Best Loser Wins: Why Normal Thinking Never Wins the Trading Game – written by a high-stake day trader

I am a process-oriented trader. I do not believe in goal setting. There are no Post-It Notes on my monitor reminding me how much I want to make today or this month or year. I have no monetary goals or pip/point goals. I will take what the market will give me. I never trade with targets. By being utterly focused on the process as opposed to being ou

How do you know when you are successful? When you can trade without any conflicting or competing thoughts. The results are not important during the exercise. This a process exercise. You may have to repeat the 20 trades over and over until you come to a point where you find that you are firing off trades without fear, without hesitation, without co

will wait for the first ten-minute bar to complete before I make a decision to trade”.

On those days our clients lost the most. If the market was rallying, they would either do nothing, or they would try to find a place to sell short. If the market was falling, they would do nothing; but more likely they would try to find the low of the day and buy.

Without a doubt, one of the greatest flaws I saw traders exhibit during my decade on a London trading floor was the idea that it is too late to join the trend. It was a common occurrence during trend days to witness clients continuously try to find the low of the day.

I don’t set goals. I just focus on my process. I am a process-oriented trader. I don’t think being overtly goal oriented will help you achieve your goals. Of course, the goal is to win. But a mind subjected to adversity is a mind in stress. A stressed mind needs structure and process. Otherwise, it will succumb to feelings of fear, revenge and desp

Your prime objective is not to make money. Your prime objective is to follow the strategy you have developed. More importantly, your prime objective is to follow the process you have designed for yourself. If you follow the process, the outcome will take care of itself.

I was nowhere near as profitable in the afternoons as I was in the mornings. Would I make more money if I just traded mornings? The statistics said yes. My heart said no. I wanted to trade, and I felt (or rather my belief dictated) I had to trade in the afternoons. How else could I call myself a trader if I only traded part time? It was a process o

One truth I came face to face with was less is more.