Trading is the hardest way to make an easy living.
It’s not just about finding the right tickers and executing a plan.
There’s a whole other side of the game that’s critical to master…
You’re going to get knocked down by losses, hit with FOMO, and make mistakes…
I can help you master the right mindset and discipline live every week…
But you have to be able to get up the next day and repeat your process without letting the losses and mistakes of yesterday cloud your judgment.
Are you ready to use today to prepare for the rest of the year?
Because these three lessons will set you on the right path…
How to Master Your Mindset
Bryce Tuohey says 90% of traders lose, not because they can’t master patterns — but because they can’t master emotions.
And I would agree…
Pattern recognition is easy for most people — heck, they teach it in kindergarten.
But what’s more challenging is managing emotions.
Emotions like FOMO, revenge trading, and even thoughts that the market is against you can all be mastered with the right mindset and discipline.
Mindset and discipline are huge parts of what fascinates me about trading…
But they’re also the hardest things to master.
I like the challenge. But there are ways you can make it easier on yourself…
#1.) Come toThe Market Ready To Learn
No trader out there knows everything. The market momentum can change every day. Patterns get hot, then they cool down and you don’t see them for a while…
Strategies come and go.
The best way to manage your emotions is to keep an open mind. Anything is possible in the markets. Be flexible and ready to adapt.
The moment you think you know everything and get stubborn is the moment you’ll take a big loss and start back at square one.
#2.) Don’t Think About Making Money
If you come to trading to make money because you have payments due — you’re killing your momentum before it even gets going.
Focusing on making money is a surefire way to fail.
Because instead of focusing on a pattern and adapting to the price action you see, your mind will confirm any biases you have because you want to make money.
#3.) Practice And Be Easy On Yourself
You’re on a journey that can take years to get to where you want to be. Just enjoy it…
Every day that you don’t blow up is a good day. Just try to stay in the game. Practice recognizing patterns and trading them. Paper trade if you have to.
And when you make a mistake, don’t kick yourself when you’re down.
Think about what lesson you can learn from every mistake or loss.
It takes practice to stay disciplined and not let your ego take over and chase back losses.
So while the stock market is closed today, take time to journal what you’ll do to improve your mindset for the holiday trading season.
Because trading is about more than just watching the right tickers and making a plan…
I go over the top tickers to watch and lay out the best plan of attack every day in Pre-Market Prep. But I don’t get the chance to get into a lot of the mindset side of trading.
So I’m going to use another platform to help traders master their mindset and process…
Every week I go live in StocksToTrade’s Exclusive Training & Tools Facebook group. I answer viewers’ questions, and I get to use it as another way to help you all develop an important aspect of your trading game.
If you’re not a member of the group yet — join here. It’s completely free. Just answer all the questions to join so we know you’re not a bot.
Once you’re in you can catch up on all my past live videos and engage with other members.
I’ll see you there next week!
Happy Thanksgiving everyone. I’ll see you back here tomorrow.
Tim Bohen
Lead Trainer, StocksToTrade