Trading Without Fear
In order to Trade Without Fear you need to know “What is Your Edge”. You need to “Think in Probabilities” and you need to “Neutralize Self Sabotaging Beliefs”.
In the following videos Mark Douglas covers these subjects and here are some of the points he mentioned.
In order to Trade Without Fear you need a carefree state of mind. That is be flexible, not caring about money, not caring about losing. While your actions are always in your own best interest.
Fear narrows your perception, so you are creating what you are trying to avoid. There is a lack of objectivity, when you are fearful.
To keep an open mind, disassociate from other trades, every trade is unique.
Every moment of a trade is unique, unlike any other trade, believe that so you keep an open mind.
Implement these Beliefs when Trading Without Fear
– Believe anything can happen, at any given moment.
– Every moment is Unique when the trade is on.
– There is a random distribution between wins and losses per trade.
– You don’t need to know what is going to happen next to create consistent results.
Thinking, knowing, believing, assuming to know what happens next causes the errors.
What You Know
In order to trade successfully this is What You Know
– What is my edge?
– Where do I stop my losses?
– Where do I take profits?
That is it!!!
The Entry & Exit Signals have to be precise
Trade in sample sizes(20 trades) and commit to take 20 trades.
Scale out and start with 3 legs. For example when you trade regular options it could look like this: 1st Third Trade take 50% profits, 2nd Third take 100% profits and 3rd Third let it ride till it hits a sell signal.
Why take profits: To prove “I am a Consistently Successful Trader“.
Trading Without Fear Affirmations
– I am a consistently successful trader.
– Market loves giving me money.