How to Develop a WINNING Trading Mentality
Your mental state affects your trading. Are you ready to shred? Nervous? Rushing before the market to get ready? Disorganized?
Confidence comes from Competence. Not the other way around. Preparation breeds competence then > competence.
Are there distractions likely to affect your trading today? Kids crying? Boss asking for reports?
Are you doing everything you need to be, to expedite your learning curve EVERY day?
Don’t take the slow lane.
Building Competence
Focus 50% of your daily efforts on developing your competence. So many people spend more time trading then they do develop and learning. The actual amount of buttons you click is really only a few minutes a day.
Last Friday I traded for 45 minutes. I had another day this week where I made THOUSANDS in profits trading 1 hour.
But during that time I spent 1 hour reading about trading. 1 hour journaling, reflecting, reviewing, sharing with people I trust. 1 hour scanning, studying markets, developing new scans/ developing and looking for nuances within our strategy. 2-3 hours teaching. The amount of trading time is small. The REAL work is done before the market opens.
Market Open = Execution, Not Preparation
Once the market opens we are just executing our plan. Getting paid for the daily work, study, learning from the weeks, months, years previous. Go through Liquid Gainers scan each day. See and label what patterns are working.
You may see something new you can exploit. Sift through different levels of momentum. Look at 5, 30, 90, 180, 360-day time frames. Make sure these things are defined before entering any trade:
Learn to see what makes momentum on different scales. How does it move? are there specific sequences or characteristics that keep showing up. Momentum has a FORMULA. Learn it and adapt it.
Scanning is not about finding stocks for the next day. That part is easy. It’s about developing your eye and building intuition. It gives you more “reps” * What is your plan for enhancing your trading skills? What is your plan for enhancing your trading mindset?
Key Take-Aways: Cultivating a Winning Trading Mentality
– Competence -> Confidence.
– Outside Market Hours Prep >>>> Everything
– Scanning = Training & Practice, Not Just for Finding Plays
Get Started With Our Free Trading Kit
Our trading kit is the best free resource out there for new and struggling traders. It includes:
- Intro to Trading Course
- Comprehensive Trading Handbook
- Trading Consultation
Download your free trading kit here.
The post How to Develop a WINNING Trading Mentality appeared first on Bulls on Wall Street.
Source: https://bullsonwallstreet.com/trading-mentality/?utm_source=rss&utm_medium=rss&utm_campaign=trading-mentality
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).