What the mind of man can conceive and believe, it can achieve…Napoleon Hill
The major reason traders fail or succeed is HOW they think, not WHAT they think. It’s a psychological game of ping-pong that you play with yourself every day. It’s also a game of chess that you play with unknown numbers of faceless people who are waiting to take your money.
If you want to achieve success as a trader, you have to study hard and model great traders. Imitation is a powerful form of learning, so learn to model mastery until you become your own master.
Perhaps the greatest contribution to the concept of modeling masters comes from books by Napoleon Hill– “Think and Grow Rich” and “The Law of Success.” Here are some examples from Hill of success secrets that should be a good start to putting you on the path to trading success:
Adopt a definite purpose: Everyone who is successful in life has at least one major purpose. If yours is to become a great trader, then focus on this and go after it with dogged determination. Legendary trader Paul Tudor Jones says the secret to his success is that he works harder than anyone else. That’s a simple and profound concept!
Write a detailed plan that describes how you will fulfill your purpose: This is your trading plan, a work in progress and your success roadmap. Make notes of everything you are doing, thinking and feeling in the markets and constantly study them. Never be satisfied, rather upgrade and improve based on what you have learned about yourself.
Surround yourself with people that support you unconditionally: Get rid of all energy vampires. Do not allow yourself to be brought into the realm of mediocrity by those who would like to see you fail or delight in telling you that you are not good enough to succeed. The opposite of love is indifference, so just say “Next!” and detoxify your relationships.
Persevere with continuous discipline: Learn to trade. Don’t stand around waiting for someone to throw you a fish; learn to fish so you can provide meals for a lifetime. Never stop studying and learn five new things every day.
Understand that fear is false evidence appearing real: Fear paralyzes, distorts, causes inflammation of the body and kills. Caution and awareness of how much money you can lose are good, but fear destroys your ability to think clearly and robs you of authenticity. Replace fear with faith in you and your purpose.
In all aspects of your life, including trading, practice radical honesty: The greatest lies are the lies we tell ourselves and these spill over into lies we tell others until there is a great gushing wall of lies that begins to close in and suffocate us. Tell yourself and others the truth about your trading and don’t be afraid to reach out for help.
Take great care of your brain and body: Trading is stressful and sedentary, so remember to move around and exercise to a sweat regularly. Eat clean, healthy food and practice moderation in all things. Self respect begins with honoring your body and mind.
Remain in gratitude and humility for any gifts you receive from the markets and life.
Patience, persistence and perspiration make an unbeatable combination for success…Napoleon Hill
Janice Dorn, M.D., Ph.D.
jdorn@jtrader.us
