1. Focus on how you handle losses

Many traders don't even want to look at their losing trades, but it is the losing trades that are most worth looking at out of the box.

First, ask yourself how you feel about your losing trades. Do you avoid them like evasion? Are you mad? ... Or do you dig deep into them weekly in order to learn something from them? If you dug a little deeper into your psychology, would you accept those losses for your part? Are you risking too much money? Or do you feel it's an insult to your IQ? ... Or something else?

Only when you face losing trades and learn from them will you start to improve.

2. Ask yourself why you're trading

A lot of people enter trading just to make quick money, but you know, trading can be anything but that. So ask yourself why you are really attracted to trading.

If you think that you will make money trading overnight, be prepared for the surprises that come. There may be a long way to go. You will only be able to stick with it if you have a reason to continue.

So be honest with yourself why did you enter this trading world? Ask yourself 6 times questions like ...
  • Why do I want to be a successful trader? To be able to travel here and there? ...
  • Why do I want to travel? To create beautiful memories? ...
  • Why would I want to create beautiful memories? ...
You might be surprised at the last question!

3. Evaluate how the people around you influence your trading

Jim Rohn once said, "You are the average personification of the 5 people you spend the most time with". So take a minute to see who you regularly meet. They don't have to be traders, but it might be a good idea to be with people who are happy, succeed in what they do, and encourage others to be the best they can do. Then, you will most likely become the same person.

If the people you spend the most time with aren't the type of person you admire, consider making new friends. You don't have to cut off relationships with these people altogether, but you can cut the amount of time you spend with them.

It sounds a bit harsh, but that's how things work. If you are not satisfied with your current life, you need to make some changes.

4. Stop underestimating your own abilities

Occasionally, a trader will tell me, "I only made 3% last year".

Oh no, please don't underestimate your own results. The truth is that there are a lot of fund managers out there that make millions of dollars a year but never make that much profit for their funds.

Yes, if you were trading a $ 5,000 account and making 3% then that wouldn't be enough to make a living, but it's a great start.

More than 90% of traders lost money and most of them had their accounts burned. So, if you are already profitable, the only problem is how to improve your skills.

People like you have the ability to find things on their own. Sure, we should consult experts because they have a lot of knowledge, but they should also think independently and have their own say about how we live our lives. If it was profitable last year, wouldn't you have an advantage this year?

5. Understand your negative biases

Most people in the world have negative prejudices. They look for what could go wrong before anything else ... And this behavior is completely natural.

In the past, we often had to defend ourselves against nature, the onslaught of wild animals and invaders from other tribes ... There is a lot to worry about.

Although society has protected us from most of these threats today, the tendency to look for dangers remains in our common subconscious. So when we start trading, we often tell ourselves things like:
  • This trade is so difficult to eat!
  • I will take profit right now as this trade is reversible.
  • Me when my broker is hunting my stop loss.
  • That trading system is a scam.
  • I need to learn more before I start trading.
Again, this is completely natural, and also the reason why so many traders fail. But once you realize this, it's up to you to fix it.

The first step is awareness. Realize if you are naturally attracted to a negative or positive outcome. If you are prone to negative outcomes, start questioning why. Is there a reason you can identify? Is there anything you can do about it?

Of course, positive results can also be a downside. In general, it's better to have a negative outcome (prevention is better than cure). But ask yourself if you are overly optimistic, which may obscure your judgment as well.

6. Habits and processes are more important than the trading system

New traders often think that a trading strategy alone will make them rich. What is truly more important, however, is your trading habits and processes.

As you form a habit, you'll consistently do the work needed to:
  • Backtest trading strategies.
  • Evaluation of trading in the log.
  • Learn new knowledge.
Building a habit is not easy, but it is a requirement that can lead to success. Recommend reading The Power of Habit to start your journey of building positive habits. It will give you a step-by-step process for building a positive habit as well as eliminating negative ones.

Speaking of processes, having a process to improve transactions will help you:
  • Find out exactly where your transaction is down.
  • Test a strategy thoroughly before risking real money.
  • Understand why your mentality or strategy isn't working.
7. What is your real passion?

Is your passion for trading success? But if you are not passionate about trading, you can use your other passions to boost your desire to succeed in trading.

Either way, put your true passion behind the trading engine because learning trading is not easy and you will need all those reasons to continue the arduous journey.

8. Eliminate unnecessary stress in your trading

A lot of people come to trading because they hate their work, or they want to make money quickly. So they create undue pressure by quitting their job or trying to turn $ 100 into $ 500,000 in six months.

While there are some jobs you can do according to a certain plan and make money in a predictable amount of time, trading is not one of them. Success in trading is mainly based on having the right mindset, one that most of us don't naturally possess.

If you hate your job, consider changing jobs, consider doing jobs that don't require a lot of time or mental investments. This will reduce your trading pressure and allow you to progress faster.

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