Saturday, April 9, 2011

Trader Mind - Weekend Reading

I am a professional trader. I wait for my signals to setup, when my signals setup i act decisively and trade. if the trade wins i have no more emotions than if it is going against me.when there is no trade setup i am not tempted to trade. when there is no trade setup i feel happy that im out of the market as my system works.

I am respected by my peers who look to me for sound advice. when i give advice i give it in a good spirit.i am a professional trader with a good attitude. i stick to my trading plan and do not deviate from it. when i am tempted to trade outside my system i remind myself that good things come to those who wait.i do not give my profits back to the market because i wait for my trading setups. when my trading setups appear more often than not they are good signals. i take the losing trades with the same steely attitude as i take the winners.

when i am in a winning trade i am not under any pressure to close them early. when in a winning trade i move my stop according to my system to capture maximum profit from the trade. i am happy to trade one position a day if the market only offers that. i am happy if there is no trade at all during the day secure in the knowledge that a trade will come along soon. i do not get tense about placing a trade as my system works.

i recognise that the greatest trading mistake is to lose patience and enter early or without a signal. i recognise that professional traders are set aside by two things - discipline and attitude. I have the discipline to only take trades when my system gives a clear signal that my chances of a good trade are favorable. when my chances are not favorable i simply sit back and wait until they are favorable.

When my trade is going against me i do not hold onto the hope that it will turn around. I never move my stop in an unfavorable direction and know that even if this one is a loss maker that overall i will come out positive. I am comfortable with losing trades as much as winning ones. I am a professional trader.

I listen and take note of others but do not allow their thoughts to change my system. i can learn from all my peers even if they are beginners as sometimes they see the obvious. my trading style is good and makes money. I am happy to be a trader. I am a professional trader with a professional attitude and i feel great!

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