Wednesday, December 13, 2017

The Piece of Progress That Turns New Traders Into Successful Traders

That's it:

New traders turn into professional traders when the Fear of Tilting Out (FOTO) exceeds the Fear of Missing Out (FOMO).

If you lose a trade opportunity, others will come along.  

If you lose your mind, it doesn't matter how many trade opportunities set up.

When you have the right FOTO, you replace the need to get into the market with the need to get inside your head.

That reinforces self-awareness and self-control.

I'm seeing traders make great progress by coaching themselves in real time, so that losing trades don't have to become losing days; losing days don't have to become losing weeks and months.

A great deal of profitability comes from what you do during the day when you're *not* trading.  Preparation and research; learning from recent trades; reviewing goals; focusing attention.

One trader journaled me after losing money in the morning and bouncing back nicely in the afternoon.  His midday break turned around his trading.

We can call that a FOTO finish.