Level up to trade forex successfully

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Sergeant Major
Messages
1,133
Level 18 - trading is a mind game part 3

Mindset between a losing trader and a winning trader

Mindset of a losing trader
When i win:
•[self praise] Wow! I am good.
•[over confidence] Look at me. Trading is easy.
•[ego and boastful] I am going to tell my friends, my family, my dog and pet hamster how much $$$ i made yesterday.
When i lose:
•[blames the market] &%#^$* What is wrong with them markets?!?! You are going in the wrong direction!!
•[blames the tipster] Why did i listen to that lousy guy? He made me lose money.
•[pride] I am never ever going to cut my losses. It may turn around. I am buying more since it is cheaper now.

_________________________________________________________________

Mindset of a winning trader
When i win:
•[appreciative] Thank you Mr Market for the profits. You made my day!
•[My analysis was correct] I plan my trade and trade my plan. And it turn out be a winner!
•[Let my profits run] Hopefully it turn out be a great trending trade.

When i lose:
•[self evaluation] Hmmm. My analysis is wrong. Let me find out why.
•[humble and willing to learn] Ok, here is the reason. Try not to repeat the same mistake again.
•[What's next?] Lets move on. Lets find the next great trade.
Level 18 - trading is a mind game part 3

Mindset between a losing trader and a winning trader

Mindset of a losing trader
When i win:
•[self praise] Wow! I am good.
•[over confidence] Look at me. Trading is easy.
•[ego and boastful] I am going to tell my friends, my family, my dog and pet hamster how much $$$ i made yesterday.
When i lose:
•[blames the market] &%#^$* What is wrong with them markets?!?! You are going in the wrong direction!!
•[blames the tipster] Why did i listen to that lousy guy? He made me lose money.
•[pride] I am never ever going to cut my losses. It may turn around. I am buying more since it is cheaper now.

_________________________________________________________________

Mindset of a winning trader
When i win:
•[appreciative] Thank you Mr Market for the profits. You made my day!
•[My analysis was correct] I plan my trade and trade my plan. And it turn out be a winner!
•[Let my profits run] Hopefully it turn out be a great trending trade.

When i lose:
•[self evaluation] Hmmm. My analysis is wrong. Let me find out why.
•[humble and willing to learn] Ok, here is the reason. Try not to repeat the same mistake again.
•[What's next?] Lets move on. Lets find the next great trade.
Nice opinion, as good tarde they will making evaluation trades if faced with loss and learn why get loss, and never blaming the market and also others or own selves, but they will trying to recognized their mistake and used as new rules to avoid same mistake for future
 

EuroTrader

Sergeant Major
Messages
1,045
Nice opinion, as good tarde they will making evaluation trades if faced with loss and learn why get loss, and never blaming the market and also others or own selves, but they will trying to recognized their mistake and used as new rules to avoid same mistake for future
We should always try to learn from the trading mistakes we are doing so that in the due time we can become successful in this business :)
 

Olieng38

Sergeant
Messages
135
I agree completely, in our business you can not just learn the basics and be sure that everything will work out perfectly. In fact, only constant self-education and working for results can make you successful. And it's also very important to evaluate your results so that you can see when you're okay and when things don't quite work out as planned.
 
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