I thought I’d delve a little deeper into some of the affirmations and MP3 I posted a short time ago Fear & Greed Day Trader: Prepare for the trading day 3 to get you thinking beyond the obvious statements and occasionally onto another plane. There are many ways to skin a cat and this is what works for me.
My only intention when I trade is to follow my trading plan
No expectations of direction, profits, the market owes me nothing. I know that I can follow through with my plan and can avoid emotional swings. Simply follow the plan, trade the plan.
Following my trading plan has proven to be very profitable
The machine like execution of my trading plan brings me great benefits
I trade only on the chart and momentum information displayed in front of me
Based on 1000’s of results I know that it works. I don’t need to think about the execution, it’s a reflex action based what I see in front of me here and now. No hoping or wishing.
When I see momentum I know powerful and successful traders have given rise to it
I am quite close behind the traders who are moving the markets. I follow their lead, watching for their signals. I pay close attention to their volume. I let them lead me to the profits.
I am an excellent trader
I have the ability to develop intense concentration when I am trading
My ability to concentrate comes from my years of market experience
Reinforce the self-confidence I have. The more I hear the deeper my belief.
The markets replay the same information over and over again
Chart patterns and momentum give me the opportunity and information to make winning trades
I have the ability to see opportunities as they develop
There is nothing new in the markets. Human pattern behaviour sets the tone. Although patterns and setups may look the same, every moment in the market is unique and I treat those setups as unpredictable. I can only trade the probabilities and cover the downside if I am wrong.
I know when a stock is rising and I know the correct response
I know when a stock is falling and I know the correct response
Sounds quite obvious but it’s not if you have pre conceived notion of a stocks direction. You can be blinded by those thoughts, only seeing reality afterwards.
I take advantage of opportunities to put on winning trades
When I make an incorrect read of market conditions I quickly exit the trade
Quickly exiting a losing trade is part of my plan and thus makes me a winner
These are the reasons I’m here. This is my plan.
It is easy for me to be totally detached from all opinions of others
The opinion of others on what a stock may do is in no way relevant to my trading
I never gather news. My head remains clear to trade what I see along with the momentum. I can turn on a dime. I take advantage of those traders who are rigid in their expectations
I trust completely in my ability to trade my plan
An important part of my trading plan is when I set stops
Setting stops prevents me from taking large losses
I let stops do their work automatically
My plan is so simple to execute I do it automatically. I know where my entry decision will be proven wrong, before make the trade. Through 1000’s of trades I know I do not take large losses. This is because stops work to protect me and take out any emotional indecision associated with being wrong and taking losses.
I mentally take the amount of risk at my stop level out of my psychological bank whenever I enter a trade
I totally accept the dollar loss and being wrong before I enter a trade. Accepting the psychological ramifications of being wrong and losing in more important than accepting the dollar amount of risk. My mind must be free of fear to trade with no distractions.
I am good at constantly recalculating probabilities and odds of opportunities presented
This is what separates me from the traders who can’t keep pace. It is the crux of my edge. It is what success depends on. Processing the information in real time. Making more correct decisions than not. Letting the markets show me when and where the profits are. Following my plan. Never deviating.
I constantly strive to become the best trader I can be
I invest whatever time and focus is required in order to reach my goals
I am an excellent trader
Refinement of my total technique is a constant process. There is always more to learn about myself and trading. Work done toward perfection is done every night. Perfection cannot be obtained only excellence so my homework can only move me closer to the forever out of reach goal. I can never relax in my pursuit of excellence.
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