Hey Trader,
I hope your week is off to a great start!
Today I want to talk to you about one of the most critical aspects of successful trading.
In fact, this one aspect is even more important that your system, your strategy and your trading tools combined.
What could this all-important aspect be?
Simple…
I'm talking about trading psychology.
Now, you've heard me talk before about how crucial it is to have a written trading plan.
You've also heard me discuss the importance of having the right tools to help you spot the highest probability trade setups, entries and exit points.
But here's the thing…
None of that stuff matters if your mindset isn't right.
Let me tell you why…
And bear with me, because this may seem counterintuitive at first.
You see, too many traders get too caught up in their P&L, particularly when they're first starting out.
But there's a major problem that I've seen arise time after time when traders focus too heavily on profit taking.
As soon as a loss occurs — which WILL happen, no matter how good or experienced you are — these traders want to start making changes and tweaks to their trading plan.
… And that is a recipe for disaster.
I mean, think about it…
They spend months developing a systematic process for trading.
They invest in the tools… they research the strategy…
And they put in countless hours backtesting and forward testing in a sim account.
But then, as soon they go live and take one loss, they want to throw all that hard work out the window and start tinkering with their strategy.
I mean, you can't expect a system or strategy to work if you are constantly changing it on a whim!
Instead of frantically making alterations to the system, what these traders should be doing is dissecting the trade that didn't go their way…
Studying it and breaking it down to figure out where things went off course.
Maybe their entry was not as clean as they thought…
Or maybe they misread a signal and stayed in the trade a little too long.
Whatever it is, focusing on the process rather than the profit is what will help them refine their system…
And increase their odds of success in the next trading session.
Listen, it takes a lot of discipline to prioritize PROCESS over PROFITS…
But in the long run, it can make the difference between a successful trader…
And one who throws in the towel before ever achieving consistent profitability.
Now like I said, having the right tools and a sound methodology are imperative to developing a repeatable process…
So if you'd like to learn more about how Hawkeye can equip you with tools and a trading template that has helped countless traders find success in the markets, then click right here to view an on-demand training video in which we'll walk you through it step by step!
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