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[QUOTE="Traders-Live, post: 17055, member: 5842"] The 3 C’s of life: choices, chances and changes. You must make a choice to take a chance or your life will never change. Face 2011 with this attitude and you will be fine. Also remember this… “If you do what you always done you will get what you always got” I have taken a hard look at what I have done in the past versus what I plan to do this year and I am really excited for what lays ahead. I believe that you need to do the same, especially if you have struggled with results of late. You can’t expect to get different results if you keep doing the same thing. So what choices do you need to make right now? Here are a few suggestions from my side… Trade with discipline or don’t bother to trade at all, and leave the emotions at home The fact is, the unsuccessful trader is most likely using the same indicators and techniques that the successful trader is using. Yet only one of them gets consistent results. So why is this then? The unsuccessful trader, not realising it at the time, is trading those same indicators emotionally and fearfully. That’s really all there is to it! The unsuccessful trader doesn’t realise this though, because they are looking in all the wrong places. After all, if they acknowledge this simple reality, then it means that they need ‘fixing’; and it’s a lot easier to fix a combination of indicators on a chart, then to take a hard honest look at themself. So begin the year by taking a good hard honest look at yourself and your recent trading results. If you want to achieve different results, then you need to do something differently this year. Did I mention not to get emotional? It’s not about YOU. It’s about price movement. Something that you have absolutely no influence or control over, so stop getting all emotional each time you trade. Your only job is to analyse the ‘probability’ then apply a ‘trading strategy’, consistently and with discipline. Do the job right and you will make money – it really is as simple as that. Do it wrong though – bring your emotions and ego to the party – and you simply have no chance at all. Trading is a simple numbers game. When you mess with the odds though and don’t let the dice roll out each play, then you simply have no chance of letting the numbers work their magic. Although most traders will admit that The Traders Mindset is key to winning in the long-term, most believe they can simply ‘handle it’ when things go wrong. Too late! The truth is that once emotional, you become irrational, and simply will not make rational decisions – so forget it – prepare properly so you know what to do when required and you do so unemotionally – or be prepared for large losses. Speaking of losses then… Take your losses like a ‘man’ Or a wo(man). Seriously though, we need to man up and accept that losses are simply part of the deal – I mean really accept this. Be warned now. More traders fail from their inability to accept losses then any other single factor. We have to leave our egos behind when trading. It really cannot be about us if we are to have any chance of success. Remember. To win the War you need not win every battle! I know that you all recognize this reality. But I also know that most of you still struggle with it. Work on your approach – Your mindset. Prove to yourself that this is in actual fact the case. So how do you do this in 2011? Well you need to take a 2-3 week period and be totally committed, not to the overall trading results in the context of pips gained or lost, but rather to the process itself, of staying committed to the trade parameters, and to letting those loses simply happen without any attempt to prevent them from occurring at the time. Look long term – forget short term. The focus must be on ‘testing’ the theory more then testing the outcome. By committing to this strategy – your focus now becomes less results orientated and because of that, the process is less emotional. Now your sense of failure will no longer be measured in terms of pips earned or lost – but rather in how well you managed to stay the course and leave those trades alone, in attempting to prove or disprove this theory. Now your ego is not fighting you on each and every individual loss. Turn your knowledge into experience this year. Make a choice to make a change. All the best, Chris. [/QUOTE]
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