Pro's vs Pretenders

We don't think we could put the difference between the consistent winners and everyone else more simply than this:

The best traders are not afraid. They are not afraid because they have developed attitudes that give them the greatest degree of mental flexibility to flow in and out of trades based on what the market is telling them. They have supreme confidence in their abilities.

At the same time, the best traders have developed attitudes that prevent them from getting reckless. Everyone else is afraid, to some degree or another. When they are not afraid, they have the tendency to become reckless and to create the kind of experience for themselves that will cause them to be afraid from that point on. They have the confidence to execute when market parameters tell them to do so, and the restraint to know when it’s time to cool the jets. 

The difference between these two groups of traders (the winners and everyone else) are analogous to the difference between the Earth and the moon. The Earth and the moon exist in the same solar system, so they have something in common. However they are different in nature and virtually all characteristics just as night and day.

By the same token, anyone who puts on a trade can claim to be a trader, but when you compare the characteristics of most other traders, you'll find they're also as different as night and day.    

If going to the moon represents consistent success as a trader, then getting to the moon is possible. The journey is extremely difficult and that's why only a handful of people make it. From our perspective here on Earth, the moon seems so close that we would reach out and touch it.

Trading successfully feels the same way, on any given day the markets make available vast amounts of money to be made or lost depending where you are on your journey. It is an endless spew of information and whether you capitalize or fall victim, is up to you. Let’s take a deeper look into the habits of the Pro’s vs the Pretenders. 

Pro Habits:

  • They know exactly where they want to buy a stock and how much they're willing to risk & why they're buying it

  • Focuses first on their downside

  • Has a set of rules they follow religiously

  • Understands 'Mental Capital' is just as important as 'Trading Capital'

  • Thinks in probabilities

  • Focuses on Risk/Reward

  • Doesn't get emotionally attached to symbols -- they know it's just a trade and not marriage

  • Finds attractive charts and keeps them on their radar for days/weeks/months and only act on them when a certain criteria is reached

  • They're willing to let trades go instead of chasing

  • They know to evolve with the market and when certain setups stop working they figure out which ones are

  • They have relative expectations of the market -- but know anything can change in an instant

  • Has a consistent focus on discipline

  • Takes a long term view and understands that it takes time to grow an account

Pretender Habits:

  • Finds new setups each day and formulates a BS gameplan -- or none at all

  • Strictly focuses on their upside

  • Depends on luck

  • No consistency in their work ethic. One week their charting is spectacular then they take a week off, etc.

  • Looks toward different cues in each setup (creating no consistency)

  • They don't evolve with the market and lose all their money in periods of 'chop'

  • Blames others for their shortcomings

  • Wants to get rich overnight

Do you have balls? 

What are 3 bad habits you will get rid of when it comes to your trading?


What are 3 good habits you are working on to improve your trading?


Congrats on completing the Trading Psychology Program! To move up to the Alpha Chat there's one last thing to do! 


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