daily mental preparations of traders

Apr 3, 2017
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#1
Successful trader don't sit in front of a screen and watch prices moving , they don't even have to constantly loot ak charts , they know the price area they will enter the market , these areas are subconsciously programmed in their long term memory .They set triggers on their charts to inform them by text , when the price area is triggered.

They do mental preparations and daily rehearsals ,with breathing and meditation. They are practicing patience with the trading process .Trading is a mental game , it is played within the 12 inches between the ears.

Developing routines is an important part of trading preparation. Each trader eventually develops his or her own unique routine. Routines can be thought of as a checklist for trading. They give an opportunity to review past trades, prepare for upcoming trades, and adjust the focus and mental attitude.

Choose and maintain a positive attitude.
Maintain a high level of self-motivation.
Set high, realistic targets for the trade .
Deal effectively with losing trades , don't hope or move stops .
Use positive system and self-talk.
Use positive mental imagery.pay attention blindness to losers
Manage anxiety effectively.
Manage their emotions effectively.




 

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Apr 3, 2017
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#3
Important daily mental preparations are

1)Being prepared for the unexpected and ready to act
example :mistakes unexpected news and stop spikes

2)Being mentally ready to ditch losses and move on .Most humans don't like taking a loss.

3)Mentally ready for Mastering psychology i.e loss aversion and fear of losses

4)mental rehearsals for daily entry levels

5)Daily exit levels , have fixed targets for take profit

6)Practice patience to wait for entry and exit levels.
 
Apr 4, 2016
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#5
The only preparation I do is start PC and ensure the power level is good. If not, I'll start panicking.
 

brewski1984

Well-known member
Sep 9, 2010
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#6
The only preparation I do is start PC and ensure the power level is good. If not, I'll start panicking.
How do you deal with it when the panic sets in? Do you curl up into a ball and pray to your God? Does advice from Michael Jordan ease you through the pain?
 
Apr 4, 2016
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#7
How do you deal with it when the panic sets in? Do you curl up into a ball and pray to your God? Does advice from Michael Jordan ease you through the pain?
When the panic sets in, I will want to google for a solution. But the PC's no good with no power. I haven't found a solution to that problem yet.
 
Apr 3, 2017
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#8
When the panic sets in, I will want to google for a solution. But the PC's no good with no power. I haven't found a solution to that problem yet.
So why is it that as we moved forward from trade to trade, we become frozen with doubt when the losing trades appear or unexpected news comes in or markets behaves crazily , that you now unable to function ?

If you think about it, when winning trades appear in bunches, we get motivated and we look for reasons to find the next trade , when system analysis does not warrant .

The words “plank ” and “beginner trader” seem to fit us perfectly.
 

brewski1984

Well-known member
Sep 9, 2010
2,027
343
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#9
I have removed psychological aspects from my gambling. No set-ups, no levels, no sitting around for Fibonacci pin bar trend lines to blame for my losses. I get lots of losses in a row and I'm used to that now, I know there will be a decent win to cover it just round the corner.
 
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Sep 8, 2015
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#10
Well, in this case I frankly envy you brewski1984... You're not a human but a robot) How a person can have no emotions, is this possible?
 
Dec 27, 2018
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#11
These tips are top-notch and everyone knows them, but there is a question how to practice them and put in real life. Probably this is just the matter of practice and self-practice, we need to learn how to deal with the emotions. It may be useful also to work on soft skills and go deeper into psychological theme, but any way it should become daily routine.
 
Aug 15, 2018
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#12
For sure emotions could be very harmful for trading, causing underperformance of the trader. There is an interesting article on emotions in trading. It could be a bit difficult for newbie traders, but it could be useful.
In fact, the idea of creating robots is based on the idea to avoid emotions that influence the execution of trades. At the same time, some strategies require attention to the number of factors that could be estimated by the human trader only.