MENTAL FITNESS FOR TRADERS
Every trader (you, included) has his or her own agenda. Only you know what works for you, system-wise and emotion-wise. Trust in your tested trading system.
There are many systems that can generate nice profits over time. To settle on a trading that’s right for you: First, you have to believe in the process by which the system generates trades. Who was Fibonacci, and how did he arrive at his methodology? Does it make SENSE to YOU?
There is plenty of winning trading systems, of all types, that can be very successful. The best way to have a good system work for you is if you can follow its signals without hesitation. You are more likely to follow your trading signals if the system “agrees with you. You must win the BATTLE WITHIN YOURSELF first, before you can win in the markets
… I knew that the more they tested and saw that their system would have been successful, the more they would TRUST in the system and have the strength the follow its signals, especially through rough periods. Apparently, simply back-testing and seeing “would-have-been” results wasn’t enough to keep these traders in emotional control.
Second, a common mindset is that the primary key to being a successful trader to hook your wagon to a guru or trading system and then following that system to riches. The problem is that all (even great) trading systems experience draw-downs and you wind up blaming the system for losing rather than doing what is painful for some… blaming yourself (for not having the courage to trade through adversity)! Van thorpe
Most importantly, you must ask yourself; does the method fit you? Does it fit your personality?
I don’t know many people who have made money consistently following other people’s advise-be it the advice of brokers or investment advisors.
Money is made by developing your own ideas and following a method that is designed to fit you.
People make money in the markets by finding themselves, achieving their potential and getting with tune with the market.
One of the secrets of successful trading is finding a trading system that fits you.
The most important characteristic of all good traders is that they found a system or methodology that was right for them.
Psychology is the most important(60%), position sizing is the next most important(30 percent) and systems development is the least important(10 percent)
None of the participants seemed to realize that if they didn’t spend time on their objectives, they would not really be able to develop a system that fits them. They need to assess themselves for strengths and weaknesses, for time, resources, capital and skills and for what they are trying to accomplish.
He said that it was ridiculous to assume that any sort of system was possible-instead, it was all about luck and individual psychology. Alexander Elder
As an intelligent trader, you must realize that no guru is going to make you rich. You have to work on that yourself.
To be a winner in the market, you must know yourself and act coolly and responsibly.
A trader especially needs to understand how market crowd influence his or her mind.
When you let others influence your trading decisions, you lose your chance of success
You can succeed in trading only when you think and act as an individual.
Conclusion- World famous author Dale Carnegie had said that “Find yourself and be yourself. You can’t be any other person than the one you are in body and mind”