to failure. You are operating in an environment of uncertainty. No one can predict with 100% accuracy what the market or a stock will do… so don’t take it personally if it doesn’t do what you want. Instead take responsibility for your trading choices and decisions.
21) You must believe that you can overcome temporary difficulties, achieve and sustain profitable results. You must believe that with persistence and determination there is the no such thing as failure… only feedback. There is only failure if you quit.
21) You must believe that you can overcome temporary difficulties, achieve and sustain profitable results. You must believe that with persistence and determination there is the no such thing as failure… only feedback. There is only failure if you quit.
22) Don’t focus on the money. Focus on trading well, on executing your strategy, triggers and rules with precision, on flawless, error free execution… and profits will accumulate.
22) Don’t focus on the money. Focus on trading well, on executing your strategy, triggers and rules with precision, on flawless, error free execution… and profits will accumulate.
23) The path to success lies in confronting the most brutal facts about one’s current trading mistakes, weaknesses and unwanted results. Post analysis is paramount.
23) The path to success lies in confronting the most brutal facts about one’s current trading mistakes, weaknesses and unwanted results. Post analysis is paramount.
24) Critical components of success are discipline, flexibility, thoughtful practice, and risk management.
24) Critical components of success are discipline, flexibility, thoughtful practice, and risk management.
25) To remain successful, never stop learning!
25) To remain successful, never stop learning!
Review these 25 lessons often!
Review these 25 lessons often!
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