Business & Investment

7 beliefs needed for profitable trading

Despite what you see on social media, trading is a game that more than 90% of people fail.

So why aren’t most traders consistently profitable?

The main reason is the belief system. Most of these traders lose because they do not have the correct belief system needed for a successful transaction.

This is not their fault. Transactions take place almost naturally and their spirits need to be completely reprogrammed to produce success.

After working with thousands of students in the last 13 years, this is one of the biggest recurrence problems seen by struggling traders.

Learn the following seven basic beliefs needed for profitable trading:

Consistency doesn’t happen overnight

When you enter into a deal, nothing of value in life happens fast. Trading is no exception.

Account growth and transaction progress are not linear.

Bring realistic expectations. If it was easy, why would everyone do a normal job? But it’s worth taking years to master something that could generate your wealth for the rest of your life.

Any transaction can happen

No one knows what will happen next in the market. You can see what’s going to happen, but even with the best settings, the chances of making a mistake are always small. You need to be prepared for all trading scenarios, especially losing ones. There are three price areas you need to know: where you enter, where you stop and suffer losses, and where you profit. Accepting market uncertainty greatly increases your chances of success.

I manage my transaction results

Stop blaming market makers, hedge funds, and institutions for bad trading results. Everything important in a transaction is under your control. Everything you can control gives you the best results over what you can’t control.

The profit comes from following the process.

The result of someone else’s transaction is not my business

One of the worst things you can do early in your trading career is to compare your progress with others.

Everyone starts somewhere. Don’t waste your time on social media to get the envy of PNL. It provides zero profit to your trading career, in addition to the potential inspiration of what is possible.

No plans or trade

If you fail to prepare, you prepare to fail. Trading is one of the highest stakes games in the world. You are competing with some of the biggest and smartest people in the world. Every transaction you take should be carefully planned. This plan distinguishes between trading and gambling. Impulsive trading does not work when you are new or inexperienced.

Trading is business

If you really make money, you can’t handle transactions like hobbies and experiments. You need answers to all these questions before you dive into a deal.

Need help building your trading business plan? Please do not hesitate to contact us.

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7 beliefs needed for profitable trading

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