Trading psychology of a successful trader by Dr. Alexander Elder

Amateurs attempt to make a forecast while professionals manage information to make decisions based on probabilities.According to  Dr. Alexander Elder , To profit in trading you do not need to forecast the future, you need to derive from the market whether the bulls or bears are in control. You need to practice money management techniques for long term survival.

You trade against the sharpest mind in the ocean-like markets. Mental discipline is an undivided part of trading. Please remember the following points:

Understand you are in the market for the long term, that you want to be a trader in even 20 years from now

Develop your trading strategy, either technical or fundamental analysis. If "x" happens then "y "is therefore likely to take place. You may need different tools for trading a bull or a bear market

Develop a money management plan, 

• with the first goal being long term survival. 
• Secondary goal is steady money growth and
• third goal would be high profits. 

Successful traders do not concentrate on the profit itself but maintaining successful trades regardless of the earned amount.

Winners feel, think and act different than losers. Look inside yourself, eliminate the illusions and change the way you have been thinking and acting. Changing is hard but could pave the way to becoming a successful trader.