First you must find or develop a trading system that matches your personality and style of trading. Many traders fail because they choose a trading system that is not in alignment with their belief system. For example, chances are if you’re a loner and don’t like crowds, then you will not be a good trend trader where you would be required to follow the crowd of traders to make money by being with this crowd in the trend.
Many traders believe that profitable trading is just a matter of having a trading system. This trading system mentality falls short of what is really needed to be successful. A quality trading approach combined with risk control and money management is essential, but the real factor in determining your success will come from developing the trader within. The trader within is a culmination of your beliefs, personality, attitude or mindset, character, and health. You cannot buy these at the trading store! Instead you must identify and know yourself, and then if needed make adjustments.
Cooked Crab
9 months ago
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