5 Areas to Improve your Trading – Part 5 – ATTITUDE
Now it’s up to you.
You have to face the elements of trading.
The winners.
The losers.
The drawdowns.
The insane winning streaks.
The slowdowns.
The sideways going nowhere.
This all can mess with your emotions. Hence they say don’t ride the emotional rollercoaster.
So let’s fix your attitude shall we?
#1: Biggest mental enemy is – YOU
Your mindset plays a significant role in your trading success.
The biggest mental enemy in financial trading is you.
It is easy to get caught up in emotions such as fear and greed.
This can lead you to taking impulsive and revengeful trades.
This can lead to you giving up during the bad or slow times.
To overcome this, you need to have a clear understanding of your emotions and how they can affect your trading decisions.
#2: Stop celebrating winners
Avoid celebrating them excessively.
Great you won some money! But what about the next trade? What about next month. What about next year.
You are only as good as your last trade. And when you banked a winner, you need to focus on the next trade and let by-gones be by-gones.
Celebrating your wins can lead to overconfidence, which can be detrimental to your trading success.
Keep level headed at all times. Especially during successful trades.
#3: Stop crying over losers
Similarly, you should not dwell on your losses.
Losses are part of the learning process.
They can help you identify areas of improvement in your trading strategy.
Instead of crying over losses, focus on learning from them and making informed decisions based on your trading plan.
Also, go back to your track record. Go look at the biggest drawdowns you had and how you overcame them when the market went into a better environment.
That will stop you crying over losing a bit of money.
Besides, losing money is not a loss. It’s simply a cost of trading.
Think of it like that and you will never feel another loser again.
#4: Be long term oriented
Financial trading is a long-term game.
To be successful, you need to have a long-term mindset and a strategy that aligns with your long-term goals.
I’ve told you many times. It’s not about the one trade but the hundreds of trades later.
Just keep to your discipline, follow the plan and strategy and you’ll see it pay off in the long run.
#4: Stop thinking of instant successes
Financial trading is not a get-rich-quick scheme.
You cannot expect instant success or overnight riches.
Instead, you need to be long-term oriented and take a strategic approach to your investments. It would help if you were patient and persistent, even when faced with setbacks or losses.
5 Areas to Improve!
We’ve come to the end of the 5 part series – Areas you need to improve with trading.
What a pleasure it’s been.
I’ll sup up everything below so you can have a quick reminder what you need to work on.
EXPERTISE
#1: New ETFs (Exchange Traded Funds)
#2: New AI Tech Companies and Technology
#3: Electric Vehicles
#4: Space Tourism
#5: Metaverse
TIME
#1: Be Punctual
#2: Don’t Miss a Day
#3: Set a Reminder
#4: Sticky Notes
ACTION
#1: Place Your Trading Levels
#2: Prepare Your Trading Setups
#3: JUST TAKE THE TRADE
VISION AND GOALS
#1: Deposit more money
#2: Be responsible
#3: Eye on the sexy prize
#4: Focus on growth and wealth potential
ATTITUDE
#1: Biggest mental enemy is – YOU
#2: Stop celebrating winners
#3: Stop crying over losers
#4: Be long term oriented
#5: Stop thinking of instant successes
If you enjoyed this series let me know in the comments.
Remember to stay disciplined, be patient, and keep your eyes on the long-term prize.
Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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Trade well, live free.
Timon Rossolimos
Founder, MATI Trader
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