Friday, June 10, 2016

Trader Psychology - THREAT OF SUCCESS

For many professional traders, the biggest obstacle in their career is handling the almost-overnight success in their trade account.  

When we are successful as traders we must do everything in our power to remain humble, and resist the temptation to over-complicate our trading and our personal lives.  This can be easier said than done.  

The key to avoiding this trap is to remove the profit and money from the equation and focus on the routine and trading plan.  

For example, at the end of each week, professional traders feel successful when they follow their rules, following their trading plan.  The wise trader knows that when we follow our plan consistently the byproduct of that will be profits in our trade account.  

The key to handling success is to demand more from ourselves than just profits alone.  

Hold yourself to a higher standard and accountable to your trading plan, rather than your trade account balance.

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