When you trade do you want to make money for yourself or would you like to give money away to others? Does it seem a strange question asked? Honestly this is no strange question, because this is the question I ask myself each and every time I enter into a trade.
Why would I go to such extremes (I even have it written on a large board in-front of the area that I do my trading)
This is to remind me of the key to trading profits. Yes, both you and I have in our possession the key to all trading profits. Just what this key is you may ask, well I tell you now, it is your mind. More precisely it is how you use your mind to think.
A lot of literature have been written on the power of thoughts, so I will not delve deep into this subject. Suffice to say, you and I have the power to change our bottom line, by changing the way we think. When you change the way you think you will change the way you behave.
Wouldn't you agree that trading is nothing more that making an educated guess that investment either goes up or down? But then how do professional traders make money so consistently day in and day out. Why can't you emulate the same success?
The reason lies in the way you think. It is that simple! Do you get emotional and angry and resentful when you lose money? Do you feel that you have been cheated and hurt by the trade that should have made you money but turned against you? Do you want to recoup your loses each time you lose in a trade? If you answered yes to any of the above, do not fret because you are just like the rest of the traders in the world.
The successful trader can curb these impulses, use that energy and research and then enter a new based on a pre-planned strategy! These traders leave all frustrations and all negative energy outside of their mind when they trade.
You hold the key to your trading success in your mind; can you change the way you think? Yes you can because if there is one thing you have full control of in your life that is your mind. So harness the power of your mind and make the difference shown in your profits.