I believe the current trade I am in will be a loser and a big loser at that.
Your trading success starts the day you realize losing is normal
I will repeat everytime i log on to my metatrader 4, metatrader 5, tdameritrade and tradingview accounts
Daily repetition is the secret to living a good life. It's not rocket science, it is so simple you could reject it, it is so simple you could not pay attention to it.
I will do the daily repetition of repeating those two above sentences multiple times a day.
Hopefully that will lead to not blowing my accounts anymore and hopefully i will have some wins that will grow my account. We're are in march 2022. hopefully by january 2023 those two sentences will be buried deep in my subconscious through constant repetition and i will be a successful trader. something i've wanted since 2008 but i didn't know the value of repetition so i didn't repeat larry williams belief and it didn't become my belief
Larry Williams Continued.....
Would be speculators think trading is a game of ‘knowing’ the future, which cannot be known. Trading is a game of developing strategies with winning advantages, getting the odds on your side, working with the odds, and being alert to new ideas and concepts.
The word ‘speculate’ is derived from the Latin word specular, meaning ‘to observe’. We are not gamblers who enter a game which they cannot win over a long time. All they can do is – to hope that chance will run their way. My most important market belief, which based on my research and experience, I have developed a powerful and profitable belief system :
I believe the current trade that I am in will be a loser, a big loser at that. This may sound negative to positive thinkers, but positive thinking can give way to thinking you will win-a-surefire formula for buying and selling too many contracts and holding them for too long. After all, if you are positive things will work out, you are certain to hold for a bounce that never comes. I look at it this way, if you get all pumped up and all glossed over with positive beliefs about your market success, your conviction will lead you to mismanaging your trades. That is why belief systems are so important to a trader. If your belief system tells you the current trade is a winner, your mind will literally force you to let your losses run, to stay with the losers, something that no winning trader ever does. An outrageously positive belief that the next trade or two will turn your account around or make you a small fortune is the most dangerous. Now, if you start with the belief that the current trade is a loser, and there is no guaranteed success on this trade, you will be certain to cut your losses when the trade does not work in
No major loss I’ve ever had, (and I have had a fair share of them) has been the market’s fault. The market was never out to get me. I got myself by believing my current trade would be a winner, so I did not follow the stop loss.
You are only powerful as your belief system, because that belief will give you the power of taking action with more certainty and less hesitation. We act out what we believe. Our mental beliefs are the scriptwriters for our play of life and in trading.
If you adopt my belief that the current trade will not most likely work out, and you will be sure to protect yourself and your capital with stop loss. You will control disaster by taking the first lifeboat rather than going down with a sinking ship.
Adopt my belief, and you will be sure to not load up on a trade, banking on it, to take you out of your problem. A tiny loss can wipe you out if you have taken up a large position.
Positive or certain beliefs about the future can cause you to take undue risk. Doing that in trading, where the odds of success are not in your favor is a sure invitation to disaster.
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