Additional thoughts on the successful mindset for high probability traders

As noted in my last post on position exit, I need to take another look at my trading mindset with regard to position exits. I had posted the integration of successful mindset into the high probability trading rules and my understanding of successful mindset of high probability traders before. After the trading in the last few months, I finally realized that my understanding and application of the mindset need further improvement for trade exits and closures, since I did not have enough thoughts about them before.

The following winning attitude is supplemented with trade entry, adjustment and exit considerations.

1.  Any outcome is possible after a specific trading action is taken.
     Good or bad outcome is possible after a trade entry, adjustment or exit.

2. Market can give us a win or a loss at each time randomly.
    After a trade entry or adjustment, market can give us a win or loss randomly. For a trade exit, we may be exited on time to receive a good profit, to avoid a loss or we may be exited earlier before more profits are captured. It's random. It's more important to follow the exit rule to avoid unnecessary losses. The exit rules can be improved after analysis of multiple trades. We should not think about changing exit rules after a trade is in progress.

3. Market is unique every day without any exact association with its past.
    We should not let past trading occurrences affect current trading. Experiences can be incorporated into the trading rules. But we should understand market is unique every day and follow the trading rules once the trade is on.

4. The high probability rules provide a higher probability only and guarantee overall successes statistically.

    The trade entry, adjustment and exit rules provides high probability statistically. It provides no guarantee for each trade at all. But over the long run, the probability can be realized if we follow high probability rules.

5. There is no need to know market's next move to make profits. We must know what we will do next, based on any possible market moves.

    There is no way to know every market move. We just need to know the risks and reactions to every possible market moves. The reaction includes trade adjustments and exits.

I'll review my integration of the successful mindset into high probability trading rules in a future post.