In my view trading success is all about 'Mind Over Matter'. In simple terms applying your mind to what matters most, then leaving the rest of the noise behind.
You can have the best strategy on the planet. Yet if your mind and personal psychology are not robust, then you'll be your strategy's weakest link.
You can't back test your psychology. Yet if you are honest with yourself, you can think back to all those losing trades when a lack of discipline was the cause of your losses.
Those behaviours can be refined and changed moving forward.
I'm a big believer in mantras or affirmations. The brain is the most complex and powerful organ in the human body. And if you say something enough times, your brain will start to believe it.
Big business wouldn't spend millions of dollars in advertising repeating their messages over and over if it didn't work.
This is why mantras are important to your trading, especially if practiced as a daily ritual each morning. I have a number that I use for life in general, yet here are my top 10 aligned to creating more success in trading.
- I will follow my strategy on every trade, without fail
- I will plan all trades well ahead and never trade emotionally
- I will not over trade. I will pick the best and leave the rest.
- I will be patient
- I will never chase missed opportunities
- I will only trade price action and ignore all other extraneous noise
- I will always use a clearly defined STOP
- I will not micromanage myself out of trades
- I will trade what I see, not what I believe
- I will pursue excitement outside of the markets, not when trading the markets.
To be successful in trading you need to exercise your mind everyday like a muscle. Daily meditation, affirmations, and practicing mindfulness throughout the day are all important. Far more than what most of us realise.