There are two different types of traders: those who win and those who whine. Whiners never win, and winners never whine. Trading is a tough business, and you have to maintain the right mindset to get through the rough spots when the market tries to buck you off your game plan and system. Mental strength, more than any other single factor, can determine your success. You can come back from losing your whole account, but you can’t come back from completely losing your faith and confidence. Your mindset must be that of a winning trader. Don’t entertain internal or external whining. Keep the faith, stay focused on your long-term destination, and do what it takes to get there.
Winning traders take responsibility. Whining traders play the victim.
Winning traders take the right entries. Whining traders get in too early or too late and miss the opportunity.
Winning traders find a way to make money. Whining traders find an excuse for why they didn’t.
Winning traders add value by entering a trading discussion. Whining traders add value by leaving a trading discussion.
Winning traders study ten times as much as they trade. Whining traders trade ten times more than they study.
Winning traders enjoy the game and the profits. Whining traders enjoy their delusions of the big score.
Winning traders build a relationship with a mentor. Whining traders think they are a mentor.
Winning traders are realistic about their possible returns. Whining traders are delusional about what returns are probable for them.
Winning traders focus on developing trading expertise. Whining traders are scatterbrained, and their style drifts toward whatever they think will work.
Winning traders approach trading as a business. Whining traders approach trading as a hobby or as gambling.