Table of Contents
1. Take Complete Responsibility:
2. Have a System That fits You:
3. Plan a Trade and Trade a Plan:
4. Work Hard at Learning How to Trade Properly and Keep Working:
5. Positive Self- Belief:
6. View Trading as a Score in Points and Not In Money:
7. Keep trading as Part of a Balanced life:
1) Take Complete Responsibility:
For the successful trader knows every action he takes, every decision
he makes he ,and only he, is responsible for that action.
You will never meet a successful trader who is looking to blame
someone else, or something else for the consequences of his results.
It just will not happen.
You see, when you accept 100%, no questions asked responsibility
for all your actions you close the door to “excuses” behind you. When
something goes wrong instead of looking for someone else to shoulder the
blame, you will accept responsibility, note it down and vow never to
repeat it again. Simply, you are willing to accept you are going
to make mistakes, but more importantly, you are going to learn and never
repeat those mistakes. A vital component of any winning trader.
Could you imagine Warren Buffet losing a few million $$$’s on a
share trade and then blaming the general conditions of the market.
Or blaming his broker for giving him dud advice? no way! Just not
going to happen. I will guarantee when top traders takes a loss the
first thing they will ask them-selves is “Did I follow my rules?”
If the answer is yes, then they will look at their rules. Is there
something that could be changed in their rules to avoid this loss again?
Many times the answer will be a re-sounding no.
On the other hand, if after asking the question “did I follow
my rules?”, If the answer is NO. Then some deep self explanation will
be called for. Why did I fail to follow my rules? How can I stop
my-self from doing that gain? Am I likely to do that gain, etc..
But do you notice the wording of the questions? How can I,
Will I, Why did I. IIIIIII Here the trader knows he takes total
responsibility for every trade and is seeking re-assurance that
he will not break the rules again.
There’s an old saying in trading:
” If you have to ask you shouldn’t be trading”
Think about it. If you have a system that you have tested
and proven over the long run that it does outperform the market
and it is a system that fits you, why will you EVER have to
ask for an opinion? What extra will a third party opinion provide?
Apart from confusing you and clouding your opinion?