Psychology Part 2

“A person with Good self-discipline but a poor trading method will outperform a person with poor self-discipline but the best trading method currently available.”

To be a successful trader , you don’t always need to be right , but you always need to be objective.

Mark Douglas , author of The Disciplined Trader states there are

Seven characteristic of an objective person

1) You feel no pressure to do anything.

2) You have no feeling of fear.

3) You feel no sense of rejection.

4) There is no right or wrong.

5) You recognize that this is what the market is telling me , this is what I do.

6) You can observe the market from the perspective as if you were not in a position , even where you are.

7) You are not focused on money , but on the structure of the market.
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Quotes :

“I’d rather be out of a market  wishing I was in, than in a market wishing I was out.”

“Nothing either works or doesn’t work . It’s what YOU put into it.”