The fruits of your success will be in direct ratio to the honesty and sincerity of your own effort in keeping your own records, doing your own thinking, and reaching your own conclusions.
I find time and time again that losing traders are making the same mistakes:
1. They don't keep any records.
2. They do no testing.
3. They become euphoric about (and increase risk wildly after) wins.
4. They become despondent about (and decrease risk wildly after) losses.
5. They focus on how much money they want.
6. They rarely / never think about how much they stand to lose on a trade.
7. They set their stop loss based on a 1:1 or 1:2 risk to reward ratio, just to make the ratio look good.
8. They discount the importance of psychology.
9. They over-value the importance of the trading "system."
10. They have no routine.
I find time and time again that losing traders are making the same mistakes:
1. They don't keep any records.
2. They do no testing.
3. They become euphoric about (and increase risk wildly after) wins.
4. They become despondent about (and decrease risk wildly after) losses.
5. They focus on how much money they want.
6. They rarely / never think about how much they stand to lose on a trade.
7. They set their stop loss based on a 1:1 or 1:2 risk to reward ratio, just to make the ratio look good.
8. They discount the importance of psychology.
9. They over-value the importance of the trading "system."
10. They have no routine.
