ETHUSD
Losing traders mistakenly believe that mastering the market itself is the key to winning. They fail to face the reality that the market can’t be mastered. You can’t control the market.
What you can control is yourself and what you do in relation to the market’s actions. Winning traders realize this fact and put greater effort into mastering themselves and their trading actions than they put into trying to master market analysis. It’s not that market analysis isn’t useful. It’s just that the amount of available information available to consider, as well as the number of different technical or fundamental indicators, is virtually endless. Plus, what’s significant at one point in time may be utterly insignificant at another point in time.
It’s just all too much information to sort out and ultimately impossible to deal with perfectly. A trader’s time is better spent on mastering themselves and their trading skills.
Trading is basically without boundaries, the market is a completely free environment. You are free to buy or sell, enter or exit, at any point in time. There are basically no rules that require you to either open or close a trade at any given price or time. Despite the fact that one of the primary attractions of trading is the complete freedom to make our own decisions – to basically do whatever we want, whenever we want – the only way to consistently succeed in trading is to self-impose a set of rules to govern our trading and to practice strict discipline in following those rules.
What’s the problem? The problem is that we all instinctively love having the freedom to do whatever we want and hate having any rules and restrictions placed on us, even those of our own creation.
Self-discipline is critical to winning trading. Unfortunately, self-discipline is typically the hardest discipline to come by. Most of us do a better job of abiding by the rules imposed on us from outside ourselves, e.g., a “No Parking” sign, than we do of abiding by the rules we create for ourselves. Our attitude tends to be one more of, “Well, I made the rule, so I’m free to break it”. While that’s technically true, but it’s not an attitude that will serve you well in trading.
What you can control is yourself and what you do in relation to the market’s actions. Winning traders realize this fact and put greater effort into mastering themselves and their trading actions than they put into trying to master market analysis. It’s not that market analysis isn’t useful. It’s just that the amount of available information available to consider, as well as the number of different technical or fundamental indicators, is virtually endless. Plus, what’s significant at one point in time may be utterly insignificant at another point in time.
It’s just all too much information to sort out and ultimately impossible to deal with perfectly. A trader’s time is better spent on mastering themselves and their trading skills.
Trading is basically without boundaries, the market is a completely free environment. You are free to buy or sell, enter or exit, at any point in time. There are basically no rules that require you to either open or close a trade at any given price or time. Despite the fact that one of the primary attractions of trading is the complete freedom to make our own decisions – to basically do whatever we want, whenever we want – the only way to consistently succeed in trading is to self-impose a set of rules to govern our trading and to practice strict discipline in following those rules.
What’s the problem? The problem is that we all instinctively love having the freedom to do whatever we want and hate having any rules and restrictions placed on us, even those of our own creation.
Self-discipline is critical to winning trading. Unfortunately, self-discipline is typically the hardest discipline to come by. Most of us do a better job of abiding by the rules imposed on us from outside ourselves, e.g., a “No Parking” sign, than we do of abiding by the rules we create for ourselves. Our attitude tends to be one more of, “Well, I made the rule, so I’m free to break it”. While that’s technically true, but it’s not an attitude that will serve you well in trading.
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