“Goal setting is a lot harder than it may seem. For a lot of people, consciously or not, there is a real struggle between setting goals that are either too easy or completely unrealistic. It’s important to set smaller milestones in the context of a bigger picture/plan.”
– 50Pips
“If you are trading scared, you should not be trading at all. Go back to the drawing board, get back to basics. There is no point in making things harder than they should be. You can lie to yourself on the surface but not deep down inside. If you don’t really know what you are doing, you will probably not be feeling comfortable and this should not come as a surprise.”
– 50Pips
“Remember that the real edge is at extremes because that is where asymmetric risk/reward comes into play.”
– 50Pips
“Fear, greed and getting angry will only distract you. These emotions have a tendency of ‘switching off’ any kind of mechanical / studied approach and triggering rash behavior that only detracts from the proper execution of the task at hand.”
– 50Pips
“Don’t be obsessed about catching the perfect trade or being flawless. All good traders continue to make mistakes and don’t focus on picking tops or bottoms. It’s about continuous improvement, consistently taking something out of the market and thereby having a long career.”
– 50Pips
“Forcing activity rarely translates into a positive and smooth equity curve. Sometimes, there is only so much you can do with the hand you have been dealt. Markets move in cycles and many fail to truly understand how much of a waiting game this can be.”
– 50Pips
“Broadly speaking, the intellectual part of the work is done before your actual trading. When you are live and ready to allocate capital, you are strictly in implementation / execution mode.”
– 50Pips
“Don’t let the fancy platforms, flashing lights or sexy hardware fool you; this is not a game. Smart traders study and practice before stepping into the ring and committing real capital. ”
– 50Pips
“If you decide to go down the demo route, remember that you are pretty much wasting your time unless it is done as a proper dress rehearsal; everything needs to be done as it would LIVE. Failure to grasp the importance of proceeding this way will inevitably result in all kinds of struggles.”
– 50Pips
