The Most Important Milestone for a New Trader
By Dave Mabe
The biggest unlock for a new trader is simple.
Doing this is what separates traders from gamblers.
It's subtle, but it's the mindset shift that will change your trading forever.
It was the first inflection point for me in my trading.
Always have a plan for any eventuality BEFORE you enter a trade.
Even as I type that, it seems trivial and obvious, but it's something every trader has to go through.
Humans are hard-wired to do the least profitable thing in a trade when you don't have a plan.
You're going to cut your winners too soon.
You're going to hold your losers too long.
You're going to turn your losing "trades" into long-term "investments."
Having a plan for whatever happens when you're in a trade is liberating.
There's a huge difference between having a plan and coming up with one on the fly when you're in a trade.
There's less stress - emotions no longer rule your trading day.
When you decide to enter positions only when you have a plan (that you stick with!), you create a productive mindset that will serve you for the rest of your trading career.
But it starts with that decision.
Have you decided?
-Dave
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