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Psychology :


90% of new traders lose their money and quit….Why?

Bad TraderYes, most traders fail. They fail not because they are not proficient at whatever technical techniques they are using, but rather because they have not mastered the psychology of trading. We emphasize this because there is simply no point in pursuing these technical techniques if you cannot master the psychology of trading. Unfortunately, mastering the psychology of trading is much more difficult than mastering the actual trading itself. The best we can do here is to warn you that this is the case.

Below is a more detailed description of trading philosophy that we live by, but if we had to summarize, we’d simply say this: you’ve got to be an animal. Just because you bet on football games and are willing to take risks, for example, doesn’t mean you’ll succeed; you’ve only got a real shot if you can teach yourself to avoid riding an emotional rollercoaster with every traded touchdown.
Good Trader
This is how good traders think:

  • I trade what I see and not what I believe.
  • I think in probabilities.
  • Predicting what the market will do is impossible, irrelevant, and stupid.
  • The techniques I use give me an edge, which is nothing more than a probability that the trade will go in my favor.
  • Accordingly, I will stay true to my techniques. I’m lost without them.
  • I am never right or wrong, because those are not probabalistic perspectives.
  • My trading edges are like a coin that is rigged to give heads more often than tails. Taking
    a trade setup is like flipping the coin. This is good.
  • I am not Merlin or Ms. Cleo. I have no crystal ball. I don’t need certainty, for there is none in trading.
  • I always pre-define my risk prior to taking a trade. If a trade does not work, I don’t sweat it. I wait patiently for the next set-up.
  • The market is my own personal casino. I am the Dealer. By taking all of my clear trade setups, the casino is rigged in my favor.