How do the 5% of day traders win?
EASY!! They do what the other 95% don’t do, learn to lose.
Most people spend their time trying to find “the perfect strategy”, if a strategy has some losses, they are off to find a new strategy. If you aren’t careful, this process can go on and on for years — even decades.
**Spoiler alert: There is no perfect strategy.!! Stop looking for it!!!
The 5% that win
We focus on the executing the plan/strategy, win or lose, if you follow your plan, you did your job. Don’t worry about the profits…I fall in love with the process, not the gains $$. The process produces the gains, not the strategy by itself. If I gave you the best strategy in the world and the first time you see it lose, you panic sell, then the best strategy in the world is losing — in your hands. Make sense?
Most traders think success is 95% strategy, i would say 20% strategy. 80% champion mindset, staying in the fight, controlling your emotions, staying focused, daily routines, etc.
For example, how many of you traders out there “practice” your strategy after hours? (like sparing in martial arts). 95% don’t — there you go — there is your 5%.
I execute the exact same strategy EVERY DAY, win or lose, rinse and repeat. Thats the only thing I can control.