Entries by Spencer Li

How to Build Confidence in Trading

Success breeds confidence Baby steps to giant strides Confidence in your (i) ability (ii) system Hesitation to pull the trigger One more bar syndrome Burnt finger anxiety Mental reset – one good trade!   Spencer LiAfter trading for 20+ years, reading 1500+ books, and mentoring 1000+ traders, I specialise in helping people create a second […]

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What is Your Circle of Control in Trading?

Focus your energy on what’s important Letting go of the outcome You cannot control the outcome, but you can control your actions and emotions Do not focus on the $ and P&L fluctuations Sports analogy: Don’t focus on the score! Big picture: individual trades do not matter Read more: Is Trading really Risky like Gambling? (How […]

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How to Manage Winning Trades with the Correct Trading Psychology

Do not take profits until there is a good reason to do so The Chicken parable Do not count your profits until they are realised Accept that you will have to give some profits back to the market Do not become complacent or greedy after a huge windfall or winning streak   Spencer LiAfter trading […]

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How to Develop Mental Agility in Trading

Trade what you see, not what you think Being objective despite having open positions Anticipate, but only act when market confirms your opinion When you see danger, get out first! Clear all positions to have a neutral frame of mind   Spencer LiAfter trading for 20+ years, reading 1500+ books, and mentoring 1000+ traders, I […]

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How to Manage Losing Trades with the Correct Trading Psychology

Many new to trading have the tendency to liquidate positions that show a small profit, yet they keep those positions that show a loss as are unwilling to take a loss, in hope that prices will rebound. Such a counter-intuitive strategy will result in small wins and large losses, but why do people still do […]

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