Thread by @rajivmehta19

10 mindset tips for #traders.

1️⃣ Be process oriented. Trading is a business & your trading system is a business model.
The output is money which comes automatically when your system works right. Focus on the right execution of your system! You can Remove the P/L from your screen

2️⃣ Be careful with the information you consume. Everything we read, watch and listen to can have an influence on our mind. Only consume media which is helpful – avoid everything else. Ignore trader hero movies, hypes and popular bestseller books … Be selective!

3️⃣ Reflect your thoughts. You must be a constant listener of your own thoughts and analyze them in real-time. Was the thought helpful? What does it mean? Write is down if it helps you! Talk to yourself loud and reflect your thoughts if it helps you, but listen to your thoughts.

4️⃣ Repetition leads to mastery. If you want to change a behavior or your thinking, repeat the new behavior for at least 90 days. Track the progress and how you stick to the new behavior every day. Use checklists!

5️⃣ It's ok to leave the desk. If you catch yourself in a stressful moment, stand up and walk away. You must interrupt the current situation, get a fresh mind and come back to the screens. You can't make good decisions under pressure and when emotions take over.

6️⃣ Time management is important. Trading routines must have clear steps and should be time-boxed. Sitting in front of the screen and watching the prices go up or down leads to over-trading and bad decisions. Stop with that! Do your work, follow your plan and then walk away.

7️⃣ Separate execution of trades from analysis. You should have a deliberate hurdle between planning a trade and execute it. If you have the buy / sell button visible all the time, you will click it too often and too fast. Remove it and put it in an extra window.
#tradingtips

8️⃣ Spend your time with the right things. Too many traders are focused on the wrong things like the newest indicators, lowest fees or avoiding taxes … Instead spend your time with things like working on your mindset or improving your risk management.
#trading

9️⃣ Have realistic expectations. Becoming a trader needs time and money! You have to give up other activities, focus on your trading and accept to pay tuition in the form of losses. That's what will dominate the first years … Everything else is wishful thinking.

1️⃣0️⃣ Learn more about yourself. The perfect trader = System fitted to the strengths of a trader. Without knowing what you like, what feels natural and your personal strengths, it will be hard to create a successful trading system. So spend time to know yourself.

-Julian Komar