Sunday, 1 May 2011

Trading is 90% Mental

Hi perhaps a quick Sunday Service! LOL

Just a simple question how much do you agree with this statement

Trading is 90% Mental?

If you are like me, and you believe in the above statement, how much effort and energy do you think you should invest in Entry, Exit and Money Management side of trading? should it be 50% , 100% or less than 10%? 
Think about it! 

Then tell me, have you ever asked yourself, 
Hmmm, so How do I work on my "Mind"? Did it ever cross you? 
Have you ever come across a Blog, a Website a "Guru" who talk about 
what I have just created

"Mental Setup"? 

Here we are with 
1. Entry Setup
2. Exit Setup
3. Money Setup
and now
4. Mind Setup. or (Mental Setup)

Did it ever occur to you, what mental setup should we have?
How many "Indicators" do we have, if any, in order for us to identify whether we have the correct "mental Setup" when we trade? 

think....... (this post is straight out of the box no editing)  


Immy Yousafzai said...

I think I need a forum, Blog is uni-directional. Forum would help me learn.

Rob said...

You need to feel confident. Know your outcomes and probability before the trade, and accept the result before taking the trade. Where do you stand on this? I have followed your posts in ff the past year and have long been working on my own B Williams approach. Thanks for the effort in pulling others up.

Immy Yousafzai said...

Well I think I know the answer and I believe many if not all will agree with what I have to say, but first I must know what others think. I might discuss. But oh yes, it is so powerful. I believe we can create our own reality. Meaning, ever trade can become a source of extreme joy and love. We can "choose" to be profitable. One hint is Stop finding Solutions for "How to Stop Losing". So when you stop doing that what is the opposite you must do?

Start the process of "Creating" Profits.

Fruit for thoughts! more more more ...... more pls

Rob said...

I have followed this philosophy myself. I get myself trapped in back-testing to cover probable outcomes for days weeks and months. Only to encounter unaccounted for results when I implement a strategy in live trading. Mentally I feel now handicapped with backtesting and not as sure of a trade without it. As forward testing takes time that I do not want to waste or let go by.

Immy Yousafzai said...

Its in the mind. You might have heard them repeatedly say, "it depends on your belief system". and that is what it is. This is another hint to the "Mental Setup". Belief system. Firstly, Do we believe forex can be a ridiculously profitable business? or the opposite? then, do we believe in our strategy? the process goes on...

kaye said...

Imran....your spot on with having the right mind set........its very difficult to master still working on it

kaye said...

imran.......your comments on mindset is spot on......most difficult part about trading....

Immy Yousafzai said...

Thanks Kaye,
I'm compiling some sort of webinar series so we'll talk about that stuff plus detail on how we trade this lovely simple strategy. hope to have you live!

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