10 WINNING MINDSET OF TRADERS COMPILED BY OPEWINS

Steps To Achieve Discipline and Consistency In Trading

(1) Trade your set of rules, not your impulses!
IMPULSIVE TRADING

Common psychological mistake (inability to maintain discipline and self control)

More often than not, impulsive trades turn out to be losers

NOT having a plan is the biggest factor which leads to impulsive trading.

COMMON MISTAKE TRADING YOUR IMPULSES

Instead of seeing the Potential risk of not following your rules, you only see opportunities passing you
by.

HOW TO FIX IMPULSIVE TRADING

The solution is to plan your trade so you can trade your plan.

By planning your trade in advance, you are Setting the ground rules, as well as your limits,

TRAD YOUR PLAN

If you know what you are looking for and how you plan to act if the market does what you anticipate,
you Will be able to be OBJECTIVE and stand aside from the fear and greed cycle.

(2) Winning in the markets is a function of habits. Unfortunately, so is losing!

TRADING HABITS

Making money trading is simply a matter of repeating the same effective steps time after time. lt’s all
about keeping good habits. But the opposite is true if you have bad habits!

BAD TRADING HABITS

• failing to manage your trading risk

• revenge trading after taking loss
• jumping from one system to another
• sticking to a bad trading plan
• getting emotional and impatient
REMOVE BAD HABITS

Find your bad habits, your own weaknesses and replace them with good habits, Even if you cannot
control the market, you can control your own behavior.

GOOD TRADING HABITS

• balance schedule and lifestyle

• being disciplined
• avoiding big risks
• keeping a trading journal
• constantly adjusting and learning

(3) Trade often to minimize the impact of any single losing trade and to build skills.
TRADING REALITY

It is hard to implement your knowledge in live market conditions. Every day every trend, every pullback
is different; nothing looks exactly the same as it did in the textbook examples. To get proficient at
implementing a method, you need to practice, a lot.

(4 ) Keep your size SMALL: to reduce the risk of ruin, to reduce emotional involvement and to give you
the chance to learn from your mistakes without major consequences

KEEP YOUR RISK LOW

To protect the account, you must look at the bigger picture, eyeing the possible profits, and looking for
ways to trade with a lower risk.

DECREASE THE EMOTIONAL EFFECT BY LOWERING YOUR TRADE SIZE

Trading without emotions is very hard, as most traders are emotional and reactionary, and are affected
on a daily basis by fear and greed.

Lowering the trade size is one of the easiest ways to decrease the emotional effect.

Lower your trade size and you will decrease the emotional effect on your trades. In this way even if the
trade doesn't go as expected, you get the chance to learn from your mistakes without major
consequences.

(5) SELF-IMPROVEMENT
- being consistent over the long-run
- being diligent and learning from your mistakes
- keeping emotions in check
- staying within your risk tolerance
SELF-REVIEW

The self-review process is very important and often neglected by nnost traders

This involves looking at all your trades and emotions for the day and assessing how well you followed
your trading plan on each.

FIND YOUR WEAKNESSES

EXAMPLES

- you took many trades that weren’t part of your trading plan
- you looked at the chart all day and identified trades that you were supposed to take, but didn't

(6) If when you lose on a trade, you learn from your mistakes, and it motivates you to work even
harder, you’re on the right track!

MOTIVATION

PROBLEMS

• You’ve had a bad trading period

• you feel that you are not advancing as quick as you would like
• you have a small account
• no matter what you do, it seems like it's not what you plan for or you are expecting.

You don’t need to give up but rather press harder.

(7) Trading opportunities are endless, there's always another one coming. Don’t get attached to any
single trade.

DO NOT BECOME EMOTIONALLY INVOLVED IN ONE SINGLE TRADE

Trading must not be about a single trade. Train yourself to accept that not every trade can be a winning
trade, and that you must accept small losses gracefully and move on to the next trade.

Allow opportunities to come to you and NEVER chase a market, If you miss an entry so be it. There's
another one just around the corner.

(8) Don't focus on the individual fluctuations in your account, Winners or losers. What count are
your long-term results.

FOCUS ON LONG-TERM RESULTS

Don't focus on the individual fluctuations in your account. Accept that there will inevitably periods with
considerable gains and, at other times, significant losses.

AIM LONG TERM

• understand that neither extreme will last forever

• enduring through the good and bad periods is a skill that enables you to learn and grow.
• one single trade (winner or loser) shouldn’t matter
• don’t make any one trade matter by risking too much money or by feeling desperate to win.
• pace yourself to win the long- distance trading race your goal should be to win long-term (aim
for consistency)

(9) A good trader is someone who recognizes that he cannot predict the markets.

Don't make the mistake of thinking you can predict the market

There are thousands of factors that come into play and we cannot know for certain what will happen
tomorrow

Making assumptions that a breakout will occur or that a level will hold off a further move is an attempt
to predict the market

Watch what occurs around these levels and then enter as momentum moves in one direction or the
other.

Don't try to predict. Make trading a "matter of fact as opposed to emotional.

(10) To get long term consistency you must create your own system by absorbing what is useful,
discarding what isn’t, and adding what is uniquely your own.

SUMMARY
1 Learn each day

2 Implement what is useful

3 Discard what isn't.

4 Develop your OWN trading style