Here are 12 things a trader needs to quit doing today:
- Stop complaining about the market price action. Trade your signals and trade what the market gives you, or wait for your spot. Bad price action for you today can lead to great set ups in the future.
- Quit whining about losses. If you trade the right position size all losses should be small and you should understand what your winning percent will be historically based on your system. Losses get you closer to wins.
- Don’t doubt yourself, your system, or your method. You should have faith in your execution and your system before you ever start trading.
- Thinking too much will only wear yourself out. Focus like a laser on the math and need to know information only.
- Don’t be afraid of a changing market environment. It is normal for the markets to go from trending to sideways and quiet to volatile. Price movement is what eventually leads to profits.
- Quit trying to revenge trade. Never try to make a market give you back losses. Only a quantified trading system can make your lost money back.
- Use past price data for backtesting systems not to create current market bias.
- Don’t try to trade like others, develop your own system and position sizing that fits your personality and risk tolerance. Learn from other great traders but make your own way in the markets.
- Don’t worry about others opinions about your trades, focus on the math, the edge, and the risk/reward ratio of your trade.
- Don’t blame the market for a loss. No one trade has much meaning outside the context of a long term systematic process. Play the long game not the blame game.
- The market doesn’t owe you anything, your profits will come when the market is conducive to your process.
- Wishing, hoping, and dreaming for profits will not make you money. Only doing the homework and trading a profitable system will.
