The Consistent Trader vs the Rookie

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

1 comment

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