- Take Complete Responsibility
The best traders take complete responsibility for every trade they take and every decision they make.
The best traders in the world never blame someone else or something else for their trading losses or the consequences of their failures.
When something goes wrong, the best traders take responsibility.
Here's the truth:
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You are going to make trading losses and mistakes.
Accept that fact, take responsibility, and learn from your trading losses and mistakes.
“When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.” – Randy McKay
- Learn From Every Trade
I know many traders who can't figure out why they don't make the returns they know they can have.
I've tried to explain to them that they need to track what they are doing to identify mistakes.
Without a trading journal where you track your trades, it's hard to remember what made you act in a certain way at the time.
The best traders in the world track their trades. That enables them to learn from every trade and thereby advance their skills as traders.
And when you advance your skills as a trader, you make more money.
Tracking your trading does not have to be complicated.
For example:
Take a screenshot of your chart, use an Excel document or pen and paper to write down the security, date, price, stop price, setup, and thoughts behind the trade.
When you close your position, you write down the date and price if you followed your rules, gain/loss, and thoughts about the trade.
Simple as that!
“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.” – Van K. Tharp
- Successful Trading Is Part Of A Balanced Life
Success is so much more than being a profitable trader.
You can't neglect:
Health
Wealth
Family
Love
Lifestyle
Spirituality
The best traders in the world keep a balance between these.
They understand that focusing on only trading does not equal success.
But maintaining balance is not easy.
There are times when your focus is on other areas, and trading is neglected.
That's part of your life's journey.
A happy family, healthy body, and relaxing hobbies will help you and stay emotionally disciplined.
So to become the best trader you can be, make trading part of a balanced life.
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.”