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RE: TRADING MINDSET - 3 LESSONS YOU MUST LEARN TO BECOME A SUCCESSFUL TRADER

in #psychology6 years ago (edited)

I have always believed that failure is not a mistake but a learning experience. Making a mistake is only negative when you don’t take the time to analyze what happened and learn from it. I completely agree with deveoping your own strategy. When I first started trading I tried following others with limited success. After researching, learning technical analysis and observing the market I started to try things and developed my own ideas and strategy. Always remember that the market is a living, breathing entity that is prone to follow history and trends, but can also do crazy things! I also learned that it is ok to not wait for the bottom of the dip to get in or to buy as something is coming out of the dip. You’ll drive yourself crazy trying to time the perfect trade. And conversely take profits that you are happy with, don’t try to time the top. I usually look to make 20-30% on my short term trades. That makes me happy and I don’t feel like I missed out if goes higher because I made my money back plus 20-30% which is a ton better than other investments! Thanks for the post @forexbrokr!

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well said !

Thank you!

Thanks for taking the time to comment like this mate. It’s appreciated!

I love the way you say you don’t have to catch a bottom or a top to make money. This is the key. Just take bits here and there, low risk and high reward. You don’t have to catch a falling knife!

I used to get pissed because I would be at work and miss a top or a bottom. Now I just set take-profit limit buys if things look good to get what I want for profit or stop-loss limit buys to mitigate my loss to 10% if things look bad. That way when I get home from work I am happy no matter what!

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