Developing a winning attitude is the key to your success

Consider this, if you could redo every losing trade that was as a result of an error or recklessness, how much money would you have now?
I am sure many of you would fall into the category of consistent winners.

The problem for many traders is that they think they already have a winning attitude when they don’t, or they expect the market to develop the attitude for them by giving them winning trades. You are responsible for developing your own winning attitude. The market is not going to do it for you and no amount of market analysis will compensate for developing a winning attitude if you lack one.

Understanding the markets will give you the edge you need to create some winning trades but your edge won’t make you a consistent winner if you don’t have a winning attitude. Certainly one could argue that some traders lose because they don’t understand enough about the markets and therefore they usually pick the losing trades. As reasonable as this may sound, it’s been my experience that traders with losing attitudes pick losing trades regardless of how much they know about the markets. In any case the result it the same, they lose. On the other hand traders with winning attitudes that know virtually nothing about the markets can pick winners, and if they know a lot about the markets they can pick even more winners. If you want to exchange your experience of the markets from fearful to confident, if you want to change your results from an erratic equity curve to a steadily rising one. The first step is to embrace the responsibility and stop expecting the market to give you anything or do anything for you. If you resolve from this point forward to do it all yourself, the market can no longer be your opponent, if you stop fighting the market, which in effect means you stop fighting yourself, you will be amazed at how quickly you will recognise exactly what you need to learn, and how quickly you will learn it. Taking responsibility is the cornerstone of a winning attitude.

A winning attitude is a positive expectation of your efforts with an acceptance of whatever results you get are a perfect reflection of your level of development and what you need to learn to do better. You are not responsible for what the market does or doesn’t do but you are responsible for everything else that results from your trading activities. You are responsible for everything you have learnt as well as everything you haven’t learnt that is waiting to be discovered by you. The most efficient path to discover in what you need to be successful, is to develop a winning attitude because its an inherently creative perspective. Not only a winning attitude opens you up to what you need to learn, it also produces the kind of mindset that is most conducive to discovering something else that no one has experienced.

Probably one of the hardest concepts for traders to assimilate is that the market doesn’t create your attitude or state of mind. It simply acts as a mirror reflecting what is inside back to you.

A winning attitude is a positive expectation of your efforts with an acceptance of whatever results you get are a perfect reflection of your level of development and what you need to learn to do better.

If you are confident its not because the market is making you feel that way. It is because your beliefs and attitudes are aligned in a way that allows you to step forward into an experience, take responsibility for the outcome and extract the insight that has been made available. You maintain your confident state of mind simply because you are constantly learning.

Conversely if your angry and afraid, its because you believe to some degree that the market creates your outcomes not the other way round. Ultimately the wort case of not taking responsibility is that it keeps you in a cycle of pain and dissatisfaction.

What the typical trader doesn’t realise is that he needs an inner mechanism in the form of some powerful beliefs that compels him to perceive the market in some perspective that is always expanding with greater and greater degrees of clarity, and also compels him to act appropriately given the psychological conditions and the nature of price movement. The trader needs to have a belief that anything can happen and that anything is possible. Train the mind to think in terms of probabilities.

@Trading In The Zone

Make sure you approach each day with clearly defined goals for improvement. Trade. Assess your performance. Find the lessons. And feed that back into your goals for the next day.

Coincidentally as I finished this writing this entry my mum sent me this article.

Risk | Forex | Psychology - Trading is primarily a behavioral exercise; understand your behavior and your more likely to be a successful trader.

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