All beginners dream to become Master Yoda in trading almost from first day of trading. That is impossible my dear. But there is one thing, that can make you better trader almost immediately. All you have to do is to change your mind-set. As soon as you do it, you will see results.
So, let’s go 5 tips to get millionaire trader mindset:
1. Don’t over-trade. Really, almost all beginners do this mistake. They think if they stick to screen and trade all night and day long, they will make more money or trade better. In fact they will get lost and they will lose. Trying to catch all this ups and downs can only blow your mind. Not each trade is worth the risk!
2. Know your dose of risk. seriously, almost all know their alcohol dose and have clear vision what will happen if they exceed it. The same in trading, you have to identify your lots and risk dose. If price goes against your trade few pips and you get heart attack, wake up at night, sleep with laptop – you trade too big lots. that’s destructive behavior.
3. Find a hobby. Many traders (even good traders) are getting so bored waiting for good move and begin to trade more, using less filters for their trade. Better find a hobby, relax, get new emotions – it will cost you less than your “extra trades” and you will recharge your “metal batteries”
4. Intraday trading. All talks about it, all want to trade this way, but to be honest I don’t know traders, who make good and consistent returns in day trading. Do you? It’s the most difficult and the most risky kind of trading. I do it sometimes, but only if I see good risk/reward and it makes me small % of my annual ROI.
5. Use wider stop losses. Market makers adore day traders, their high leverage and tight stops. Be sure they will find the way to wash out most retailers. It’s their easy money.
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee