Chapter 2
Developing Mental Strength
IN THIS CHAPTER
Defining mental strength
Aiming for self-analysis instead of market analysis
Moving step-by-step toward your goal
Dealing with stress
Building mental resilience
Traders report that one of the biggest problems they encounter is a lack of discipline. They note that this lack of discipline sometimes leads to a loss of control as well as avoidable errors in the preparation and execution of trades. The truth is, what they lack is the mental strength necessary for the trading business. Motivation is no substitute for discipline.
The development of mental strength — the focus of this chapter — is an essential prerequisite for your success in trading. That development begins with the mental preparation of each trading day. A positive mindset promotes self-discipline and allows you to focus on the success parameters of your trading strategies. In this way, you continually learn and develop, which is always your own best strategy for avoiding ...
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