You know that trading psychology and trader’s mindset determine his success in trading. Trader must develop his mindset to get success in trading. There is no short cut to learn the formula in this trading area. Trader can develop only by gaining experience by trading.
You can find two types of trader’s way of thinking in trading psychology. Trader, who fails, stops the deal and other trader is the one who recovers through failures. Winning traders see the failures as small problems and they try to find out where things went wrong and try to avoid them in next attempt. They get experience from them and they feel such problems as means to get success.
But a losing trader does not think and do in this way, so this can be the mindset of the losing trader. They feel that there is no fault in them and they make external factors fault for their mistakes. A trader who want to become a champion trader, should take the responsibility for their gains and losses equally.
Winning trader has a dream to succeed. They have some thoughts and they prepare some measures in order to implement them. But losing traders leave their thoughts. They invest a lot of time to think and imagine, but they do spend time to turn them in to actions.
Traders who do not have patience and discipline, rush with out considering the trading plan and techniques, so they will fail at the end.
There are things which are key to success, such as, following rules and studying the market every day and having and implementing the trading plan. By following them a trader can succeed.