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Trading Confidence

by forlove
4 replies
They say confidence is needed more than anything to be successful as trader. Wall Street is an expensive place to get to know thyself.
#confidence #trading
  • Profile picture of the author Mr. Subtle
    Originally Posted by forlove View Post

    They say confidence is needed more than anything to be successful as trader. Wall Street is an expensive place to get to know thyself.
    I disagree. Sticking to and executing your stop (loss) is the key to becoming a successful trader.
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  • Profile picture of the author AwesomePossum
    I agree with both of you.

    You have to go into the week with confidence that you'll hit your targets.

    I personally have 20% return monthly target(with 2-5%(based on prob.) risk) because I trade the 2H, 4H, D, W charts. I'm still learning but hey, I know that 20% pretty dang good for 1H/Day Trading.

    I have yet to hit my mark

    But it's important to understand you won't always hit these targets...there's too much variance in the market.

    So...discipline is key! On your trade set-ups, stop, and take profits.

    Combine these two with a set plan and you've got a career
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  • Profile picture of the author AwesomePossum
    I agree with both of you.

    You have to go into the week with confidence that you'll hit your targets.

    I personally have 20% return monthly target(with 2-5%(based on prob.) risk) because I trade the 2H, 4H, D, W charts. I'm still learning but hey, I know that 20% pretty dang good for 1H/Day Trading.

    I have yet to hit my mark

    But it's important to understand you won't always hit these targets...there's too much variance in the market.

    So...discipline is key! On your trade set-ups, stop, and take profits.

    Combine these two ideas with a set plan and you've got a career
    Signature
    ONLY 100 COPIES LEFT!! The $1,000,000 Secret:
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    • Profile picture of the author dotdash
      Originally Posted by AwesomePossum View Post

      I agree with both of you.

      You have to go into the week with confidence that you'll hit your targets.

      I personally have 20% return monthly target(with 2-5%(based on prob.) risk) because I trade the 2H, 4H, D, W charts. I'm still learning but hey, I know that 20% pretty dang good for 1H/Day Trading.

      I have yet to hit my mark

      But it's important to understand you won't always hit these targets...there's too much variance in the market.

      So...discipline is key! On your trade set-ups, stop, and take profits.

      Combine these two ideas with a set plan and you've got a career
      I'm going for 2% a week again with only about an hour a day trading. I trade the daily charts only at the moment (using higher T/F for trend direction and bigger picture). 2%/week is quite pedestrian but it's just a start.

      The thing I don't like about aggressive profit targets and goals is they make me overtrade which is the big profit killer. Nothing worse than making some good pips then giving them all back on trades that I shouldn't even consider.

      I'm at a stage now where I see a signal or set up (price action - not indicator based systems) and look for reasons not to take it now..

      10% a month from 4-5 trades with a 6 figure account is my aim. For now..

      Money management (2% risk per trade), ultra pickiness on the set ups and good trade management (getting my stop to breakeven whilst giving the trade room to breathe) are helping me build up a solid trading business.

      7 months in and will probably be at least another year until I'm consistently making 2%/week on a live account. Then there's the matter of building up a 6 figure account..

      They don't tell you that on the holy grail sales pages
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      • Profile picture of the author Chantal-Louise
        i think confidence is such a vital ingriedient in becoming a good trader. Without it , trading can be quite difficult!
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