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HOW TO BECOME A
PROFITABLE TRADER

Why successful traders are humble

1/25/2022

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​Trading is one of the most rewarding skills, but difficult to master. The trading process can be frustrating as you will experience failures along the way to becoming a professional.
When things go well, you naturally tend to celebrate it. This is quite human, and in fact, it is important to appreciate small successes. 
However, it won't take long for you to get cocky. A streak of good luck might inflate your ego, and you might think you've reached the top.  If you find yourself in this situation, I recommend you fear rather than rejoice.
Sound ridiculous?
Do you know stories of traders who failed to keep their profits and ended up losing everything?
There can be many reasons for this, such as changing market conditions, overestimating oneself, self-centered trading, etc.
That's why successful traders try to stay humble.
If pride interferes with your rational thinking, it could lead to a change in your lifestyle. You might get the desire to spend a lot of money, brag and make stupid decisions.
You will set standards for yourself that you can hardly keep. With such pressure to perform, you will have difficulty controlling your emotions, which will eventually affect your trading.
In contrast, humility helps you.
You realize that both success and failure are not permanent. You focus more on improving your trading skills. It is the sure way to stay ahead in the market.
Stay humble, stay humble. This is the "middle way" of a profitable trader.

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Why it is important to remain detached when trading.

1/7/2022

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​Emotions are an essential part of human life. In fact, emotions and feelings are the factors that distinguish us from the rest of the living beings on this planet. They also protect us in our everyday lives and make our lives worth living.
When someone compliments you, you feel happy. When you expect misfortune, you get scared. Of all the emotions, fear is very powerful. It helps us protect ourselves from external harm. So, we can say that we are very attached to our feelings.
However, it is important that you keep your emotions in check while trading and be logical. The game is such that your emotions will be tested every now and then.
Institutional traders understand market psychology better than any private trader. They take advantage of the emotional imbalances of private traders to gain an advantage over them and are almost always successful.      
So, what do you need to do as a private trader to be successful?
The answer is to remain unemotional and believe in your strategy and logic more than how you feel about trading.
But how?
The best way is to detach yourself from your emotions and the money you put into the trade. When you're scared, it's hard to think clearly. That's why you make hasty decisions. This eventually leads to mistakes.
Always remember: the more you stay calm and detached and can think objectively, the easier it will be for you to control your emotions.
Successful traders put their logic above any emotion that could sabotage their trading. They stay away from anything that could trigger emotions, such as the amount of money at stake, the latest news they've come across, current market events, etc.
As a newbie, it is almost impossible to remain emotionless. It is only too human to avoid any risk or loss.
One of the ways I finally managed to stay emotionless was by treating my real account like a demo account. I started to believe that the money in my real account was just play money. But at the same time, I followed every single rule I set for my trading strategy. This helped me a lot to execute my trades professionally.
I learned to trade like an electrician checking a fuse box.
Finally, at the beginning of your trading career, you should never risk your entire savings or any large amount. This will only amplify your emotions in the event of an unfavorable scenario. Always give priority to logic and stay away from anything that lets your emotions into play.
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    He traded for a hedge fund and then went on his own. He specializes in scalping and fast day trading. His scalping book "Scalping Is Fun!" is an international bestseller and has been sold more than 30.000 times. His books have been translated into 11 languages.

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