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Showing posts with the label trading-psychology-mark- douglas

THE TRADER’S PSYCHE

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THE TRADER’S PSYCHE You know that you need a strategy. And you know that there’s more to trading than just having a strategy. In the previous chapter, you learned about the major mistakes that traders make, and you learned that your biggest enemy is not another trader, or market makers, or your broker – it’s YOU. And YOU are your biggest enemy because of your emotions. In this chapter, you’ll learn about the mindset and psyche of successful traders. Having a profitable trading strategy AND the right mindset will catapult you right into the 11.5% of successful traders we talked about earlier. In order to develop the right mindset, you need to know what to expect when day trading. Many traders mistakenly believe that trading will result in a consistentlyrising account balance, like having an ATM in their front yard. But you already know that losses are a part of our business as traders. There will be some days and weeks when your trading exceeds your expecta