Mastering Your Mind set

The Top Ten Tools For a Winning Trading Mindset

1. Manage Your Risk You must have a clear plan to manage trade with a specific risk.

2. Don’t get attached to the results It’s easy to think you have done something special after a few wins when actually it’s the success of your strategy.

Watch out for over confidence bias

3. Make friends with your stats Don’t be afraid of lots of data. Use it to establish key things to change

We Create Our Own Process

L – Log R – Review A – AmendR – Repeat

4. Review Your trades at a separate time Take time at the end of each week and month away from live markets to review the trades you have placed

5. Investigate your trade frequency Look and study when you have spikes in the amount of trades you place and see if there is correlation between sharp increases and decreases based on the previous results.

6. Define Your WeaknessesIt’s important to know where your likely weak points are ahead of time and then have a couple of key actions to help them spiralling into your trading

Are You A Fear Or Greed BasedTrader ?

Classic Determining Factor TrapsFEAR Based Trader

• UNDER trade OVER analyse

• Too much record keeping• Excuse Trading• Wait for set ups with

extra criteria• Over optimise one

strategy • Stick at one strategy too

long

Greed Based Trader

• OVER trade UNDER analyse

• Lack of record keeping• Revenge Trading • Take set ups that miss

criteria• Too many strategies• Change strategies too

often

7. Shut out external noise!!Too many news items and outside influence will hinder your success and often to play into either your fear and greed based tendencies

8. Focus on the process not the resultWhat matters is how well you executed

he trade not the result.

Use The Horizon Theory

9. Review your decision making processAsk yourself if the decisions your are making are for emotional or factual reasons.

The Decision Train Stage 1

FEELINGS

DECISIONS

Stage 2

DECISIONS

ACTIONS

Stage 3

ACTIONS

FEELINGS

10. Have Fun &Enjoy The ProcessIf your genuinely enjoy the process then you are more likely to stick at it.

11. BONUS! Get Around The Right People….

The New Way…GET AROUND THE RIGHT PEOPLE

AssessSpecificLearning

Structured

Feedback

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