By Adrienne Toghraie, Trader’s Coach www.TradingOnTarget.com
There are two old adages that have value in their meaning when following the path to becoming successful at trading:
Why reinvent the wheel?
Think outside the box.
Why reinvent the wheel?
There are so many before you who have learned valuable lessons of what not to do as well as what it takes to be a successful trader. These models are valuable to save time, money, energy and aggravation when you start your trading career. I know too many traders who start out thinking that they will outsmart other traders and the markets only to lose.
Eric the defiant one
Eric was a daredevil. He liked to think of himself as his own version of Evel Knievel. I’m sure that if he had tried the tricks of the masters, which are carefully staged, he would not be with us anymore.
When Eric came into trading he did so with equal abandonment of the tried and true rules that everyone learns as basics. Naturally, he lost a great deal of money.
Eric came to a workshop and asked what book would be best for him. After finding out a bit of Eric’s background, I suggested that he should not buy any of my books. He left annoyed with me.
A year later Eric came back to my booth and told me he was ready to do what it took to become a trader. I told him to start off with my course and if he was not committed to going through it within six months, I suggested that he not purchase it. He agreed and called me in two months having completed the course. Eric is one of the few with his personality type that became a successful trader. It took four years and a tremendous dent in his inheritance.
Think outside the box
Paul was a trader who did everything right from the beginning. However, even with a good plan of action implemented to the letter, he was just an average professional trader. Of course, even average is a great achievement. Paul wanted more.
When Paul came to me he seemed so perfectly average in everything he did. I told him that in order to be extraordinary he would have to learn to be unusual. Average requires average action; top traders learn to think outside the box.
The tasks I gave Paul were as difficult for him to follow as the ones I gave Eric. He had to learn to trust himself beyond his present strategy. In other words he had to learn to be intuitive and feel the flow of the markets. This stretch took only six months from when I started to coach him. For Paul the total time it took for him to be a top trader was one and a half years.
Extraordinary trading requires extraordinary action
Ask yourself if you are the kind of person that will do whatever it takes to become a top trader. If you say yes, then think about the particular actions it will take for such an achievement. Notice the feedback of what you say to yourself.
- Next year
- When I have the money
- When my spouse approves
- When I have a certain amount of knowledge
- When I reach a certain level of success
Then ask yourself:
- How long have I been trading and not gaining any success?
- How much money have I lost?
- How long have I been at status quo?
Conclusion
While it takes the basic tried and true to have the foundation for trading, it takes extraordinary action to be an exceptional trader. Most traders will not reach that level of success. Are you one of the few that will do what it takes?
ADRIENNE TOGHRAIE, a Trader’s Coach, is an internationally recognized authority in the field of human development for the financial community. Her 12 books on the psychology of trading including, The Winning Edge1-4 and Traders’ Secrets, have been highly praised by financial magazines. Adrienne’s public seminars and private counseling have achieved a wide level of recognition and popularity, as well as her television appearances and keynote addresses at major industry conferences. www.TradingOnTarget.com