Winning trader's mind

[robster970]

The ability to be disciplined, patient and true to yourself and your needs.

To quote Ed Seykota, 'Everybody gets what they want out of the market'. It's just that most traders needs are psychological rather than financial that determines the disproportionate amount of 'losers' from 'winners'. The delicious irony is that these terms are also emotive which speaks volumes about the majority of participants mindsets.

e2a - everything that BBMac has said is outstanding. It is a shame that most have to go through the process of trying/failing/reconstructing to learn its significance. You can't teach somebody to drive by giving the instructions manual for a car and the highway code though. Cognitive skills and their associated analysis can only be learned through practise.

 

[Rande Howell]

Hi

Not that most here would know much about what I ask, but nevertheless I enquire.

What is the frame of mind of a winning trader, what is he thinking when he puts on a trade?Is he prepared for a failed set up and failed t/a?Is he prepared ready to deal with losses?Has he got a game plan on exits , losses and profit targets?What is going on in his mind?

Is there a good book to read ?

If he or she is well trained in emotional regulation and has the skills to call up states of mind, they will not having thoughts so much as well honed mindsets. Otherwise what the trader fears, will own him. Discipline, patience, impartiality, and courage that has the presence of calm assertiveness is the sought after state of mind. Much like a hawk heliocoptering above a marsh waiting for the opportunity that the marsh will present it with. That is a successful emotional position of trader to market.
Rande Howell