Some thoughts on my trading plan and my daily affirmations.
A DISCIPLINED TRADER WILL BE MORE SUCCESSFUL WITH A FAULTY TRADING PLAN THAN AN UNDISCIPLINED TRADER WITH A PERFECT TRADING PLAN
And the beauty of trading ‘IN THE ZONE’ is that these positive pleasurable feelings create such a wealth of healthy psychology that my subsequent trades become even more profitable and successful! And if I do experience a loss, I am cool, I don't react, i don't experience fear or doubt or anger and I just go on to my next trade unaffected. Well, that's trading ‘IN THE ZONE’....and it's a great experience, as I well know if I’ve been lucky enough to achieve it, even for just a short time. Trading is the greatest game in the world…and having a positive winning mindset is 80% of success. Keep my emotions cool, stay in control of my emotions, and I’ll be on top of the game always. “OWN THE ZONE”. I am a Samurai Warrior and I am a winner and on my way to Financial Freedom!
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List and detail trades taken; and detail trades skipped/missed that were in my Trading Plan.
Keep snapshots of charts that show signals taken/missed.
Detail my emotions throughout the trade.
Be honest in my journal about wanting to exit early; getting panicky when price goes against me; avoiding a trade because of fear; all the emotions that I’m feeling even if I don’t act on them.
Review my charts and my Journal weekly away from the emotions of the live markets
If internal/external influences distract my trading I will not trade or I will trade in simulation until confident the distractions have been eliminated.
Train myself to think in terms of Long Term Probabilities and NOT short term results.
The Fundamental Truths (Mark Douglas – Trading in the Zone)
Anything can happen.
You don’t need to know what is going to happen next in order to make money.
There is a random distribution between wins and losses for any given set of variables that define an edge.
An edge is nothing more than an indication of a higher probability of one thing happening over another.
Every moment in the market is unique.
I am a consistent Winner because:
I objectively identify my edges.
I predefine the risk of every trade.
I completely accept the risk or I am willing to let go of the trade.
I act on my edges without reservation or hesitation.
I pay myself as the market makes money available to me.
I continually monitor my susceptibility for making errors.
I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.
I alone will be responsible for the results of my trading.
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