Secret 1
|
COMMIT YOUR HEART AND MIND TO BEING THE BEST TRADER AND INVESTOR YOU CAN BE. Know what you want and go for it. Have a clear conception of what your trading will look like when you’ve finally got it the way you want it. Work on it, not just in it. You can’t succeed at this incredibly fascinating and difficult game in a lackadaisical or on-again off-again fashion. The rewards are enormous, and the price to be paid is high. You have to be willing to pay the price in effort, money, and time. Stop right now if you’re not willing to pay the price. You’ll do yourself a real favor. You’ll save yourself genuine heartache. But if you really want it, commit to doing whatever it takes to succeed. And never let up. You’ll be richly compensated, and you’ll grow in the process.
|
Secret 2
|
EXPLORE AND DISCOVER WHAT WORKS IN TRADING AND INVESTING. In short, find out what works. Don’t believe the claims of the first few vendors you come across. Trading is sold as something easy: it’s not. Quick and easy love and money is what sells. But that’s not the way the world works. Research. Talk to people. What’s working for them? Get as much evidence as you can. Look for something that blends with your own style. Is your tempo fast or slow, steady or spasmodic? Do you tend to be reckless or hyper careful? Do you err on the side of greed or fear? Can you balance desire and caution?
|
Secret 3
|
VERIFY THAT IT DOES INDEED WORK CONSISTENTLY OVER TIME. Verify. Substantiate. Corroborate. Validate. Authenticate. Okay, I’m making a point. You have to check it out before you invest your own funds on it or in it. Look for proven track records. Paper trade it forward in time. Try it out in different time frames and different markets. Make sure that the method/s are robust over time.
|
Secret 4
|
APPLY THESE METHODS TO THE MARKET CONTINUOUSLY WITH DISCIPLINE AND CONGRUITY Once you’ve found out what works, and verified that it does work, it’s time to do it. All the research in the world is useless unless you use it. And use it the way it was designed to be employed. To make the probabilities work, you need to apply your proven system to the market consistently in the same way day after day after day. You need repeatability. You can’t skip trades, because you’ll miss the good ones. You can’t force trades or make them up because now you’re relying on random results. You can’t grab profits early one day, and let them run the next day, because each day you’ll be trading to the prior day’s mistake.
|
Secret 5
|
MAINTAIN AN ATTITUDE OF OPTIMISM AND FAITH Never forget that you, yourself, are the multiplier effect of whatever trading method you’ve decided upon. While it may be true that you’re only as good as your methods, it is also true that your methods are only as good as you are. Consistency is the name of the game. You want to consistently apply your proven strategy to the market. To be consistent you have to have faith in your method and faith in your ability to apply that method. You need to be optimistic about the future of your trading even as you are realistic about the past and the present. You can improve your strategy, but you don’t want to keep changing it and shifting back and forth. I suggest to my clients that they only integrate new alterations into their system at the beginning of a month. This way they’re sure they really want to utilize the new idea and change the old way. Also, be careful not to keep junking systems you’re trading and chasing the enticements of newer things that come along. You don’t want to continually be fooled by the seemingly greener grass on the other side of the fence. Nothing works all the time without any losses or hitches, but with faith and optimism, trust and confidence, you can bring your dream to fruition.
|
Uncategorized