Last paragraph from the above article.
The point of today’s lesson is essentially that you need to change the way you think about trading. The simple mindset ‘hack’ I alluded to in the title is that if you want to succeed at trading, you must be realistic and stop trying to get rich fast.
Trading can offer you the world, but the more you feel you ‘need’ it to work, the less likely you are to succeed. When people start feeling desperate or like they ‘need’ to make money in the market, they start doing all kinds of things that lead to their failure. They start trading too big of position sizes for their accounts and skill level, they start trading too much, and they just turn into trading addicts. Be realistic, be honest with yourself and start small and slow and work your way up as you learn, build confidence and improve your abilities.
If you apply the ideas put forward in this article dramatically reducing position size (even if temporary) and commence the mindset re-training regime I put forward above, then over time it’s going to become fair easier to look at a chart, spot a signal and pull the trigger with a stress-free and confident mindset. This is where you want to be, it’s where I am and it’s where you can be with true dedication and discipline. You may not make $1 million in the next year, but you will certainly be acting and thinking like the top 1% of traders, and that’s a great place to be, the world is then your oyster and you can build upon that foundation. Aim for one win at a time and don’t become mentally attached to your trades (be ok whether they win or lose). Get to a point where you can execute trades confidently and leave the trade alone. You need to get these things right because they are the real ‘keys’ to trading success, 16+ years trading and almost 10 years teaching traders has proven to me this is a fact.