Trading is a mental game. You have to become the boss of your actions and reactions—which means becoming the boss of your emotions. Then, and only then, does discipline have the opportunity to develop… and consistency drive performance. Without discipline, even the best strategies are rendered useless.
If you’re losing, you’re in the wrong place.
So you get out.
That’s what “cut your losses” really means.
No debate. No stories. No ego.
Larry Hite on Ep. 1256. This is how real traders think.
#cutyourlosses#tradingpodcast#larryhite
Poor gamblers keeps increasing, trying to catch up. Good gamblers do the opposite. Know when a bet of yours isn't going as planned, cut it, and pivot to something else. This is how you make money. #TheRule
Most people are opinionated. They think they know the answers to everything. But in reality, their opinions are fueled not by true confidence—but by ego and insecurity. Ironically, this often makes them appear very confident on the surface.
But here’s the truth: most people are not successful because they lack the most important ingredient of growth—humility. They don’t have the willingness to admit they might be wrong or the openness to learn from someone better.
Ask yourself these questions:
If you’re so smart, why aren’t you rich?
Why haven’t you invented something that changes people’s lives?
Why don’t people follow you, respect you, or look to you for guidance?
Why aren’t you happy, fulfilled, or living with purpose?
Why haven’t you achieved something truly great?
Why don't you have the most amazing life?
The answer is simple: you’re not that smart. And until you admit that, you’ll never become that smart. Your mind is already full. Your cup is overflowingwith little room for new knowledge. You’re uncoachable.
The first step to becoming great is to admit that you suck.
The second step is to believe that you could be great.
The third step is to find somebody who is great and willing to teach you.
The fourth step is to shut your mouth—and listen.
That’s the formula. Everything else comes after.
My greatest personal strength and the secret to my success is my willingness to truly be a lifelong student and to never stop seeking the truth from those who know more than me. I love learning, and I never want to be someone who doesn't need to learn.
Success is a good thing.
It inspires others. It creates opportunities. It gives hope. The irony is, success is defined by failure; how well you dealt with and learned from it. In that context, you should be looking at your so-called "failures" and saying, "Thank you, teacher."
This pretty much sums up every macro/fundamental bear argument I have heard my whole career...
I just got off a coaching call where there were more questions on economic/fundamental indicators and what I look at then I've EVER gotten. I'm guessing most didn't like the answers but it's telling that many are worried about ALL THE WRONG things right now imho.
Let me start by saying the market could fall off a cliff right now and it would do me little to no harm/care as I've already protected myself and the technical action doesn't look good. In fact the longer we don't bounce the higher likelihood it could get uglier before it does bounce.
All of that aside I have been doing this full time since 2007 (since 2010 on my own) and one thing I can tell you unequivocally is that EVERY fundamental/macro bear who is saber rattling right now (recession, inflation, stock market bubble, bond market/bubble, US fiscal situation, Orange man bad/Hitler) will likely never help you profit on the inevitable buying opportunity this presents because the decline will NEVER BE ENOUGH.
From Flash Crash to Volmegeddon, 2020 Covid crash, cyclical bears in 15', 18', 22' it is NEVER enough for these people. Remember that and also know that I LOVE what I'm hearing as when a bunch of people who can't trade start calling for the end of the world I start getting excited.
Stay tuned as the worse it gets, the better it will be.
The number one failure of many traders I’ve engaged with is insufficient ability to adhere to principles of Risk Management.
At the moment when it is most needed, when the trader is the biggest threat to themselves, is the moment when traders often override their Risk Management.
It doesn’t happen often, but it only needs to happen once.
In that one time, the real damage is done.
What is the community of voices in your head telling you?
About your trading… your worthiness… the meaning of life’s events and past experiences?
Depending on your perspective, that internal dialogue can either be the root of the problem—or the beginning of the solution.
Here’s the truth: those voices are nothing more than thoughts. And thoughts are yours to command.
Own the voice. Own the power. Direct the outcome.
If you want consistency and long- lasting success trading, you must learn discipline, and you must refrain from chasing stocks just because the "market" is up and you're afraid to miss out. If you succumb to FOMO, you are doomed! It's that simple. Stocks either meet your criteria, or they don't. The rest is noise!
Believe it or not, trading is no different than learning how to put 10 shots on five targets while moving 40 feet in 4.3 seconds. It's all about efficiency and optimization, which is driven purely by skill. There is no luck in shooting, and there is no luck in trading. https://t.co/JXzFFTnkiV