The Consistent Trader vs the Rookie
Habits of the Consistent Trader:
-They know exactly where they want to buy a stock, how much they're willing to risk & why they're buying it
-Has a set of rules they religiously follow
-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. Only acts upon them when certain criteria are reached
-They're willing to let trades go instead of chasing
-They know to evolve with the market. 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
Habits of the Inconsistent Trader:
-Finds new setups each day and formulate a BS gameplan -- or none at all
-Tries to get lucky
-No consistency in their work ethic. One week their charting is spectacular then they take a week off, etc.
-They don't evolve with the market, they lose all their money in periods of 'chop'
-Blames others for their shortcomings
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