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Day-Trading-Mind.com
Trading In Mind
10 Ways To Stay Focused
For Real-Time Traders
Published by:
Day-Trading-Mind.com
Copyright Information
Copyright © 2002 Day-Trading-Mind.com
http://Day-Trading-Mind.com
Free Reproduction and Distribution Rights
You are automatically granted full reprint and reproduction rights to this ebook.
That means you are free to distribute this ebook as you wish.
You can offer it for download from your website. You can sell it, bundle it with other products,
or give it away for free.
The only requirement is that the ebook must remain intact.
Disclaimer & Risk Warning
All trading involves risk. You should never trade with money you cannot afford to lose.
The contents of this ebook are for general information purposes only.
Although every effort has been made to assure accuracy, the publishers can assume no responsibility
for errors or omissions.
Examples are provided for illustrative purposes only and should not be construed as investment advice
or strategy.
Past performance is not indicative of future results.
In no event shall Day-Trading-Mind.com or its content providers be liable for any damages of any kind
whatsoever with respect to the service, the material and the products provided herein.
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Table of Contents
Introduction
– pg 4
1. Understand The Truth
– pg 5
2. Plan Your Trades, Then Trade Your Plan
– pg 7
3. If You Don't Spend Much, You Can't Lose Much
– pg 8
4. Don't Think Money, Think Points
– pg 9
5. What The Mind Can Conceive...
- pg10
6. Be Your Own Boss
– pg 11
7. Mind Your Language
– pg 12
8. Less Is Definitely More
– pg 13
9. Get A Life
– pg 14
10. The Essential Real-Time Trading Tool
– pg 15
What's Next?
– pg 17
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Introduction
Take two traders.
Give them the same starting capital, the same trading platform, the same market, and the same trading
system with precise rules for entry and exit.
Come back a month later and what will you find?
One trader will be up 20%. The other will be down 40%.
It's fascinating, isn't it, how two people can have the same opportunities in life, and yet get very
different results.
We at Day-Trading-Mind.com firmly believe that the answer to success lies within each of us; and that
we are each completely responsible for our own results in the market.
The following top 10 list was compiled from the many discussions that take place at our regular
monthly “trader's conferences” (i.e. a local bar). ;-))
Some of it you'll already know... some of it will be new.
Hopefully you'll find it useful.
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1. Understand The Truth
Trading is a game of probabilities.
Imagine we're flipping a coin. Heads I win one dollar - tails you win one dollar. Simple. Heads and
tails will each come up half the time, and we'll both neither win nor lose.
However, unknown to me, you have a loaded coin. For every 100 throws, heads comes up 49 times,
and tails comes up 51 times.
You now have a license to print money. Let's call it the "Tails Trading System".
All you have to do is sit back and bet on tails forever. Eventually, you'd win all my money (and anyone
else's who took you on).
All any trading system gives you is an "edge". A favorable bias. Something that is more likely to
happen than not.
Whatever trading system you use...
e.g.
... pattern breakouts, trend-following, fibonacci, moving averages, channel following, oscillator signals,
bollinger bands, swing trading, opening gaps...
... you are relying on a positive bias. Essentially, the trading system is saying "when 'x' happens... 'y'
usually follows".
Sometimes it doesn't. Most of the time it does.
And all your trading system does is help you identify high probability trades, enter then correctly, and
protect yourself while allowing your profits to grow.
Now some trading systems are better than others. But don't get caught up on the search for the
perfect
system...
You know, the trader's Nirvana... the elusive "Holy Grail"... the system that delivers profits on demand
and never, ever gets it wrong.
Find a trading system that you like. One you feel comfortable with. One you understand.
Then stick with it. Be consistent.
A cool, disciplined, trader will take an average system and make money with it. A nervous, arbitrary
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