Gaining Mental Strenth for Trading

[Diegohowl]

Almost all the Experts would say Trading (Especially Intraday) is not about Technicals or Fundamentals but it is how strong is your mind. So it is more a philosophical subject. I met one of friend who is into Trading business and I told him that I wanted to start trading especially Intraday trading. We talked about for 2 hours (in a bar with some drinks - normally in a bar people talk truth). He said "My dear friend you will not fit as a Good Trader". He said in a very subtle fashion which I did not take it in the deep sense. This happened some 5 years back. Now When I look back and think on what he was saying. May be he was right. Not everybody becomes a Good Trader. So what qualities we need to be a good Trader?

I am opening this Thread to find answers from your own experience. What is that makes you a mentally good trader. I have heard people saying. "Trading is a mental game etc...". So what do we mean by that. Is it that we need to do something to become that Mental.

I have read a lot of Philiosophy. My favourites is JK. Plus Bruce Lee.

So from my point view I think we need a quality where we are not reacting but Acting. In a corporate world people will teach you to be Assertive. But as a Trader I think we need to have a Free flow of find and be more adaptive. I will quote the famous quote of Bruce Lee...

"My dear friend, don't get set into one form, adapt it and build your own, and let it grow. Be like water my friend. Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash" - Bruce Lee

[DNegeedity]

Super. Thanks. So how to attain that state of Zen where we feel "formless, shapeless, like water".

[DoloresRos]

Great thread, this is what even am looking for. When I started trading, I spent hours, days, weeks to find successful trading strategy. After years of experience, finally realized to be successful in trading, you need to through out ur emotions.

Do not think about the money in stake when you trade, treat your money as just numbers. That is what more important in trading.

[DinahZtr00]

very well said 80% pschycology and 20% system will do well in trading

[DonateloFed]

what I do is I first of all put music in the background like, country music, slow rock, raggae, etc which is what i like... then I have written down the three basic rules for my system for entry which consists of two charts and an excel sheet, i just watch to see if all three tally and then enter like check 1, check 2 then check 3. this eliminates my thinking like...what will happen etc, it is just check 1 ...ok or check 2 ok or no and check 3... ok or no... then enter... once entered, i watch only tsl...all this with my ears to music.. and then if thoughts try to intrude.. then I stare at a blank A4 sheet and sing loudly with the music.
I studiously look only at tsl or target when I used to use target... and dont think of last trade, entry price of present trade... I do the accounting only after the days trade