Trading is mental game. In this article we explain you how to develop and train yourself to create a consistently profitable trader’s mindset.
Steps to developing and training yourself to create a consistently profitable trader’s mindset
Do you want to start becoming a consistently profitable trader in the forex, futures and stock market and stop fooling around? To trade with the banks and institutions, you have to act like the big movers in the financial market and stop working like a novice trader. In today’s article, there is no sugar coating or beating around the bush, and we would be telling you the bitter truth we know and without any form of apology because this is what you need to hear to become consistently profitable, and we as an online trading academy want you to succeed in the financial market.
For you to trade in the forex, futures and stock market, you have to get your act together and take a good look at your current trading behaviors and patterns. You then must decide if that’s the direction you want to proceed in.
Our online trading academy doesn’t expect you to have superpowers, and we understand that you are human and that you have weaknesses, and that is allowed. However, for you to become a successful trader, you need to get more efficient and decisive to enable you to get the mindset of professional traders. Your present patterns are most likely not working for you, and else you wouldn’t be here at this moment reading. If after all the insights we are going to give you as an online trading academy, you still decide to be lazy and not go through the process of finding the problem and fixing it, then you’ll be the sole cause for your failure in trading and any other part of your life that needs changing.
Trading requires all the mental strength and courage humanly possible because it is filled with so much uncertainty and risk. If you want to make money from trading consistently, then you need all the mental strength and unwavering discipline in the face of the uncertainty and constant temptation in the market.
To be a consistently profitable trader, you have to be exceptionally emotionally disciplined to follow through with your trading plan, no matter the type of temptation you face. You cannot afford to chase every possible opportunity. You must conserve your limited resources for well-calculated opportunities.
Survival of the fittest
Some people might seem naturally more inclined to be emotionally disciplined, but anybody can be an exceptional trader if they want it bad enough.
Apart from being disciplined with your Supply and Demand trading strategy and plan, you must also be very disciplined in your money management, and this includes your average risk to reward ratio. To master the discipline in managing risk, our online trading academy offers individual classes on how to trade with discipline, managing rewards and profit targets.
State of mind
Your mind is an essential tool, and it determines to a vast extent your success in the trading market.
Just like we talked about discipline, but this is more about a general kind of control. It has repeatedly been observed that individuals who exercise control in other areas of their lives tend to be better traders in the long run. If you are a disorganized person, it will be almost impossible for you to be organized towards trading suddenly.
This is essential in trading the forex, futures and stock market because the financial market is like a “war zone” and there is absolutely no room for hesitation and self-doubt. You have to have a winner’s mindset and act like you know you are capable of winning even before you succeed because that is the only way to win.
This means you have to think differently from the masses and losing traders. When the market looks like it wants to break out, it’s very likely to be a false breakout, but a lot of traders get sucked into the first breakout they see, only to get stuck as the false break materializes. It doesn’t mean you should always avoid losing trades, but you should still be patient and adhere to the plan. Being spontaneous is good, but in trading, you have to be calm and wise.
We as an online trading academy believe trading is a business and should be treated as one. Like any business, you should have a strategy in place. It should include an overall trading style like Supply and Demand, examples of ideal setups from your mentor, risk management rules, stop loss placement rule, profit target placement rules, daily trading affirmations and more. Without all these, you are merely gambling not trading.
Whatever your trading plan is, you need to reinforce it consistently, so it becomes part of your winning trader’s mindset. Our online trading academy teaches a pre-planned approach to help execute trades without hesitation, and as automated as possible. We show you how to take simple yet sequential steps at a time considering Supply and Demand imbalances in the market place. This is all built into our trading plan, and we go over it in our daily live trading classes to reinforce it into our subconscious and conscious mind.
Self-belief and confidence
We have to emphasize confidence because in trading you cannot afford to be hesitant or indecisive, this being said, overconfidence is just as bad as having no confidence at all, and in some cases, it can be worse.
Structured daily/ weekly trading routines
Do you have a daily or weekly trading routine? What does it entail currently? If you can’t tell someone what your daily or weekly routine is then you do not have one. You need to have designated times for analyzing the market on a weekly base.
Routines help create habits
The value of having a structured life cannot be overemphasized. When you repeat an action long enough, it becomes a habit, and habits either make or break you depending on what kind of habit it is. Our online trading academy offers individual lessons about trading routines.
Daily routines of consistently profitable traders
It is a known fact that the more structured your days are, the more you excel at everything. Consistently profitable traders think differently and plan their time and day different from the average traders because they understand the value of time. Consistently profitable traders have a long-term perspective, and they know that the short-term goals build up to the long-term goals and are willing to pay the price. They do not get distracted from their goals easily and are busy doing productive things.
Accountability and enjoying the fruits of trading
Because in trading you don’t have a boss except yourself and whomever you choose to open up to, you have to keep yourself in check, and one of the ways to do this is by being accountable to your trading plans and trading routine.
You must have a trading plan, and you need to review it monthly at least. But if you can review it weekly, then that’s even better. You need to update your trading plan consistently. This will help you develop routines, which in turn will develop the right habits, and good trading habits will help you make more money.
You need a trading plan to document and comment on each trading activities, this will help you study your results, and it will also help you maintain accountability.
Set and forget and get a life!
Don’t wait for massive trading profits before enjoying and pampering yourself a little, have an organized but relaxed approach – this will help you make more money in the long run. This will also help you fit trading into your schedule if you are a very busy person. If you want to know more about our set and forget and get a life approach, please read this article HERE
Have real goals
You need to breakdown everything you have learned above into action points you can work on each day. The little things are what build up to the big wins. Paying attention to the little things helps you create a compound effect.
If you put two traders side by side, trader A has a million dollar account and a huge multi-monitor setup, access to the best data, etc. but trader B has a simple laptop and just $1,000 but is armed with a winning mindset, we as an online trading academy would put our money on trader B every single time.
Our online trading academy is aware that in trading and investing we will always have two sides of the equations: The technical part based on Supply and Demand and the mental game. We as an online trading academy teach both the mental game and Supply and Demand in our trading course.
It is not just enough to learn Supply and Demand; you have to work at attaining and maintaining the right winning mindset continuously.
One way to start right is to organize your life, start with the little things, build it from there, train your brain to work in the right direction, and eventually, you would have developed the proper habits to ensure you can continue winning.
So finally, we ask you, are you ready to develop the right mindset and to start becoming consistently profitable? If yes, then be prepared to make the necessary changes because nothing good comes easy and without change, not is going to happen automatically or magically, and our online trading academy is ready to assist you with that.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up HERE for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
Author Bio: Bernd Skorupinski teaches the undiluted truth about trading and investing at Online Trading Campus and takes you through what it takes to be a consistently successful trader. His favorite moment as a trading mentor is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures his students do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through. If you want to know more about the author Bernd Skorupinski please read HERE