Trading Mindset

Develop the millionaire trading mindset. Emotional demons like fear, greed or regret will try to haunt many traders. Even great traders struggle with their inner demons from time to time. Every great trader has a deep understanding of his/her psychology. Your personal trading psychology affects every trade entry and every trade exit that you make.

Trading Mindset

You will have to keep an eye on your trading psychology in your journey from a novice trader to a master trader. The quicker you will confront your demons and the more success you will have in slaying them, the more you will develop the millionaire trading mindset.

Trading Mindset

There are certain destructive emotions that confront each trader. You cannot achieve the millionaire trading mindset without overcoming the destructive emotions in you. You will have to face these destructive emotions when trading:

1. Fear of taking a loss and the fear of being stopped out is going to haunt you. Most of us fear failure!

2. Anxiety will make you get out of the trades too quickly. Exiting too early is what many traders do out of their fear of losing potential profits. You need to control this emotion by developing a mechanical trading system and deciding a level of profit that you can make consistently.

3. When you are not in control you wish and hope that you will make a winning trade. Wishing and hoping is for those traders who have not developed a trading system and who plan each trade in a discrete and random manner.

4. You will feel anger after a losing trade as if being victimized by the market. In the end you are responsible for your own decisions. You cannot blame anyone.

5. Trading with borrowed money or trading with money that you cannot afford to lose is a destructive emotion. Never ever trade with borrowed money! It can ruin you. Losing borrowed many is only going to make you bankrupt.

6. Always remember let your winners run and cut your loses. You think adding on to a losing position can help you avoid a loss.

7. Just like addiction to gambling, compulsive trading. Too much trading is bad. You need to decide how much trading you will do each day.

8. You are tying your worth to the market. Excessive joy after winning a trade!

9. Poor trading accounts profits. This results in poor self esteem. Poor self esteem lowers your confidence in your ability to make winning trades.

10. Not following your trading system. You don’t believe in your system or you haven’t tested it well. It can also be that you have no trading system. Whatever, try to develop a trading system and test it thoroughly. Without proper back testing and forward testing don’t trade live with it.

11. Second guessing your strategy. Fear of loss can paralyze you. Every minute you want to change your trading strategy.

12. The trader might be refusing to take responsibility for managing the risk or be too lazy to calculate the proper trade size. Not trading the correct trade size.

13. You feel like conquering the market which you cannot do. Trading too much! Don’t try to conquer the markets. You will fail!

14. This happens when there is no trading system in place. You are afraid to trade.

15. Trading is like an emotional roller coaster due to anger, fear or greed. You are irritable after the trading day. This happens when there are unrealistic trading expectations.

See if you are experiencing any of these destructive issues by trying to take a look into the mirror. When you find one of these emotions in yourself try to isolate and defuse it. This exercise will help you identify your strengths and weaknesses.

Trading Mindset

Try to write it down and find a solution once you have identified a certain destructive emotion present in you. Just the action of writing it down will help you bring one step closer to nirvana. Millionaire trading mindset is getting to a place of profitability, peace and bliss. Getting the millionaire trading mindset should be your goal.

Trading Mindset

You will need to learn how to control your emotions in trading. Trading is all about controlling your emotions. There are some emotional traits that help traders and investors make consistent profit in the markets. Some of these emotional traits will come naturally to you as a trader. However, others you will need to cultivate and acquire. Now this is what you feel when you acquire the millionaire trading mindset:

a. You will start believing in your trading system and stop worrying about the money.

b. You will accept risk in trading and investing. Trading and investing are inherently risky.

c. You will accept winning and losing trades equally as a part of trading. Even great trader cannot avoid a losing streak.

d. You should try to make trading enjoyable. In the end you will start enjoying trading.

e. You won’t feel being victimized by the markets every time you lose.

f. You will be always looking to improve your skills. Learning is a continuous process.

g. The trading profits will start flowing into your bank account as your skills improve and begin accumulating.

h. Markets will always be unpredictable. You will want to keep your opinions to the minimum. You will be more open minded in your reading about the markets with experience.

i. Your skills will improve with each trade. You will want to learn from every trade or position.

j. You will try to try to flow with the market and align trades in the direction of the market.