The Only Way You Can Afford To Think In 2020

Yesterday we talked about how necessary it is for a trader to have a growth mindset instead of a fixed mindset. However, you can’t just flip a switch and change how you think. It takes time and intentional action to develop a growth mindset.

So pay attention! Because now I’m sharing tips on how to develop your growth mindset. Make developing a growth mindset on of your New Year’s resolutions.

#1 – Small Gains Add Up Over Time

The first step in developing a growth mindset is building it bit by bit.

It takes time. Consistent successful trades don’t happen overnight. It’s a process.

As with any profession, there’s a learning curve. And yeah, no one really wants to stick the curve. We want results, and we want ‘em now.

But the get-rich-quick fantasy is just that: a fantasy.

So take your time. Work through the steps. Educate yourself.

When you start trading, you usually risk only small amounts of money — losses really are a part of the game. They can teach you valuable lessons.

So you’ll probably see mixed results as a beginner: small losses, small gains. But if you stick with it, you might find consistency and can then work on growing your account.

Once you’ve developed some consistency, next thing you know, you could be prepared for bigger trades. But never trade too big. Stay safe! Remember, Small gains add up over time.

If you know my trading style you already know that I seek small gains. I seek 10%, 20%, maybe 30%, and cut my losses quickly. I don’t want to take big risks.

Sometimes there are penny stocks that go up 50%, 100%, or more. And I miss the full stock run because I take profits quickly.

But, again, I prefer to be consistent with smaller gains and manage my risk.

#2 – Practice, Practice, Practice

What kind of practice? Glad you asked …

I mean studying, trading, and learning with commitment and discipline. It’s a holistic approach toward all aspects of your learning process.

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