Read Part 1 of this article at below link
No Plans or No Goals
You will not become a long-term victory trader if you plan nothing or if you plan to “fly by the seat of your pants”. Magical thinking causes to trading collapse. You cannot trust that someway, somehow, everything you forever wanted will magically occur. More likely if you trust this, it is because you have an intellect of entailment. Victory traders are successful because they devote the time to make goals and develop a plan to get those goals, as well as significant ways to measure their progress. Without a place, it is not possible to make the map. To be a successful trader, it is vital for you to have measurable their progress. With a place, it is not possible to make the map. To be a winning trader, it is vital for you to have measurable aims and a define plan to get them.
Instead of accepting liability are you are forever the victim? If you trust yourself to be a victim then you are setting yourself up for collapse. Victims tend to be victims of everything, victim of the latest methodology or indicators, victim of the time frame, victim of the markets. The reality is that you are liable for your own failure or success. There is no private group of people, indicators or markets that control your failure or success. Although it makes you feel perfect you are a victim, you are only a victim of your own shortcomings. You and you alone power your victory in trading. To be a winning trader, you must take liability for yourself and discover for yourself that the point of power in becoming winning is in controlling your own beliefs, actions and thoughts.
Following instead of leading
You have set yourself up for breakdown if instead of setting your own aims and path to victory, you trust on others to come up with the magical idea for you. There is no magical idea. Victory is personal. It is counter-productive if you find that you want to track anyone else path to victory. Every path to victory is as special as the person that walks it. While mentorships are helpful for learning what you do not know, finally, you have to start leading yourself down “your own path”. The path starts with setting your own aims and then planning the route to get those goals.
Passion is the driving power that makes a trader want to learn, to perform. Passionate traders are eager to begin their day, eager to watch, and eager to learn. They have a need to know what is happening in other nations, as well as the effect it will have on the markets.
You understand that you are lacking the important passion for trading when you want the money that comes with becoming a victorious trader, but you don’t truly want to trade. You are lacking passion for trading when you find yourself thinking that it is dull spending hours in front of a PC screen when you could be out partying, climbing mountains, lying on the beach, or doing 100 different things. If this is how you feel, then it is excellent that you save your time and money and find another profession. It takes passion to become a winning trader. Passion for trading provides you the driving power to sit hours on end in front of a PC screen. If you are missing this driving power, this passion, you will miss serious details simply because you are not linked with the screen or the price bars. Only you understand if you have a passion for trading.
Do you deficiency of confidence to get your goals and dreams? It is simple to say that victory is dependent on a trader economic or social level. Anyway, the reality is that you have the option to trust in yourself and your own capabilities or to permit yourself to give up without achieving your aims. Your mind may have persuaded that if you accept breakdown now then you are saving yourself the pain of crash later. This is a lie.
The reality is that without trying, you will actually fail. Sure, sometimes, at first you will drop flat on your butt. Then you get up and try again and again until you get your aim. Every winning trader has been through similar failures. The difference is that winning traders continue to get up after being knocked down by the markets. We admit the lessons that the markets provide and then move on. With each fresh failure and our capability to learn from collapse and to overcome future failures and to overcome future breakdowns grows and we build out self-reliance level. Each breakdown becomes the key to larger victory for the trader who has the self-belief that it takes to learn a lesson and move forward.
In summary, remember it is “you” and your secret psychology that is most vital part for victory in trading. “You” are the special element that you apply to the methodology, the indicators and markets. Only though self-awareness and self-honesty can you become a winning trader. We have listed the 10 most general ways that traders sabotage any victory that they might have had. All 10 of the factors for crash have to do with the secret psychology of the individual trader. Though raising the mindset that it takes to be winning in trading is often overlooked, it is the mindset that you bring to trading that will either lead to your breakdown or to your victory. Addressing this vital element of trading on a regular basis is a crucial for your victory as a fresh trader.