I came across a couple of quotes I want to share with you:
“Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes†Jesse Livermore
“In order to make a success, the trader must act in a way to overcome the weak points that have caused the ruin of othersâ€Â W.D. Gann
The reason indicators work in any financial markets is because human nature never changes. We remain greedy, emotional, and want things right now. If we can trade by using a system and following rules then we are doing the things other successful traders do. If we chase trades get caught up in one trade that is causing us problems and want more than the market is willing to give then we will do what most of the unsuccessful traders do and that is flounder.
Another way of looking at the quote by W.D. Gann is: If you keep doing the same thing you have always done then you will keep getting the same results you have always gotten. A trader needs to identify their strength and weakness then work on correcting their weaknesses and improve their strengths.
I once heard it said that: “It is insanity to think you can keep doing the same thing and expect to get different results.â€Â Successful traders are successful because they are willing to the things that unsuccessful traders are not willing to do. Successful traders will keep a trade journal, follow a trading system, and use a set of rules when trading just to name a few things they do.
First of all we must decide why we are trading. Then we must do what it takes to become successful. If we are not willing to do the things that successful traders do then we should never put money into the market we should just continue to demo trade and keep our money in a safe place.
If we trade the news and always lose stop trading the news. If we chase trades and lose stop chasing trades, if we trade against the major trend and lose stop trading against the trend. If we trade without a stop loss and lose start putting stops on our trades. Success leaves clues so look for the clues. We can be successful at trading if we are willing to change the way we trade when we lose.