I recently had a setback in my trading and had to do some re-evaluation on the mistakes I made (self Reflection). Based on this analysis I came up with some New Rules for MYSELF and I believe they may be Helpful to you also.
1. -Don't Live on PAST Results
-Don't Live on FUTURE Results
-Don't Get Depressed on Highs & Lows of Trading
IT'S THE NOW THAT MATTERS ONLY!
2. Stick to a schedule (Trading Plan)
3. Practice Proper Risk Management
4. Follow YOUR Numbers
-Trading is 80% mindset and 20% skill set. With trading ALWAYS stay in the moment don't get caught up in what you made before or what you can possibly make in the Future just stay in the moment with your trade-Daydreaming about what you can do or could have done will cause you to make bad trades.
-Make sure we stick to your Trading system and you must have a time that you dedicate EVERYDAY or WEEK To Trading and you have to be consistent. IF you work crazy hours Maybe just trade Weekly charts and draw up charts on Sunday Night and look for a trades then check it on Monday/Tuesday Night. NO Matter what you have to be consistent on when you check the charts.
-Without Proper Risk Management Long term trading is impossible so don't risk the whole account on 1 trade, these prop firms will hold you to that and you really don't have as much capital as you think. If you have a $200k challenge but you can only lose 8% which is $16k then it's like you only have $16k in your account!
-Numerology is just a tool that can help with the psychology of trading. I recently took two bad trades and my numbers literally said not to take risk, I KNOW BETTER! But Greed had me going against my own system. IF Your number for the DAY do not line up Don't even look at the charts just study or watch video on trading.
I just thought I would share these FOUR Practices that WILL improve your trading BUT before you implement these practices you must have your WHY?
IF you do not have a strong enough "why" then you will definitely give up, the reason MOST traders are unsuccessful is because they give up before they make it and the ONLY reason they give up is because their WHY was not that strong.
IF your why does NOT make you Cry then its NOT strong Enough!
My Why is because I want to have my own school for young "black" boys and teach self defense and other things to survive because I was bullied as a child.
I hope each of you can take something away from this and PLEASE Write down your Why and put it up on your wall so you can be reminded daily and when times get tough.
The BOOK Trading in the Zone is one of the best psychology books on Trading Make sure you listen to this in your car, at night during down time: