Professional traders rely on a fundamental principle when building their trading style "MyTradingStyle" that success in the markets does not stem from imitating others, but from developing an approach that aligns with the trader's personality and personal goals. They believe that each trader has a unique way of thinking, risk tolerance level, and lifestyle, making it essential for the style to be rooted in personal experience and careful observation.
These professionals focus on the importance of simplicity and clarity in analysis, as complex systems are considered a psychological burden that negatively affects decisions. Using a limited number of tools and indicators, relying on clear support and resistance levels, and signals such as breaking structures or forming higher and lower peaks and troughs, is crucial for making more accurate decisions. They also advise against getting swayed by market noise and to focus on confirmed signals before entering a trade.
Another equally important aspect is discipline and commitment to the plan. Professionals do not take random risks but set small daily goals and strive to achieve them without exceeding them, which provides them with psychological stability and control over their emotions. Additionally, they believe that repetition is the key to confidence, so they use demo accounts to test their strategies hundreds of times before moving to a real account.