Traders Mindset: Tips and strategies to mastering the market

By David Repnitskiy

This book is on the traders' mindset. How to think like a trader? I wrote this book for you. To help you become a successful day trader. To help you become a profitable day trader. To help you become a millionaire day trader that you had always wanted to be. I want to help you and help as many aspiring traders as possible to become successful day traders. I want to help you become a confident, profitable, and even wealthy day trader.

I am also writing this book for me. Like many traders, I have been taught the wrong way to trade, and to be successful in the long run, I need to unlearn the wrong rules of trading and replace them with the correct rules. I have spent years learning to trade, I have learned the rules of trading, and I want to burn them into my brain.

• Language: English
• Publisher: Lulu.com
• Release date: Aug 23, 2020
• ISBN: 9781716633218

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Copyright © 2020 by Morning Frost, inc. All rights reserved worldwide. No part of this publication may be replicated, redistributed, or given away in any form without the prior written consent of the David Repnitskiy or Morning Frost, inc. or the terms relayed to you herein.

David Repnitskiy, Morning Frost, inc, Denver, Colorado, 80216.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be accurate and has been invented to make a point or explain a concept or situation. The information and examples contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

ISBN 978-1-71663-321-8

Table of Contents

Traders Mindset

Preface

Introduction

Chapter 1: Trading for a living

Chapter 2: Information

Chapter 3: Commit to trading life

Chapter 4: See the path

Chapter 5: Multiplying Profits

Chapter 6: Identifying the participants

Chapter 7: Continue improving

Chapter 8: Gradual growth

Chapter 9: Multiple strategies

Chapter 10: Persistence

Chapter 11: Creating a Strategy

Chapter 12: Getting Information

Chapter 13: Getting stuck

Chapter 14: Until you succeed

Preface

The inspiration for this book came to me after suffering a losing trade. It was a Sunday afternoon when the market opened about 100 pips below where it closed on Friday. I hadn't gotten out of my position on Friday, and the 100-point drop forced me out of the market. Liquidating my position and taking my last three months of profits. There was nothing more left to do. I had no choice but to accept and deal with the loss. I was trading a strategy that had made me thousands of dollars months before the loss. I had left positions over the weekend many times before, and it had never been a problem. I had even grown comfortable doing it. This loss was never supposed to have happened according to my strategy. Looking at the chart, I wondered how many more traders thought as I did. I opened a trade on something that was supposed to be a sure thing but ended up costing them all their gains.

My target was 50 points, about 100 points higher of when the market was at the time. I looked at the chart to see if there was a reason for the market to behave this way, a reason for why the market was moving against me. I could not identify the cause. This trade was a guaranteed win based on my technical analysis. There were no major news releases and no explanation for the move that I could find. Looking at the market chart, the charts were filled with candlesticks that represented traders hard-earned money flowing through the market. Some were buying while others were selling, and many of them have probably lost a big portion of their trading account as I had. Traders who have already given so much of their time, money, other people's money, and even given their health to the markets were once again giving more to the markets.

For some traders, this move was was game over. They had just lost the last of what they had. I knew that all of them were aspiring traders, just like me, who were just looking for a way to make money in the markets. They were not gamblers and nor was I. At least they were no more gamblers than I was. The truth is that they were all hard-working people who have carefully analyzed the market; they had their own strategies they trusted and yet incorrectly predicted which way the market will move. Some traders lost their life savings. Some traders have lost their houses. Some traders lost borrowed money. Still leaving us with countless other untold tragic stories that resulted from that market move. Traders were amazed, surprised, angry, and they felt like failures. They have failed ones again. They were unable to generate a secondary income as they had hoped. They failed as traders because they failed to predict the market movements accurately. Also, they failed in life because they failed in their goal of becoming profitable traders.

As I looked closely at the chart, at the move that took millions out of people's pockets, I realized that there wasn't a single trader out there that wouldn't have traded places with one of the traders on the winning side of the trade. There wasn't a sole trader that lost money that wouldn't have traded places with the people who have analyzed and correctly predicted the move. The wasn't a single trader that wouldn't have wanted to have the same thoughts that the winners had, which led them to open a winning position. This left me inspired to write a book, to write this book, teaching people how to think like winning traders. I had realized that all that separated the winners and the losers is their way of thinking.  The next day I began working on this book. I had spent the next three months researching and writing the first draft of this book for myself and you.

This book was written without a bunch of restated facts that you can easily look up on any website or reworded ideas from other trading books. This book was a result of the simple process of putting thought to paper from years of experience. Forgive my simplicity, but I wasn't going to waste my time writing about things that anyone who has ever read a trading book already knows or can quickly look up on the web. This book is not full of researched facts and figures. You can look those up on your own time if you're interested. This book isn't with information you will find in other books. I don't see a reason to write about something that is already out there, that wastes my time and yours. This book is also not written for the beginner, and if you are just getting into trading, this should not be the first book you read because of the trading terms you may not understand. My goal is to make day traders with this book and not historians or know it all economists. If you're interested in learning how markets came to be, interest rates, or famous traders and how much they made, then you should read another book. I have read many books over the years, and I have been careful not to write about what is already out there. Hopefully, all the information you will find in this book will be new to you.

I'm not writing to brag about the money I made trading or to impress you with my knowledge and the successes I had trading the market. The reality is I have accomplished a lot on my path to becoming a day trader and made more money than I ever thought I could make. My trading methods are simple but effective. They have worked for me, and I know that they will work for you. I want to help you become a day trader. I want to help you make the money that you had always dreamed of making. Most of all, I want to help you restore the confidence and belief in yourself that you ones had when you set out to learn day trading. The belief and confidence that years of failure and painful loss have taken from you. I also want to inspire you to keep going no matter what kinds of problems you are having in your trading carrier because there is a light at the end of the tunnel, and you will get there if you don't quit. If you have the desire and want to become a trader who can consistently take money out of the market, no matter the market conditions, I want to help you accomplish that.

Introduction

In this book, I want to simplify the process of becoming a day trader. If you are committed to becoming a millionaire trader, this book will help you. Despite what you may have heard or read, trading is not some Wall street life or some Hollywood dream. It is not gambling; there is a way to analyze, interpret, and accurately predict which way the markets will move. I know it is possible because I have used the information and advice in this book and accomplished it for myself. I also know it is possible because the proof is all around the world. The fact the term trading still exists and that brokers are still up and running is proof that trading is possible. If it had been impossible or people weren't making money trading, everyone would quit, and brokers would go out of business. The fact that other people are doing it and have done it since the emergence of the market means there is an opportunity to make money. Deep down inside, you know it's possible too. Otherwise, you would not be reading this book. Also, millionaire traders do exist, what other explanation is there explaining the existence of other millionaire traders if I wasn't possible to make money. The majority of traders indeed lose money, but that's not because it is impossible but because they are trading by the wrong rules. Had the losers thought like the millionaire traders and bought and sold where the millionaire traders buy and sell, they would be millionaires too. The majority of traders lose because they are buying when instead, they should be selling and selling when they should be buying. After all, the trading rules they learned are incorrect.

I am certain that anyone can become a day trader and even become a millionaire doing it if they put in the work. Regardless of where you are now, how much money you have saved up, how much knowledge and experience you have in the markets, you can become a day trader. Every trader had to start somewhere. I also believe that you have the responsibility to become a day trader. It is something that you have set your mind on becoming, and you won't be satisfied with yourself or your life until you fulfill this dream. I genuinely believe what I'm saying because not just anyone would pick up this book. Not just anyone would persist as long as you have despite the setbacks and failures that I know you have experienced. Not just anyone would try and further their education to become a day trader by picking up this book. You are looking for more information because you know you are missing something. But you do it because you know that it's possible with the right information.

You probably don't know anything about me or who I am, so let me tell you a little about myself. Growing up, I learned that money is vital in the world that we live in, from the quality of life to the things that you want to experience. Growing up poor, and I mean poor, I wanted to have a lot of money in my life so that I could live the life I wanted to live and help my family do the same. I was also a hard worker, and I spent my early years thinking about what I could do to have the kind of money to live the life I wanted to live and help all my family do the same. I thought about what was worth putting all my time and energy into so that I could make the money I wanted. A job wasn't the answer. I had climbed the ladder of my construction job as far as was possible without actually running the business. Besides, there's just not enough hours in the day, in any job, to make the kind of money I wanted to make. Collage was not the answer, either. If I had gone to college, I would probably have made significantly more money, but I would still be poor in my book. The college route may have given me a more beautiful car, a nicer house, and nicer things to fill that house, but I would still be poor because I would still be living paycheck to paycheck with college debt added on top. I would have spent years of my life and thousands of dollars just to end up in the same place I was before. Worst of all, I wouldn't have been able to help my family in any significant way, and that was one of my primary goals in life. Then I was introduced to trading, and I saw that with trading, there was no limit to how much you can make. This was the answer. Around the age of 20, I committed to becoming a day trader and not as a job but to become wealthy doing it. Since then, I have worked hard to make this a reality and as a result, have created multiple trading strategies that allow me to pull money out of the markets every day. I have worked hard to create accurately, almost a guaranteed win strategies that pull money out of the market. I say almost a guaranteed win because I'm not naïve enough to underestimate the level of market manipulation that is percent in the markets. Yes, market manipulation is real, but that should not worry you because it means that markets are predictable.

While I committed at the age of 20 to become a day trader, I was still unable to successfully or consistently pull money out of the markets at the age of 26. I had studied and worked for six years, and all that knowledge and work didn't get me much closer to my goal of being a trader than the day I started. It was only after I started studying successful traders that I began to make real strides in my trading carrier. I was studying and examining the ideas and principles of those who were able to make money and understood market flow and not those who claim to know what they are doing. I slowly began to codify what worked and what didn't. It has been a long, painful, and time-consuming process. But like in every other aspect of life, hard work pays off. I remember making my first 12,000 dollars. Then one day seeing my account double trading a strategy that I designed and created.

Since then, I have designed and created a multitude of profitable, money-making, accurate day trading strategies. At this time, you may be thinking, good for you. It's good that you have accomplished your dream, but can you teach me? Can you teach other aspiring traders? Can you teach someone who has read countless books and who has lost thousands of dollars, how to trade? Even though I can't guarantee you will have the same results I had other traders have succeeded in deploying the principles in you will learn in this book. Some of you may read this and find it discouraging thinking that you were never one of those who stands out of the crowd while others may read this and feel inspired to want to become ten times the trader that I am. I will say that the principles in this book will help you; they certainly have helped me, and have helped many become successful day traders. The reason these principles work and will help you is that I learned them from the best of the best traders in the world, and if they helped me become successful, they will help you as well. 

Chapter 1

Trading for a living

Becoming a day trade is not a fantasy as some will tell you; many are doing it. Becoming rich day trading the markets is not a daydream either; there are many full-time traders. Many believe that it is a fantasy because you don't meet rich day traders every day; in fact, you only see them in movies or read about them. Most of the time, you only hear about the losses that people suffer, the market manipulation that is present, and how the average trader has no chance. Society has successfully brainwashed the majority into believing that it is a fantasy. That trading is only for those who are smart and those with connections. In fact, most of the world will look down at you if you were to say that you are a day trader. They will tell you that it's not a real job but just another form of gambling. Others look down on traders because they think they are criminals. The bigger market players are just manipulating the market to take money away from the smaller players. It is no wonder that people quit or don't try hard enough to succeed.

Trading is not a popular subject. In fact, the majority of people around the world are unaware of what trading is or how to make money doing it. It is not something taught in schools. Interestingly, formal education teaches us how to read, write, count, memorize important dates in history but never touch the subject of what trading is or the impact it has on the world. This is surprising because of how big of a part trading plays in the economy. Even though trading is a popular way of making money and even becoming rich, it is only seen in movies, talked about in books, and occasionally mentioned on T.V. Trading is looked on as mysterious and reserved for the very few. However, day trading is not a fantasy; it's very real. People throughout history have traded their way into wealth. Many have been convinced that a carrier in trading is for those that are special in some way. That it's reserved for those that are born smart, people with PHDs and those raised on Wall St, but from my what I know, those kinds of people make up a small portion of traders. If you carry these beliefs or similar beliefs, don't let them discourage you from pursuing your dream of becoming a trader. Anyone can become a trader, and I am proof of that.

Traders come from all walks of life. In fact, just to debunk one of the myths, you will never know that someone is a trader because of how they look. Unless they tell you will never know. You won't see one driving down the street in a million-dollar car. You won't see one walking down the street in an expensive suit, wearing a Rolex, and shiny polished shoes. Despite what movies would have you believe, traders dress like ordinary everyday people like you and me. The reason for that is because they are ordinary; they just happen to trade for a living. There is nothing more special about them than anyone else in the world. The only difference is that they dedicated their life to trading, just like any other human being in the world can do.

Traders are not just ordinary in how they look but are also ordinary in what they do for a living. Some had worked construction, some worked in accounting, and some flipped burgers at a fast-food restaurant before they became traders. There doesn't seem to be any relation between the jobs or carriers people had before they became traders. Traders come from all sorts of backgrounds and professions. Many have attempted to find the holy grail of trading, and only a few have succeeded. That