261: “Make Trading Easier” With These 12 Mindset Laws – Expert Pat Bailouni Reveals
Jan 17, 2024
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Expert Pat Bailouni shares 12 mindset laws for easier trading, focusing on trading psychology, developing a profitable trading plan, managing expectations, maintaining discipline for lower timeframe traders, mastering foundational principles, and transcending judgment in trading.
Manage losses for sustained success in trading by remaining stoic after wins and losses.
Align trading goals with unique priorities and values to empower overall success in all areas of life.
Consistently execute high-priority actions daily to achieve trading goals and maintain readiness despite previous trade results.
Deep dives
Law 1: Stoicism in Trading
Professionals remain stoic after wins and losses, understanding the risks and benefits. Managing loss is crucial for sustained success in trading.
Law 2: Knowing Yourself as a Trader
Identifying unique priorities and values is essential to aligning trading goals. Setting clear goals and empowering all areas of life impact trading success.
Law 3: Building Momentum Daily
Consistent execution of high-priority actions daily leads to goal achievement. Law one focuses on readiness despite results of previous trades.
Law 4: Structured Trading Plans
Mechanical trading plans aid in decision-making, reducing emotional trading. Checklists guide traders to adhere to strategies and avoid impulsive decisions.
Law 5: Expectation-Free Trading
Avoiding outcome expectations allows traders to listen to the market. Questioning expectations grounds traders before making decisions, aligning with their trading plans.
Pat's Links: https://tradingnut.com/pat-bailouni-2/?r=pod
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