Trader's Mindset

I start to learn day-trade in August.  It has been exciting and challenging experience.  I decided to keep some of personal learning as form of blog, it is more for myself to reflect and grow.

The process is not easy, so far, I am yet to break even or make any profit.  From what I have learnt, I think the most important in trading is to develop Trader's Mindset.

Like in any competition, the mindset plays pivot role in player's performance.  There are perhaps three types of mindset:

To play for win

To play for not lose

To play for fun, not care of result.

Of of three which one can deliver the best performance?  I don't know, but from my personal experience is the last.  If I really don't care the result, I don't have pressure and stress to perform, somehow I can perform better.  Others may be different, for some, play for win, gives them purpose and motivation to perform better, but I dare to say, "To play for not to lose" is the worse type of mindset.  The fear of losing also shows that one cares the results too much. The fear of losing can freeze your subconsciousness, and deprive your ability to lash out your true potential.  

In the trading practice, I found myself doing well in simulation platform, but in real account, often has the fear of losing, the worse mindset to have.  Therefore, to develop right mindset is the first step to be a successful trader.  

How to develop the right mindset, as for me , I think:-

To trade only what you are willing to lose.

If you are truly committed , not care of results, you will be able to free from fear and pressure, to better perform in real trading environment.

Therefore,  I would suggest anyone who is willing to learn trading, not only to learn all technical perspectives, but also to mindfully develop right mindset for trading.