This book clearly explains 12 habits you must develop to be a successful trader. These habits are developed through having the right attitude toward trading.
Preparedness-You must be prepared to trade, do not take trades with out the right thought put into the trade and methods applied to them.
Abundance consciousness-You must believe that there is plenty of money to be made in the markets, and you deserve to have your share.
Risk Taking-You have to take the right amount of risk for your profit goals but not put yourself in a situation of blowing up your account.
Thinking in Probabilities-You must trade in a way that gives you an edge in the markets. The odds should be in your favor.
Discipline-You must follow your own methods and strategies that give you that edge. Always follow proper psychology, risk management, and method.
Courage- You must have the ability to pull the trigger and make the trade. You can't paper trade and back test systems forever.
Accept Loss-This is the most important habitude, you must decide what price will let you know you are wrong and sell to stop your losses when that price is hit. Not doing this can lead to the destruction of your account.
Comfortable with Uncertainty-You must understand that anything can happen at any time in the markets, and accept that.
Optimism-You must have a positive attitude when trading.
Open-Mindedness-You must be open to all possibilities, and be able to change styles and systems when markets change.
Long Term View-You have to understand that each trade is only one among hundreds
and that in the long term your systems and methods will be successful and you will profit even after draw downs in equity.
Detachment-You must keep your self worth and ego separated from your trading. You are not your trades. You will trade better if your life is balanced.
Preparedness-You must be prepared to trade, do not take trades with out the right thought put into the trade and methods applied to them.
Abundance consciousness-You must believe that there is plenty of money to be made in the markets, and you deserve to have your share.
Risk Taking-You have to take the right amount of risk for your profit goals but not put yourself in a situation of blowing up your account.
Thinking in Probabilities-You must trade in a way that gives you an edge in the markets. The odds should be in your favor.
Discipline-You must follow your own methods and strategies that give you that edge. Always follow proper psychology, risk management, and method.
Courage- You must have the ability to pull the trigger and make the trade. You can't paper trade and back test systems forever.
Accept Loss-This is the most important habitude, you must decide what price will let you know you are wrong and sell to stop your losses when that price is hit. Not doing this can lead to the destruction of your account.
Comfortable with Uncertainty-You must understand that anything can happen at any time in the markets, and accept that.
Optimism-You must have a positive attitude when trading.
Open-Mindedness-You must be open to all possibilities, and be able to change styles and systems when markets change.
Long Term View-You have to understand that each trade is only one among hundreds
and that in the long term your systems and methods will be successful and you will profit even after draw downs in equity.
Detachment-You must keep your self worth and ego separated from your trading. You are not your trades. You will trade better if your life is balanced.
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