One of the most important questions for the trader to ask every day is “What do I believe that is not true?” And how do we know the truth? The markets tell us. It really is that simple, and yet so difficult for most to accept and practice on a daily basis.
It is important for a trader to assess beliefs regularly, because at any given market moment, the trader is the composite of his or her beliefs. Fortunately (for some) and frustratingly (for others), beliefs about the markets are fungible and fluid. They can change from minute to minute and the successful trader is in the flexible flow with this and changes accordingly.
8 Beliefs of Successful Traders:
1.The markets provide a constant stream of opportunities
2.If I miss an opportunity, another will come along
3.If my position is stopped out, the hypothesis that got me into the trade was incorrect
4.I take one trade at a time, and I stay in the moment with it
5.I strive for excellence, not perfection
6.I maximize profits by losing small
7.I am not my trade
8.I take complete responsibility for my thoughts, feelings, and actions in the markets