make, a percentage gain they want to achieve in a given period, a
portfolio total number they want to reach—and then try to make decisions
in line with that vision. They strive to become independent
and self-actualizing, and they are ready to face the consequences of
their own decisions rather than rely on others.
Like them, you need to develop your own power, and to be circumspect
about the power you bestow on others. Like them, you can let
others contribute to your vision, but you can't depend on others to
make you whole or to realize your objectives.
The most successful traders bring their vision to a focus with specific
goals. You need to do the same—and to promise die result to yourself.
Many traders are reluctant to do that. "How can I know what I will
do until I see where the market goes today?" they ask. "I'll see where
the market is headed, then take advantage of the opportunities I see."
Some traders are hesitant to really win big, either because of an unconscious
belief that they may not deserve that much money or because
they aren't clear about the complex meaning of profits and high salaries
on Wall Street.
However, when you look at the market, what you see reflects what
you think you'll see. If you commit to a certain vision or concept of a
result and keep looking for evidence of that result, you will watch the
market in terms of this new set of expectations. You will thereby increase
the likelihood of your expectations becoming a reality.
When thinking about your goal, imagine what it will do for you or
enable you to do and how it will increase your ability. As you begin to
consciously choose your own trading objectives, you will notice how
much of your life has been focused on pursuing unconscious objectives
conditioned in childhood. You will learn how much more satisfying
things can be when you begin to actively pursue consciously chosen
goals.
When it comes to trading, motivation is critical. Make sure you really
want to trade. People are often drawn to the "easy" money of trading.
It's easy in the sense that all it takes is money to get underway in
the business. But more than money is involved. Self-understanding and
self-mastery are critical. You have to be willing to put in time and effort
to learn about yourself, and to do what it takes to change attitudes and
behavior so as to make them consistent with your trading objectives.
There's nothing easy about this "easy" money.
If you want to gamble, this isn't the right field for you, nor should
you enter trading if you are unwilling to tolerate, or learn to tolerate,
the emotional changes and roller-coaster effects of risk. The basics—an
ability to solve problems, analyze situations, and work with numerical
choices—should feel natural so that your efforts don't infringe on your
performance and leave you too uptight.
You have to get used to being wrong, because you are going to be
wrong most of the time. As in baseball, you may be wrong seven out of
ten times. If you can't handle that, you don't belong in the business.
The key issue is to minimize your imperfections and maximize your potential,
to ride out errors, to keep your emotions under control, and to
continually assess the variables of the market so that you begin to make
optimal choices more of the time.
To do this, you have to learn to stay with the winners and focus on
getting rid of losers. You can't do this without internal strength, faith,
trust, and acceptance of uncertainty. Without these qualities—or the eagerness
to develop them—fear is going to govern your behavior.
Read More : How You Can Become a Winning Trader
