Read me! Spend some time from youtube! Psychology!

[MadsFromDenmark 10]

Thanks for the good videos, see them here:
https://www.youtube.com/watch?v=17euB7reQM4&t=0s&list=WL&index=102
https://www.youtube.com/watch?v=el10dgDa2Do&t=2061s&list=WL&index=108


I just spend some time, righting it down, so i can use it in trading, and not just forget it..! 
Motivation.

·        Every action we take has a reason why we do it; most of these reasons are spurring of the moment.

·        High achievers take action on purpose.

·        Successful traders who have a long career take purposeful action; they make good decisions on purpose.

·        Struggling traders have weak focus on their motivation, their reason why is not strong enough or not linked strongly enough to a burning desire.

·        Too often “I want this trade to make money is stronger than I want to have a long career”.

·        If we are focused on our reason why, holding a big losing trade would never be an issue.

·        What is the reason why you want to be a successful trader?

 

 

 

 

How to Motivate yourself on Purpose

·        There are two types of motivation which result in proper action:

Ø Away from a pain or problem or towards pleasure or a goal

·        They both work but away from pain are always stronger, it is immediate.

·        Think tooth whitening versus toothache. Which one will get you to act faster

·        What pain do you want to avoid or eliminate that will motivate you to be a discipline trader? What image can you link to pain that will inspire you to trading with discipline?

·        What exciting goal will motivate you to be discipline trader? What future experience can you link with trading discipline that will result in achieving your goal?

Mentor advice: the Trader Path

·        An absolute belief in probabilities and, the discipline to flawlessly execute that edge.

·        The more time you spend at the beginning of your career developing conviction in your edge of the sooner you will be on the path to success.

·        The more you spend at the beginning of your career focusing on the money the longer it will take you to understand successful trading.

 

 

 

 

 

 

The winning mindset.

·        To have the winning mindset, you must be willing to be successful!

·        To be a winner, you must learn what works and then have the discipline to apply it consistently. Knowing what to do and doing it is not the same thing, winners and profitable traders take planned purposeful action.

·        In order to be a winner, you must always take a responsibility for the outcome of every trade.

·        You must be willing to make a commitment to think in terms of results, not feelings of progress.

·        To produce results, you must learn from every single trade!

 

The profitable traders thought process.

·        “How I spend my spare time will dictate how I spend my future.”

·        “I don’t know need to know what’s going to happen next to make money consistently.

·        It is much more important to know what I am going to do next, than it is to predict what is going to happen next.”

 

 

 

 

 

Trading to win: Control.

·        When you trading to win, you will never feel the market “must” do something.

·        If you are asking the market to do you a favor, get out of the trade, you are now hoping and no longer have any control over the outcome of the trade.

·        Having the discipline to book a profit or loss without emotion is what separates the average trader from the one who takes home a check with consistency

·        When you are trading to win, you will move from one trade to the next effortlessly

 

 

The effortless mindset.

·        Every trade should have the same mental sequence:

Ø A: Identify what is probably going to happen

Ø B: Have a scenario in place for if the trade moves in your favor or against you.

Ø C: Place the trade.

Ø D: Let the trade unfold.

Ø E: Do what you said you would.

Ø F: Start at letter A again.

 

 

 

 

Focused thoughts & mental tricks.

·        If you are ever in a trade that you are not confident about, ask yourself this question: If I did not have the position, would I want it? The best answer will always be the first one that comes to mind.

·        Don’t trade out of the mistake, get out of it!

·        Being right and trading to make money is not the same thoughts process.

·        Eliminate thoughts of right or wrong based on profit or loss o f the trade.

·        Ask yourself this question after every trade: “would I take that trade again” If the answer comes back yes you are focusing on the process, and the structure of the trade. You are on track to success.








 

1.  Wealthy traders are patient with winning trades and enormously impatient with losing trades.

2.  Wealthy traders realize that making money is more important than being right.

3.  Wealthy traders look at charts as a picture of were traders are lining up to buy or sell

4.  Before they enter any trade they know exactly where they will exit for either a gain or a loss.

5.  They approach trade number 5 with the same mindset they did on the 4 previous losing trades.

6.  They use “naked” charts and focus on zones.

7.  They realized a long time ago that being uncomfortable trading is OK

8.  The markets are their workplace. They a participant – not an on-looker.

9.  They stopped trying pick tops and bottoms.

10.   They Stopped thinking about the market being “cheap” or “expensive”

11.   They are willing to change sides if the market tells them to do so.

12.   They trade aggressively when trading well and modestly when they are not

13.   They realize the market will be open again tomorrow

14.   They never add to a losing trade…. EVER

15.   Cash is the goal, but never the measure of success.
 

16.   They read about mobs and riots

17.   They provide liquidity to the markets while watching price and volume

18.   They have a way to gauge fear, greed and speed og the markets: tick charts

19.   They practice reading the tight side of the chart, not the left.

20.   Every wealthy trader has an  “edge” they can explain to their people

21.   Their position size is calculated exactly on risk tolerance

22.   Profit targets are based on average range or something objective

23.   Confident decision makers in the face of incomplete information.

24.   They buy higher highs and sell lower lows.

25.   Their business isn’t trading- it’s finding the right trades.

26.   They write down  or record every trade – price, thoughts, news, Attitude-