🐺The Thought Of “Making Money” Is Why You Fail!

Hey there! My name is Jordan and I write about trading for the WOLF Financial newsletter. If you are looking for more trading tips and tricks, I guarantee you’ll enjoy my content on 𝕏, @AcetheKidTA. 

Thanks for reading!

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Finally a bit of an exciting market this week hitting new all time highs of $580.33 on the S&P 500. (+1.15%)

After 2 weeks of chop, we got a week with some decent trends to the upside to capitalize on.

I saw many traders struggle with “selling too early” this week and watching the trend fly.

I’ve given my strategies for staying in positions as long as possible in previous newsletters, so let’s talk about the mindset a winning trader has.

Especially as a Day Trader.

The Thought Of “Making Money” Is Why You Fail

We all got into this game to make money and more importantly bring freedom to our lives.

The important thing to remember here is that the retail trader is driven by the thoughts of potential gains he/she could make, where as professional traders such as hedge funds and institutions are simply focused on executing their plan.

As a trader, you should only be playing your process. Nothing more, nothing less.

I am simply analyzing data shown to me and reacting to said data and doing everything my plan says I should do.

The thought of money does not even cross my mind anymore because I understand that is the mindset of a losing trader.

99% of peoples problems when it comes to trading is the fact that they are thinking of money and letting that mindset make decisions for them, rather than just executing their plan regardless of how they feel.

When in reality there should be absolutely 0 emotion involved.

Winning traders get satisfaction from executing their plan perfectly, not making money.

And that’s why the majority lose, because they are driven to take trades by their love of money.

That’s why to me, it’s actually extremely easy not to overtrade and not to take poor setups.

Because my plan would never say to do so, and I only follow my plan.

I hope this is a mindset change for some people, because I guarantee that the traders making emotional trades based off of their thoughts of money, will slowly trade their account away until there is nothing left.

But, I also understand that this mindset goes against exactly what we’ve been taught our whole lives, so it will take time.

Just remember to get satisfaction from playing your plan and executing perfectly, not making money. A losing trade that was made following your plan perfectly is better than a winning trade that was made going against all of your rules.

Thanks for reading and have a great week!

-Jordan

@AcetheKidTA