- Consistency is your willingness to put trading first in your life so you’re online day in and day out, trading your system to maximize the odds that it will work for you when the market is moving.
- When traders take a break for whatever reason — because they want to play, because they have experienced a series of losses, because of complications in their personal lives, or because the market is dead — they end up missing moves that could have resulted in hefty profits.
- That doesn’t mean you always have to trade, but you should always be there to follow the markets.
- It’s very easy once you’re self-employed and trading to excuse yourself for all kinds of reasons. This can prove to be a devastating mistake. You will find over time that those days you take off to play golf or go fishing or whatever will inevitably be the days when the two or three trades you’ve been waiting for are triggered. These trades would have made your month very profitable. Then you have to scramble for the rest of the month. When you trade this way, you tend to lose money. Inconsistency does not pay off.
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rssJapanese business sentiment has fallen to a decade low (Reuters Tankan)
Bad data from the March survey, which is not surprising. ‘Highlights’ via Reuters report:
- manufacturers’ sentiment index -20 vs Feb -5
- Service-sector index -10 in March vs +15 in Feb
- Manufacturers mood down ahead, service-sector flat
souring business mood could derail capital spending
All manufacturers across industries were pessimistic about business conditions,
Among service sector firms, no firms except those in real estate/construction and information/communications were optimistic.
Most of the companies expressed fears of the virus’ impact on their business, on top of already weak consumer spending due to an October sales tax hike and sluggish global demand aggravated by the U.S.-China trade war.
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Reuters poll of 501 large- and mid-sized nonfinancial companies, of which 242 firms responded
Bank of Japan’s tankan quarterly survey is due April 1
THE SUCCESSFUL TRADER … ACCORDING TO MARK DOUGLAS
There is a reason why so few traders succeed. It is not for lack of study or effort or passion. It is not for lack of education or a Bloomberg platform subscription. It is not because only a select few have access to technical “secrets” (a.k.a. indicators). No. So few succeed at trading for the same reason that so few succeed at living an abundant life.
The unsuccessful refuse to think differently when faced with difficulties believing that luck has passed them by. They do not succeed because the want of instant gratification and its fleeting rewards has replaced the need for sustainable, hard fought, earned rewards indicative of a mindset prepared to tackle failure as nothing but a mathematical equation: here is the problem now let’s find the solution.
The mediocre search for easy answers to difficult problems believing that the right answers to their questions are found somewhere “out there”. The successful make difficult decisions where there are no easy answers, questioning whether their perception of what is out there is a distorted reflection of what is inside of them.
The best traders, according to Mark Douglas, think differently than others because they know that what is most important is “how they think about what they do and how they’re thinking when they do it.”