Tuesday, 9 February 2021
Quote for the day
"You are the master of your destiny. You can influence, direct and control your own environment. You can make your life what you want it to be." - Napoleon Hill
Monday, 8 February 2021
Quote for the day
“The starting point of all achievement is DESIRE. Keep this constantly in mind. Weak desire brings weak results, just as a small fire makes a small amount of heat.” – Napoleon Hill
Sunday, 7 February 2021
15 Exchanges New Traders Need To Make
1. For a trader to be successful their intellect must defeat their ego.
2. A trader must use probabilities to overcome their own personal opinions.
3. A trader has to use risk management to overcome the hope that a losing trade will turn around and just take the original stop loss plan.
4. A trader must allow the actual price action to overcome any personal directional bias.
5. A trader has to let a trailing stop overcome their desire to take profits too early early in a trade.
6. Successful traders use their passion and goals to overcome their tendencies to laziness or procrastination in doing their trading homework.
7. A profitable trader has learned to allow patience to overcome their desire to trade before they get a real entry signal.
8. We must allow our knowledge of the risk of ruin to defeat any desire to go all in on any supposed can’t miss trade.
9. Math must be used in place of hope, logic in place of fear, cautiousness in place of greed, and humbleness instead of ego.
10. The development of a robust trading method must be the work that replaces the search for the “Holy Grail” of trading that never loses or a trading guru that has all the answers.
11. Trading price action has to replace trading off of predictions.
12. Personal opinions, beliefs, and emotions must be replaced with quantified entries, exits, and position sizing.
13. A felling of cleverness must be exchanged for a real edge.
14. Ignorance about trading must be exchanged for knowledge.
15. Knowledge about trading must eventually be converted to trading profits.
2. A trader must use probabilities to overcome their own personal opinions.
3. A trader has to use risk management to overcome the hope that a losing trade will turn around and just take the original stop loss plan.
4. A trader must allow the actual price action to overcome any personal directional bias.
5. A trader has to let a trailing stop overcome their desire to take profits too early early in a trade.
6. Successful traders use their passion and goals to overcome their tendencies to laziness or procrastination in doing their trading homework.
7. A profitable trader has learned to allow patience to overcome their desire to trade before they get a real entry signal.
8. We must allow our knowledge of the risk of ruin to defeat any desire to go all in on any supposed can’t miss trade.
9. Math must be used in place of hope, logic in place of fear, cautiousness in place of greed, and humbleness instead of ego.
10. The development of a robust trading method must be the work that replaces the search for the “Holy Grail” of trading that never loses or a trading guru that has all the answers.
11. Trading price action has to replace trading off of predictions.
12. Personal opinions, beliefs, and emotions must be replaced with quantified entries, exits, and position sizing.
13. A felling of cleverness must be exchanged for a real edge.
14. Ignorance about trading must be exchanged for knowledge.
15. Knowledge about trading must eventually be converted to trading profits.
Source: newtraderu.com
Quote for the day
"The ignorant mind, with its infinite afflictions, passions, and evils, is rooted in the three poisons. Greed, anger, and delusion." - Bodhidharma
Saturday, 6 February 2021
Quote for the day
"As long as greed is stronger than compassion, there will always be suffering." - Rusty Eric.
Friday, 5 February 2021
Quote for the day
"The greatest obstacle to discovery is not ignorance – it is the illusion of knowledge." - Daniel J. Boorstin
Thursday, 4 February 2021
Quote for the day
"We struggle with the complexities and avoid the simplicities." - Norman Vincent Peale
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