Why are you trading?
Of course, you’ll probably answer, "To make money." That’s why we all do it. (If you’re not trying to consistently make a profit, you shouldn’t be trading.)
But why do you want to make money? You may want to simply supplement your income, or perhaps someday trade as a professional, meaning that trading provides your sole source of income. That's great ― but hopefully trading, and the money you make, will be a means to help you live a better life: to follow your dreams, to help others, to provide a better life for your family. Always stay focused on the things that are most important to you: none of those things should be trading itself; trading should simply be a means to help you better enjoy the things that are important to you.
The rules and mental discipline we've discussed to help you be a successful trader can also help you in other areas of your life. Most of the principles apply to success in other areas and pursuits:
1)You learn self-discipline. People who are successful in any area of life are able to focus on a goal and do what they need to do to reach that goal. That can mean refusing to take the easy way out, resisting urges or impulses, and adhering to a routine or a plan. Trading teaches you to take responsibility for what you do, and who you are. Successful traders understand they are responsible for everything they do, and they act accordingly.
2)You learn to take a long-term approach. Success requires perseverance over a long period of time. You won’t get rich after a week of trading – trying to do so will cause you to lose money because you’ll take excessive risk. Successful traders make profits steadily, and they watch their assets grow over a period of time.
3)You continuously learn. Markets change constantly, and so do strategies, techniques, and approaches. Successful traders adapt, are willing to look at new ideas, and actively watch for ways to improve and learn. Continuous learning can help you in any area of your life.
4)You adopt a winning attitude. Traders who expect to lose, or who think they will probably lose, usually do lose. If you don’t think you can win, you won’t put out the effort necessary to win. People who expect to win believe in themselves enough to do whatever they need to do to succeed. No matter what your goals, you should always approach them with a winning attitude, knowing you can succeed.
5)You learn to accept success. Successful traders often make huge profits on individual trades. After all, that’s how you become a successful trader: you limit your losses and consistently take and protect profits. Learning to accept success, and to feel you deserve it, is a skill many people don’t acquire. They assume their gains were due to luck, or to circumstance, and they become unfocused and undisciplined. If you feel you deserve to succeed, you’ll stay logical and focused when you do succeed. And success creates more success.
We sincerely wish you the best possible success as a trader, and in your life as a whole. Stay focused, stay disciplined, and you can be a successful trader, whether you’re a beginner or a professional. Remember, winners stay focused when those around them can’t – the best opportunities are found when everyone else is thinking emotionally. If you stay focused, learn from your mistakes, and maintain a positive attitude, you’ll succeed. And you’ll develop skills that can help you in any area of your life.
"What Takes Some Successful Traders A Lifetime To Achieve Could Take You Just A Few Days... Or Less!"
HOME
Advertorial 1 - Introduction
Advertorial 2 - The Basics of Analysis and Rational Trading
Advertorial 3 - Basic Principles
Advertorial 4 - Characteristics of Successful Traders
Advertorial 5 - Playing to Your Strenghts, Overcoming Your Weaknesses
Advertorial 6 - Winning Psychology
Advertorial 7 - Avoiding Common Pitfalls
Advertorial 8 - Sound Money Management
Advertorial 9 - Trading Systems
Advertorial 10 - Final Words
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