XAGUSD Probability Mindset
Your primary goal has to be to learn how to think like a consistently successful trader.
Remember, the best traders think in a number of unique ways. They have aquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.
The consistency you seek is in your mind, not in the markets.
Five fundamental truths:
1. Anything can happen.
2. You don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that
define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening
over another.
5. Every moment in the market is unique.
Putting on a winning trade or even a series of winning trades requires absolutely no skill. On the other hand, creating consistent results and being able to keep what we’ve created does require skill. Making money consistently is a by-product of aquiring and mastering mental skills.
What makes trading so fascinating and, at the same time, difficult to learn is that you really don’t need lots of skills; you just need a winning attitude.
When you trade from a carefree state of mind, everything about your trading changes. Remember, that the primary skill that we are talking about here is simply trading without fear. This is a trading skill. It is the primary trading skill that you will have to aquire to create consistency – to trade without fear.
“I haven’t seen much correlation between good trading and intelligence. Some outstanding traders are quite intelligent, but a few aren’t. Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.”
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.”
Remember, the best traders think in a number of unique ways. They have aquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.
The consistency you seek is in your mind, not in the markets.
Five fundamental truths:
1. Anything can happen.
2. You don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that
define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening
over another.
5. Every moment in the market is unique.
Putting on a winning trade or even a series of winning trades requires absolutely no skill. On the other hand, creating consistent results and being able to keep what we’ve created does require skill. Making money consistently is a by-product of aquiring and mastering mental skills.
What makes trading so fascinating and, at the same time, difficult to learn is that you really don’t need lots of skills; you just need a winning attitude.
When you trade from a carefree state of mind, everything about your trading changes. Remember, that the primary skill that we are talking about here is simply trading without fear. This is a trading skill. It is the primary trading skill that you will have to aquire to create consistency – to trade without fear.
“I haven’t seen much correlation between good trading and intelligence. Some outstanding traders are quite intelligent, but a few aren’t. Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.”
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.”
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