Today I want to talk about the “Next” mentality.
This is something not many traders are even aware of.
But as I always say, trading is 90% mental and emotional…
And overcoming mental barriers can have a huge impact on your trading.
The next mentality is pretty easy to understand…
But tough to implement.
This is what it’s all about:
Win or lose, you should always be moving on to your next trade.
Whatever the result of your last trade was…
The sooner you reset and refocus, the higher your chances for your next trade to be a winner.
When I was a beginner trader, things didn’t usually go the way I wanted.
But even when they did and I had a big win, it would often turn against me.
I’d feel super excited and overconfident.
… Which would lead to bad decisions on the next trade, and therefore losing all the money I had previously gained.
So win or lose, you should always have this “next” mentality and focus on the next trade at hand.
But of course, this is easier said than done.
The hardest part is starting a new trade from scratch.
First you have to find a trade that matches your criteria, analyze it to make sure it can be a winner, and then execute the trade…
It’s a whole process.
That’s why a solid trading strategy is the best ally to the Next mentality.
Because if we rely on our emotions after a loss…
We’ll probably want to make that money back as soon as possible.
And as you probably know, that rarely ends well.
Other times we just feel insecure about our abilities and make soft decisions…
Which also very rarely ends well. You shouldn’t ever take a step in the markets unless you’re 100% confident.
Whenever you have a loss, focus on your strategy and the things that have worked well before…
And apply them to your NEXT trade.
Typically when we’re trading well we tend to take gains into the anticipated move, cutting off losses quickly and sticking to a game plan.
So when things go bad, cut your losses quickly, don’t dwell on it and look for the next trade you can apply the above criteria to.
Fundamentals always win, so stick to them!
After all, trading is a marathon, not a race.
If you invest in the proper behaviors and strategies, your chances of reaching your trading goals will be much higher.
I know because it happened to me.
And nowadays I teach the trading fundamentals and mindset needed to succeed in trading inside my Hawkeye Traders mastermind group.
These are the same golden rules that I’ve learned over 10 years in trading — and that allowed me to generate $1,000,000 plus in the last 4 years.