success favours the prepared

The most critical aspect of trading is how you respond to mistakes, missed trades, or significant losses.

Poor responses can lead to more errors, which can compound and lead to greater losses. Therefore, maintaining mental resilience and a positive mindset is paramount.

If you take a trade that results in a loss but doesn’t make any mistakes in your judgment or process, you should be able to congratulate yourself for a job well done.

This means sticking to your strategy and being confident in your decisions.

It’s crucial to accept that You will make mistakes. Developing a mindset that acknowledges mistakes. Be excited about mistakes being an opportunity to learn from them.

Losses are part of trading, and knowing you made a sound decision can help maintain your confidence and reduce emotional stress.

Time frame flexibility.

You might find a great opportunity today and then have to wait several weeks for the next one. This reality can be challenging. The importance of patience needs to be underlined.

No rush.

Aim to increase your capital gradually instead of focusing on homeruns. Avoid focusing on multiple X and rather review your business plan and the longer time frame goals. Compound interest is the 8th miracle of the world -time is on your side.

Understanding and recognizing both your strengths and weaknesses allows you to leverage your strengths effectively while guarding against your weaknesses. Knowing oneself can significantly influence trading decisions and overall success.

Trading is non physical; just a push of a button. Take some time off when you are in a slump. Go out in nature, exercise, take a break.

Once emotions are triggered by a mistake or otherwise, preventing consequential emotional trading is imperative.

Do not throw good money after bad and be tempted by the ability to use the markets as a gambler. We are in this business to make money, not to trigger some emotions=entertainment.

FOMO is not principle-based; there will always be another opportunity. This perspective helps maintain a steady mindset and avoid unnecessary stress. Understanding that the market offers endless opportunities prevents traders from making impulsive decisions out of fear of missing out.