This confidence is an important ingredient in your mindset, one that you must develop in order to be consistently profitable. You are striving for a balanced growth in your trading equity curve over time. When you see that steady balanced growth, you’ll know you’ve developed the mindset necessary to be a trader.
Acquiring the trader’s mindset takes time and experience and generally occurs when you least expect it. Here’s a partial list of the traits you should develop:
■ Sense of calm when trading
■ Ability to focus on the present reality and not how you would like reality to be
■ Disregarding which way the market breaks or moves
■ The feeling that the money is not the point
■ Always looking to improve skills
■ Open-minded, keeping opinions to a minimum
■ Absence of anger
■ Enjoyment of the process
■ Trading one chosen approach or system
■ No need to control or conquer the market
■ No feeling of being victimized by the markets
■ Taking full responsibility for all trading results.