I get many emails from students and others who constantly tell me they cannot follow their own system. They lack the discipline to follow what they have previously set. This manifests in several ways. First is Over Trading where they jump the gun. The second is waiting too long and always looking for extra confirmation.
Trading Psychology by Mark Douglas
This is a six part post on the best of Trading Psychology by Mark Douglas, author of Trading in the Zone. These are classic interviews by High Lands Trader from 1986 and will do more to help you become successful as a trader than any amount you may spend on trading system. Plus these videos are free, Find out why you need to know why you got in the trade and why others will follow you.
Futures Traders Need Positive Mental Attitude
Successful futures traders have a positive mental attitude, and maintain that positive attitude every single day they trade. It takes confidence in your abilities, confidence in your decisions, confidence in your charts and confidence in your system to succeed as a futures trader. Confidence hinges on your mental attitude. If you think you can do it, you will.
Four Key Elements of Futures Trading Success
There are four key elements to achieving success as a futures trader:
- Self-confidence
- Discipline
- Ability to handle loss
- Profitable trading system
Self-confidence. If you aren’t confident that you can become a successful futures trader, you might as well pack it in now and save yourself a lot of grief. Successful futures traders are bold, aggressive and self-assured. They do not lose faith in themselves when they lose. They have the courage and self-confidence to keep trading. Futures traders are risk takers. We are the Mario Andrettis of Wall Street.