I spent this entire month getting mentally prepared for the start of a new trading year. At the end of the year it is important to reflect on your successes and failures. From the reasons why something worked to why it didn’t. I back tested a lot of my trading methods by looking at each entry time on different time frames and evaluating why certain trades worked and others did not. The trades that failed were due to rushed entries and chasing when the stock already made the first move or forcing a trade when nothing existed in the first place. As a professional trader, you are supposed to let the trades come to you and look for high probability set ups. Mentally a professional trader can take the day off if the market conditions do not meet his/her criteria. All it takes is one solid high probability trade to make up for days off when there is nothing to trade. One of the most important aspects of a trader is the ability to adhere to your trading rules. In the short and long run, well established rules that includes risk/management will save you from blowing up your account, it will save you from mental aggravation, it will save you from second guessing yourself which eventually turns into performance issues. Trading rules will save you!
I recommend two books to help with developing the mindset of a professional traders. “The disciplined trader” and “Trading in the Zone” by Mark Douglas
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