10 Principles For Trading Consistency: π
The mindset of a trader must accept uncertainty, trade within their framework of profitable principles, but can accept losing money. Traders accept risk for the potential rewards. Traders accept they donβt know what will happen next but can manage the risk while they seek rewards
The biggest mistakes most traders make are ones due to overwhelming emotions. They hold a losing trade because they donβt want to take the loss as it proves they are wrong and it hurts their ego.
1. Know your edge
2. Know your expectancy
3. Make execution your focus not results
4. Follow a trading plan
5. Use consistent position sizing parameters
6. Use signals not opinions or predictions
7. Focus on what is happening not what you think should be happening
8. Know your minimum risk/reward ratio
9. Know when you are wrong
10. Understand your discipline determines your trading destiny
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