Most traders simply want to trade and their fear of missing out on the next big move has driven them to over trading. Everything in the market repeats and that means there will be another opportunity right around the corner, so stop worrying.
So, what’s the solution to that?
Wait for the setup that matches your plan.
Your goal is to trade like a sniper and wait patiently for the prey. You are not going to go after every target. Instead, you want to improve your odds of success by saving your “ammo” (trading capital) for the easier trades. You only have so much money to risk just like a sniper only has so many bullets. Use it wisely or you’ll run out / blow out your account.
After months of training on handling different time-frame, I do see a very BIG JUMP & DIFFERENCE in my traders performance, and with this new training focus, snipers must have the following requirement(like what Tom always said):
One of the key components to developing a winning trader’s mindset is keeping yourself accountable. There are no “bosses” for a trader, other than yourself. Hence, you MUST be accountable to your trading plan and your trading routine.
You need a trading plan. Review it weekly. This is one way you stay accountable and staying accountable helps you maintain discipline and maintaining discipline helps you forge positive trading habits and positive trading habits make you money consistently.
Along with your trading plan, you need a trading journal in which you log your trades and the details of them. You can do this on your computer or write it out, just make sure you do it. This will help you stay accountable.
A short videoclip on trade performance that come from the right Aptitude & Attitude.