7 Pillars to Develop a Successful Trader Mindset

To become a successful and consistent winning trader you have to develop a trader mindset. Knowing your personality help determine what kind of trader you are. Each trading day is different and you must prepare and also be in the right mental State Of Mind.

The Seven pillars to develop a successful trader mindset.

Discipline

Follow a predefined trading plan to eliminate impulse or emotional trading. Emotions such as hope, fear or greed will greatly impact your trading results.

Patience

• Self control is important
• Remove FOMO
• Wait for your setup

Risk Management

• Capital Conservation
• Obey your stop order
• Take small losses

No Setup – No Trade

Taking no trade is a Position

Self Confidence

Remove fear from taking a trade

Mental Toughness

• Ability to handle drawn down  without revenge trading
• Ability to handle success