Trade With Precision Newsletter - Psychology

It is the “buzz word”, the “everything” and the “holy grail”. Yes, that eleven letter word, consistency, means so much to all traders whether they are just starting out or are the best in the world. So what does it mean to you? It is an important question because different meanings of the word can certainly alter the outcome from the practice that we take.

There are two types of traders. Those who realise how much mindset matters and those that do not.

I still get told by new/amateur/losing traders that “mindset does not matter”. A common phrase I hear is “I don’t need anyone to tell me how to think”. Yet the other group of traders, those who make money trading or are well on their way to doing so, disagree completely. In fact, in trading, business, sport and many other day to day activities, those who perform at the highest level do indeed rely on a coach or mentor and this person often focuses on the mindset to succeed rather than the underlying skill set. 

A lot of people say to me that trading must be a terribly risky business and why would I want to enter such an arena when there must be other far safer ways to make a living.

My answer is always; “Yes, there are safer ways to make a living but there is no other business where I feel safer than in trading!”