Short excerpt from a YouTube video by Kardec Trader ("Your issue isn’t your trading psychology …", Dec 7, 2023). The speaker emphasizes that trading success requires both mastering one’s psychology ("conquer yourself") and having a well-defined strategy, combined with downside protection (risk management) and consistent practice over months, which will improve P&L.
And I know you guys have heard psychology, psychology, psychology. It's a very big part of trading 110%. And you need to understand that in order to be successful, there is a component where you have to conquer yourself, but you also have to have a strategy. They both work hand in hand. Conquer yourself. Make sure you have a good defined strategy. Put those two things together with the element of protecting your downside, which is risk. Do it for months and months and months and months consistently. When you look behind you, you'll see how far you've come and you'll see how your P and L starts reflecting that.
