Why trade?
For me, it's about control.
No boss, no rules, just me and the market.
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Mark Douglas on Success:
1. Emotional discipline = key
2. Success isn't overnight
3. Develop a mental "edge"
4. Learning never stops in trading
You're not trading just for yourself.
You're doing it for your family, for your future.
When the going gets tough, remember that.
So you're 'stuck' in a losing trade?
Man up.
A stop-loss isn't a suggestion, it's a necessity.
Implement it, or enjoy donating to the market.
"Always trust the experts," some say.
Remember, even experts get it wrong.
Learn to do your own analysis.
Be your own expert.
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Your "why" should be so powerful that losses don't shake you.
If they do, you’re not clear on why you’re in this.
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Cut the losses, ride the winners.
Take your ego out of the trade.
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George Soros: "It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong."
It's about risk-to-reward ratios.
You can be wrong more often than you're right and still be profitable if you manage your risk well.
"My family doesn't support my trading ambitions."
And you're letting someone else dictate your destiny for you??
Cut them out or stay grounded, focused, and steadfast.
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"I can't handle the stress of trading."
Do you think life's going to get less stressful?
Stress is the price of ambition.
Handle it or hand over the keys to someone who can.
Mark Douglas Trading In The Zone truths:
1. Trading isn't about being right or wrong
2. Every trade is independent of the last
3. Self-confidence is key
4. Fear and greed cloud judgment
5. Your belief system shapes your trading
Everyone is missing out on the holy grail of trading:
The coin flip strategy.
Heads, you buy.
Tails, you sell.
Cut through the BS and get to the profits, or maybe the losses—who cares?
"Tried trading once and lost money. It's not for me."
Loser.
If you quit after one loss, you're not cut out for success in anything, not just trading.
Winners stick it out.
Those old traders were built different
And we still complain when stop loss gets hit by a 1 pip spread