A Strong Trading Mind

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Today is a brand new day to make a bold move in your life!! Approach this day with courage, faith and a can-do attitude. Decide to make a major move in your health, career, relationship, or overall life that you have been putting off.

If you have a dream that does not require any help, then your dream is not big enough! Seek out partners and support that can help you grow and go to the next level. Work for your own success! You have GREATNESS within you!

Les Brown

 

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Decide to become a "No Matter What" person. Decide that you will make your dream become a reality...NO MATTER WHAT!

It does not matter if you run out of money, or if life catches you on the blind side. It does not matter if you experience disappointments, failures or setbacks. You have what it takes to bounce back. Your gifts, talents and abilities require that kind of resolve. The next moment can change your life...for good. Be open to that. Do not give up. Make it happen...NO MATTER WHAT!!

You have something special. You have GREATNESS within you!

Les Brown

 

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Avoid these people
http://www.subramoney.com/2016/04/a-few-sets-of-people-to-avoid/


Everybody earns money in life. Well almost everybody. However, not all people have the same attitude towards money. Money has to be earned, respected, taxes paid, spent on oneself, saved, invested, loved, and also given for charity. Some people speak very badly about money – and these people are best avoided. You do not want to become like them, do you? If you are the average of the 5 people with whom you hang out, you wan to keep that 5 people to be of top class.

with 50+ years on the planet…here is an attempt to group people into ‘avoidable’ and ‘worth keeping’ ..The kind of people who are avoidable, are a few..

Permanent cribbers: those who crib about everything wrong with the world. These people do not know of anything good that happened since Moses parted the waters or since Ravana kidnapped Sita. Blaming others is a habit for this group. A terrible habit at that. “I do not earn enough money”, “My bankers did not give me working capital when I needed it” “My employees have no drive at all” . “I must be having the worst set of clients in the world” .

The Pity party sympathy seekers: God, talk to these guys about money and you will see amazing poverty. They are shopping for pity and sympathy. They soon get into such a group – where they will discuss who is more up **** creek than the other. They get immense pleasure in finding who is more miserable. They wallow in their pity, and it you add to it, they love you. They can crib about their time of birth, place of birth, parental neglect, early death of parents, childhood misery, how their parents choose their career, spouse..it is almost addicting. Do not add to the pity.

Ask them what is working for them. Are they happy with their marriage? job? kids? friends? push them to look at the positive things in their lives. If they want to come out of the pity cycle, they will. If they want to continue their pity ..they will not. However, they will surely avoid you from now on. You are not adding to their pity – so you cannot be a friend. Either way the end result is a good desired outcome. Enjoy the status

The Blame others Group: The can blame others for everything wrong in their lives. The parents, school, friends, the banker, the person who cheated them, the person who funded them, the person who did not fund them, the tax regime, – the 1% of the world whom they know /met /….are to be blamed for all their woes! These people are so focused on blaming others that they never assume responsibility or take control of their own lives. Never, is the operative word! Blaming the rich, talented, and successful people is an awful habit. Once you do that, it is impossible to be like them or even make an attempt. So God hears you loud and clear – ‘I do not want to be like these people I hate’. So God listens to their prayers. The more you stay with them the more that you are likely to be like them. So God will listen to YOUR prayers too. Get away from such people. Asap.

Stay positive and be happy. Understand that blaming is very energy sappig. When you blame other people for your misfortune, you are giving away your power to change what is wrong in your life.

The Super Jealous group. They are jealous of the whole world. “Kumaramangalam Birla was born rich” or ‘Sachin Tendulkar has so much talent”. Gimme a break guys. I am so happy that I am not in Mukesh. D. Ambani’s shoes. I have no clue whether I have the competence to handle that job! Do not be jealous of anybody. You do not know the whole package. Do you think you can handle the whole package of being a SRT? Will you practice 6 hours a day, everyday, for 25 years?

Avoid these groups. Talk to your friends. Can you see a pattern?

Remember. The mind needs to be cleaned and kept ready for positive thoughts. Stop filling it with negative thoughts from such idiots.

 

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95 % traders are interested and 5 % are committed ..

:clapping::clapping::clapping:

 

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You are enough. It is not what you do not have...it is what you think you need that keeps you from living your greatest life. Everything you need to make your dream a reality is within you. It takes effort and work to develop yourself.

You have abilities and talents in you that you have not reached for yet. You have untapped power, drive and determination to get things done. It requires making up your mind, then sticking to it. Now is the time for your "A" game. You have what it takes. Make something happen! You have something special . You have GREATNESS within you!

Les Brown

 

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Good trading quotes
http://www.learntotradethemarket.com/forex-articles/28-motivational-quotes-from-top-traders

“Letting losses run is the most serious mistake made by most investors.” – William O’Neil

“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.” – Ed Seykota

“When I became a winner, I said, ‘I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade.’” – Marty Schwartz

“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.” – Victor Sperandeo

“When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.” – Randy McKay

“If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.” – Paul Tudor Jones

“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” – Marty Schwartz

“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore

The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder

“I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it.”– Marty Schwartz

“I’ll keep reducing my trading size as long as I’m losing… My money management techniques are extremely conservative. I never risk anything approaching the total amount of money in my account, let alone my total funds.” – Randy McKay

“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” -Peter Lynch

“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” -William O’Neil

“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones

“It’s critical for the crocodile to understand its prey and to know where to look for it and remain calm and patient until it arrives. As traders, we have to know what our trading edge looks like and where to look for it and then control ourselves enough to not over-trade before it arrives. “- Nial Fuller

 

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Market Wizards

http://www.learntotradethemarket.com/forex-articles/what-to-do-before-during-and-after-a-trade

Michael Marcus:
“If trading is your life, it is a torturous kind of excitement. But if you are keeping your life in balance, then it is fun. All the successful traders I’ve seen that lasted in the business sooner or later got to that point. They have a balanced life; they have fun outside of trading. You can’t sustain it if you don’t have some other focus. Eventually, you wind up over-trading or getting excessively disturbed about temporary failures”

Paul Tudor Jones:
The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong. I know where my stop risk points are going to be. I do that so I can define my maximum possible drawdown. Hopefully, I spend the rest of the day enjoying positions that are going my direction. If they are going against me, then I have a game plan for getting out.

Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead. My biggest hits have always come after I have had a great period and I started to think that I knew something.

Richard Dennis

The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.

On any individual trade it is almost all luck. It is just a matter of statistics. If you take something that has a 53 percent chance of working each time, over the long run there is a 100 percent chance of it working. If I review the results of two different traders, looking at anything less than one year doesn’t make any sense. It might be a couple of years before you can determine if one is better than the other.

 

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What to do Before, During and after a Trade
http://www.learntotradethemarket.com/forex-articles/what-to-do-before-during-and-after-a-trade

Before you enter a trade…

After you spot a high-probability price action trade setup in the market, here are the next steps you need to take and important points to keep in mind and act in accordance with:

• Calculate most logical stop loss placement – Don’t ever place your stop loss based on greed. Meaning, don’t place it too close to your entry just because you want to trade a bigger position size. I discuss the need for wider stop losses in this article. You need to place your stop loss strategically so that the trade has proper room to breathe.
  
• Accept the potential for loss – You need to mentally accept that any one trade can lose. No matter how good a trade setup looks or how confident you are, it can still end up being a loser. If you truly accept this fact you will not risk more than you’re comfortable with losing on any one trade and you won’t do things to try and ‘avoid’ a loss; like moving stops to breakeven too soon or perhaps even trading without a stop loss.
  
• Accept that the trade needs time to play out – As I said, ‘accept the loss’ mentally before you take it, then you won’t be trying to avoid it the whole time and you won’t adjust your stop or otherwise interfere with your trade. Just accept that the market is going to fluctuate before (if) it eventually hits your profit target. If you try to react to every little fluctuation in the market, you will be a wreck and so will your trading account. You need to accept that your trade will need time to work itself out before you enter it, so be prepared to do nothing.

During the trade…

During the trade is where most people screw it all up. They sit for hours staring at their trades, watching the charts, etc. This is unhealthy and it’s not part of proper trading nor the proper trading mindset.

• Let the market prove you wrong – Have a predefined level or spot on the chart that will show you your trade idea was wrong if price moves past it, then stick to that level (stop loss level). Your goal is to leave the trade alone and either the market proves your trade idea wrong or right.
  
• As I mentioned above, there are going to be ebbs and flows for and against your trade, this is normal. But, if you sit there watching every little one, you’re probably going to react by closing the trade early or making some other stupid trading mistake. Once you’ve decided on a trade setup and got all the parameters set, you have to commit to letting it play out, and that means you have to ‘sit on your hands’. The most important thing you can do once your trade is all set up, is nothing.
  
• Checking in on your trades once or twice a day is normal and you should make a trading routine. Remember though, most of the time you should do nothing. If you find that you’re constantly wanting to adjust profit targets, stop losses or close or add to positions, you are probably over-thinking it and becoming over-involved.

The key thing to remember during a trade, is that if you don’t leave the trade alone and let time pass, your trading edge won’t have a chance to work for you. Whatever reason you had for the trade, let it play-out and trust your pre-trade logic and make the market prove you wrong.

After the trade is over

The first thing to do after a trade, win, lose or draw, is to relax for a while. Forget about the market for a while, take a break, etc.

After your last trade ends, it can be very hard to get back to where you need to be mentally in order to wait for the next high-probability trade without over-trading. I discuss the problem of over-confidence after winning trades in this article, and it really is a big problem for traders. A winning trade is almost worse than a losing trade due to the fact that it can make us over-confident and even ‘arrogant’ about our trading, which in turn causes us to enter low-quality trades soon after a winning trade.

After a losing a trade, it’s also very tempting to jump back into the market on a low-quality trade setup, or on no setup, because you feel the urge to ‘make back’ the money you just lost. This is wrong though, and it’s not proper trading psychology. You have to really understand and accept that each trade is unique and you can potentially lose on any one trade; and if you accept that beforehand as I discussed above, you won’t be surprised if the outcome of your last trade is a loss. It’s all about eliminated the feeling of being ‘surprised’ by a trades outcome, as it’s that feeling of surprise, either a bad or good surprise, that can make us emotional about the outcome of a trade.

The correct thing to do after a winner or loser is to remain disciplined and patient and stick to your trading plan; wait for the next high-probability trade setup. For most people, the easiest way to do this is to remove themselves from the charts until they ‘cool down’ and get back to their ‘baseline’ mental state, i.e., neither overly-confident / excited by a winner or overly angry / frustrated by a loss.

Remember: if you just made money, don’t lose it – capital preservation is critical to trading success! Take some profit out at month’s end. Withdrawing a portion of your profits each month is a good way to reward yourself for proper trading behaviour and also secures some of your money so that you can’t lose it. After all, making money is THE POINT of trading, so it makes no sense to not withdraw some of it regularly

 

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Rethink your life. Step back. Get out of the rat race for a moment and look at yourself. Have you accomplished the goals that were once important to you? Have you created the impact, made the moves and achieved the things that matter most to you at this point in your life? Is your life working for you now, or are you just working to make it in life?

Ask yourself...What will make you happy and actually set out to do it! Make the decision not to settle for things as they are. Dream about what you want and what will make a difference in living your life. You deserve the best that life has to offer, less drama, less stress, more appreciation and respect for your life and for who you are. Design, create and step into a life that you are proud of living. You have GREATNESS within you!

Les Brown

 

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