Trader Mindset

When directional momentum stalls after you've established your position, here's what to do.

All trades have a beginning, a middle, and an end. Most traders focus too much IMHO on the entry (beginning) and the exit (the end). Mismanage the "middle" and it can mean all the difference between a winning trade and losing one.

Revert to more simplicity when you get in a rut.

Great traders focus on their behavior all the time. Consistency Perseverance Persistance Determination When you're starting out you won't have the luxury of having these feelings if you blow up two months into your trading career. Keep your frequency of trading to a minimum until you learn to trade one style and own it. Limit yourself to initiating two trades a day, else you might find yourself chasing everything that's up $2 / share because you feel you're missing out on many trades.

Most traders fail to reach their true optimum ability and optimal performance because they have no sense of imagination and the don't challenge themselves.

The biggest problem with being a chart-reader only trader, is that finding names for your watchlist is terribly inefficient.

Don't plan to get tasks done, else you'll be stuck in blue collar despair. Make goals that include increasing assets under management, revenue, net income, and consistent behavior around following your rules. That's how you'll grow your business and your wealth.

When I set personal goals alongside my business goals, I tend to hit both. When that happens, life is good! Already hit your goals? Set new ones that are realistic and attainable. Don't forget to set your "FU" or stretch goals also. You might not hit them, but you get your subconscious mind thinking about them even when your conscious mind is working on the attainable ones. You just never know...