A Strong Trading Mind

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It’s critical to remember that no matter how good your technical method is at generating wining trades, turning those winners into a consistent income takes the ability to do or not do some things that the method can’t help us with. The method can’t force us to pre-define our risk, or with making the mistake of moving our stop closer and stopping us out prematurely, it can’t stop us from hesitating and getting in too late or from over-trading or from getting out too soon and leaving money on the table. No matter how good the method, if you make mental errors you will lose.

Mark Douglas

 

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There is a force in you that is more powerful than the negative people, circumstances or environment you find yourself. Make a conscious deliberate effort to keep your mind above all the toxic conversations, attitudes and stressful atmosphere surrounding you. Guard your mind by immersing yourself in positive words, scriptures, music; as well as self-affirming healing conversations that will drown out the negative voices within your own mind. They will empower you and give you the inner strength and inspiration to grow through whatever you are up against.

Create a ritual of prayer, meditation, exercise, yoga, Tai-Chi, volunteering of your time, or whatever methods you can use that will protect you from the drama, emotional vampires and energy drainers that will try to rob you of your peace.

There is a Presence within you where you can find joy, comfort and inner strength to give you the capacity to handle whatever you are facing. You have GREATNESS within you!

Les Brown

 

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Organize Your To-Do List into These 4 Categories

http://www.success.com/article/organize-your-to-do-list-into-these-4-categories

Don’t let busyness derail your business—prioritize your tasks and weed out distractions.

I’m busy as heck but not getting anywhere. What am I doing wrong?

Entrepreneurs say that staying focused is a huge challenge. So it’s crucial to have an ongoing plan to keep you on track, a written outline that stays within reach and states what you intend to accomplish every day.

I set aside an hour or so every Sunday night to map out my week ahead. What will I focus on first thing Monday? Then on to Tuesday, and so on. Whom do I contact and why? What are my top priorities—no more than three—for the week, and what activities could distract me? The more detailed my calendar, the more prepared and focused I am. Committing my priorities to words focuses me mentally.

Despite that, distractions can still derail you. I often find myself pulled in too many directions—reacting to phone calls, email and other stuff that pops up. The triage method below—touching things only once and then moving on—keeps me from being overwhelmed.

1. Do immediately.

If a task feeds my priorities, my time is justified.

2. Delegate.

Someone else can and should do these to save me time. Even micro-business owners can benefit from an intern or temp.

3. Drop.

I ask myself, Will this make money for me right now or anytime in the future? Does it fulfill my current priorities? If the answer is no, I dump it.

4. Defer.

Some items might appeal but aren’t time-sensitive or high-priority. Delay them to a more convenient time.

 

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The real purpose of trading is not to make money. If that’s your goal you’ll probably struggle. But all of the following tend to work. If you goal is to be a great trader, then you probably will do well. If you goal is to use trading as a way to measure your self-development, then you will probably do well. If you just love trading and that’s why you do it, then as long as you are willing to work on yourself you will probably do well. Those, in my experience, are the key motivations that bring success in trading.

Van K. Tharp (trading psychology expert)

 

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I am reminded of HHH's advertisement... "Championship is ......... PAIN"

 

[Blackhole]

 

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It’s not about being right or wrong
http://www.learntotradethemarket.co...ding-mantras-from-trading-legend-mark-douglas

It’s not about being right or wrong, it’s about the odds. A trade signal doesn’t tell you if you will be right or wrong, it is simply a pattern that means the odds are in your favor. But you cannot start thinking you will be right or a whole host of problems will occur.

By not thinking about being right or wrong, you will eliminate the potential for the market to disappoint you. When you have a losing trade, all it means is that the majority of other traders didn’t share your belief about that market at that time. Just walk away. Don’t let being right or wrong get to you or affect your self-confidence.

If you think you are going to be right about a trade, as the market moves against you, you’re going to have a tendency that tells you you’re right and ignore the info that tells you its moving against you and that indeed you may be wrong on this one. When you need to be right, you see what you want in the market, not what’s actually happening. Don’t get blinded by needing to be right all the time. Don’t hang on to losers.

If you are susceptible to being disappointing, it will affect your perception of market information that would otherwise make you cut your losses.

The problem is, the patterns repeat themselves on a random basis. Even though the criteria are correct (a trade pattern that looks good), we still cannot predict human behavior, an important point to remember. When you put on a trade, do you know who took the other side? There’s no way to know. So, when the pattern presents itself, we don’t have ANY idea about who is going to come into the market next to influence it. So there is no point in trying to ‘figure out’ if it will work or not for that trade.

If you don’t integrate the randomness principle, you will find trading is the most frustrating endeavor you can undertake. You can only generate consistent returns by understanding that each trade is random and unique, and then taking that information and using it to control yourself after each trade. Do not get hung up on your last trade. Instead, focus on consistently trading your method over and over.

Mark Douglas

 

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