Mastering Trading Psychology Quotes

“feel free to reach out to us anytime at: andrew@bearbulltraders.com and mike@bearbulltraders.com Happy trading!”
― Andrew Aziz, Mastering Trading Psychology

“Psychological Safeguards in Trading (Chapter 4) New traders must remember that they are only one bad trade away from being kicked out of their business. They also need to remember that they are alone in their trading endeavors. Setting daily profit targets is a fundamental tool for managing risk in day trading. The goal of a successful day trader is to discover the balance of power between the buyers and the sellers and then bet on the winning group. Clear and definite rules must be an essential part of every trader’s game plan, but the best rules in the world are useless if a trader is not able to follow them at crunch time.”
― Andrew Aziz, Mastering Trading Psychology

“Their business isn’t trading, it’s finding the right trades. They write down or record every trade, price, thought and piece of news, as well as their attitude throughout the trading day. Their conviction on an active trade remains unless something major changes. A winning trade does not result in taking on extra risk in the next trade. They trade the reaction, not the news.”
― Andrew Aziz, Mastering Trading Psychology

“They trade aggressively when trading well and modestly when they are not. They realize the market will be open again tomorrow. They never add to a losing trade... EVER. Cash is the goal, but never the measure of success. They read about mobs and riots. They provide liquidity to the markets while watching price and volume. They have a way to gauge fear, greed and speed of the markets: tick charts 233, 612. They practice reading the right side of the chart, not the left. Every wealthy trader has an ‘edge’ they can explain to their mother. Their position size is calculated exactly on risk tolerance. Profit targets are based on average range or something objective. One or two trades a month make their month. They are confident decision-makers in the face of incomplete information. A losing trade does not mean they are a loser. They buy higher highs and sell lower lows.”
― Andrew Aziz, Mastering Trading Psychology

“it seems to have two names, the alternate title for it is, ‘The 20 Habits of Wealthy Traders’]: Wealthy traders are patient with winning trades and are enormously impatient with losing trades. They realize that making money is more important than being right. They look at charts as a picture of where traders are lining up to buy or sell. Before they enter any trade, they know exactly where they will exit for either a gain or a loss. They approach trade number 5 with the same mindset they did on the 4 previous losing trades. They use ‘naked’ charts and focus on zones. They realized a long time ago that being uncomfortable trading is OK. The markets are their workplace. They are a participant, not an onlooker. They stopped trying to pick tops and bottoms. They stopped thinking about the market being ‘cheap’ or ‘expensive.’ They are willing to change sides if the market tells them to do so.”
― Andrew Aziz, Mastering Trading Psychology

“Spread: maximum $0.02 Rules Maximum 5 trades per day Always take at least 50% @ profit target Take no trades before 9h35 Take no trades after 11h30 Cell phone closed from 9h00 to 12h00 Journal ALL trades except hotkey mistakes Goals Win$/Loss$ ratio over 2 to 1 Winning more than 50% of my trades” Nas posted in our forum:”
― Andrew Aziz, Mastering Trading Psychology

“Risk Management Maximum Risk per Trade: 0.4% ($40) Maximum Daily Loss: 1% ($100) Daily Maximum Gain: 2% ($200) Stop Loss no further than 20 cents from entry point Never take more than 200 shares Stocks to Trade Nasdaq stocks only From Bear Bull Traders’ watchlist Float: 25 million shares + Price: $10 to $99”
― Andrew Aziz, Mastering Trading Psychology

“Risk Management Maximum Risk per Trade: 0.4% ($40) Maximum Daily Loss: 1% ($100) Daily Maximum Gain: 2% ($200) Stop Loss no further than 20 cents from entry point Never take more than 200 shares Stocks to Trade Nasdaq stocks only From Bear Bull Traders’ watchlist Float: 25 million shares + Price: $10 to”
― Andrew Aziz, Mastering Trading Psychology

“You have to have some strategy, but the most important rules to stick to are the following: 1. Ensure that your winners are greater than your losers. Have good entries. Define a maximum loss (2% of your account). Define a daily goal (1-2% of your account). Define a monthly maximum loss (6% of your account). Stop doing trades if you have 3 erroneous trades in the day. Choose your trades well and don’t do too many. Stay away from low floats. When you start live, buy only 100 or 50 shares until you prove that you can be profitable. Learn about the price action.”
― Andrew Aziz, Mastering Trading Psychology

“Rules and Notes: Wait for the breakout! Do not trade “wicky candlesticks”. Don’t be afraid of stopping out. You can always flip! Watch Time & Sale. Look for unusual speed and order flow. Watch Last Sale Price. Look for explosion.”
― Andrew Aziz, Mastering Trading Psychology

“Level 2. Big ask is bullish, do not go short (consider long). Big bid is bearish, do not go long.”
― Andrew Aziz, Mastering Trading Psychology

“How stock trades in first min is VERY important. Does 1-min claim VWAP or lose VWAP? If closes too far from VWAP after 1-min: avoid, too extended. If closes just above VWAP after 1-min: consider long. If closes just below VWAP after 1-min: consider short. 1-min candlestick should be small. No big wicks in 1-min candle.”
― Andrew Aziz, Mastering Trading Psychology

“Your TradeBooks must have 4 important elements: Criteria for stock selection Identification of setup Execution of trade Consideration of result”
― Andrew Aziz, Mastering Trading Psychology

“Our trading processes are the same: Morning routine Develop a watchlist Organize a trade plan Initiate the trade according to plan Execute the trade according to plan Journaling and reflection”
― Andrew Aziz, Mastering Trading Psychology

“There is a way out of the impulsiveness that is born from the habit of irrational thinking, but it is beyond the scope of this introduction to teach these concepts. The book to read is “A Guide to Rational Living”, by Dr. Albert Ellis. At the time of writing, it was being sold by Amazon for about $15. Enjoy the read.”
― Andrew Aziz, Mastering Trading Psychology

“you are ever in our community, you are welcome to say “hello” to Kyle. His chat name is KyleK29.”
― Andrew Aziz, Mastering Trading Psychology

“Right in his website, there is an 11-page article entitled, ‘Trading as Mental Warfare’. In this article, Steenbarger explains how trading, like the battlefield, offers an environment typified by risk, danger, and uncertainty, rewarding the efficiency of mental processing. The successful trader is one who can rapidly observe market conditions, orient himself, integrate information into effective decisions, and quickly act upon those decisions”
― Andrew Aziz, Mastering Trading Psychology

“My biggest mistakes include, but are not limited to: Revenge trading. Repeatedly trading the same choppy stock over and over as if it personally owes me money. Overtrading. Thinking I can recover from losses by taking low quality setups in rapid succession. Not stopping at my daily goal or 11:30 AM. Slowly giving back all of my gains. Not stopping out. Freezing like a deer in the headlights and letting a small loss grow into a big one. Not taking a break after a bad trade. Continuing to trade when my psychology is in tatters. Thinking I need to be in every move. Forcing bad trades rather than waiting for the chart to provide confirmation. Averaging down. Increasing share size when losing. Trying to double down and recoup losses.”
― Andrew Aziz, Mastering Trading Psychology

“My biggest mistakes include, but are not limited to: Revenge trading. Repeatedly trading the same choppy stock over and over as if it personally owes me money. Overtrading. Thinking I can recover from losses by taking low quality setups in rapid succession. Not stopping at my daily goal or 11:30 AM. Slowly giving back all of my gains. Not stopping out. Freezing like a deer in the headlights and letting a small loss grow into a big one. Not taking a break after a bad trade. Continuing to trade when my psychology is in tatters. Thinking I need to be in every move. Forcing bad trades rather than waiting for the chart to provide confirmation.”
― Andrew Aziz, Mastering Trading Psychology

“Dr. Brett N. Steenbarger, one of the world’s most respected trading psychologists,”
― Andrew Aziz, Mastering Trading Psychology

“Now, I know what you’re thinkin’. How the heck does a 52-year-old, over-the-hill milkshake machine salesman... build a fast food empire with 16,000 restaurants, in 50 states, in 5 foreign countries... with an annual revenue of in the neighborhood of $700,000,000.00... One word... persistence. Nothing in this world can take the place of good old persistence. Talent won’t. Nothing’s more common than unsuccessful men with talent. Genius won’t. Unrecognized genius is practically a cliché. Education won’t. Why the world is full of educated fools. Persistence and determination alone are all powerful.”
― Andrew Aziz, Mastering Trading Psychology

“One word... persistence.”
― Andrew Aziz, Mastering Trading Psychology

“must mention as well that Dr. Steenbarger’s TraderFeed blog, as well as his YouTube channel, are definitely two of my favorite trading resources.”
― Andrew Aziz, Mastering Trading Psychology