MTT - Trader Psychology Flashcards
Maintaining the correct mindset
1
Q
Trading the long or the short side is very easy, once a trader learns to what?
A
learns to ignore his or her own personal opinions, quits trying to be right, and quits trying to make money. And by the way, that’s the hard part.
2
Q
When you’re dancing with the market, it’s best to what?
A
Let the market lead
3
Q
“It’ll turn around, just hang on…” is the trader equivalent to what?
A
“Hold my beer and watch this.”
4
Q
What realization makes us have the winning formula for trading consistently?
A
The market is ALWAYS right - and that we have NO IDEA what’s gonna happen next
5
Q
What’s the difference between life and death for a trader?
A
Following setups without letting the day, week, or month affect our thinking - very hard to do
