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The new trader must win the battle of your ego, of wanting to be right and change it to just wanting to make money and a big part of that is admitting you are wrong quickly.
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We have to win the battle of wanting to be lazy and instead do the homework required to be successful as a trader. Back tests, chart studies, and study, study, study position sizing, risk management, and trader psychology.
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You have to over come the desire to revenge trade and play catch up when down, slow and steady trading of robust trading signals wins the race and keeps your trading account intact to survive tough markets.
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We have to overcome the fear of loss and take the signals that give us the probability of success even if they are uncomfortable.
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Greed must be overcome when it is time to take profits, the exit is where the money is made and we have to take the money off the table while it is still there at the right time and not over stay our welcome.
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We have to overcome out own bias and opinions and trade what the market is actually telling us.
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We have to overcome our hope for a reversal and exit at our predetermined stop loss when it is hit and tells us we are wrong.
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We can’t fall in love with a stock, a market, or a trend, we can only date them and leave them when they no longer act right for us.
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A new trader must battle and defeat their desire to quit when the going gets tough, it is perseverance that is the real road to eventual success.
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We have to battle that desire to go all in and big on a single trader because we just “know” it is a sure thing. The more of a sure thing you thing a trade is, the more likely it is the most dangerous trade in terms of risk and emotional engagement.
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