Getting Out Of The Money Mindset
Many newer traders focus upon the money aspect. While it is hard to overlook, it is vital to move passed this. Money is simply a way to keep score.
In this video I discuss how we need to concentrate on successful trades. This is where our talents are judged. A successful trader always can make money.
▶️ 3Speak
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Summary:
In this video, Task talks about the importance of getting out of the money mindset when it comes to trading. He highlights that successful traders do not solely focus on money but rather on successful trades. Task emphasizes the significance of sticking to trading parameters and rules rather than fixating on monetary gains or losses. He draws an analogy with professional baseball players who concentrate on performing well rather than the money associated with each action. The key takeaway is that a successful trade is not necessarily a winning trade and that cutting losses early is crucial for long-term success in trading.
Detailed Article:
Task opens the video by stressing the need to shift away from the money mindset in trading. He explains that successful traders, especially those transitioning from novice to experienced, do not center their focus on money but on executing successful trades. Task compares money to a way of keeping score for large traders and mentions figures like Ray Dalio and Stephen Cohen to illustrate that money is merely a measure of success for them.
He delves into the concept of successful trades, emphasizing that the focus should be on adhering to trading parameters and rules rather than fixating on monetary outcomes. Task uses the example of professional baseball players who concentrate on their gameplay rather than the money each action earns them. He emphasizes that successful trades are not always winning trades and that cutting losses early is a key component of trading success.
Task underlines the importance of not deviating from trading principles for short-term gains. He emphasizes the significance of money management principles in trading, such as cutting losses quickly and not putting too much capital into a single trade. By following proper setups and having clear exit strategies, traders can ensure that even when facing losses, the trade can still be considered successful as long as they abide by their trading rules.
In conclusion, Task urges traders to focus on trading parameters, rules, and successful trades rather than being consumed by the monetary aspect of trading. By prioritizing proper trading practices over money-oriented goals, traders can increase their chances of long-term success in the trading industry.