Most people think it's a good strategy - it's not. Because a good strategy won't work in the wrong hands.
Many think you need to have certain personality traits or skills;
Numerate
Disciplined
Analytical
Strong minded
Nope. Wrong again.
They will all help, of course. You certainly need to be very disciplined. But numeracy is something that can be learnt, regardless of how bad you are at it now. So are analystical skills, particularly the ones needed in trading which mostly require a knowledge of how to analyse stats.
Strong minded? That's a subjective thing. What one person evaluates as being strong minded, another person may disagree with and have another definition. In terms of trading, what does strong minded mean? Sticking to your strategy. Not chasing losses. It's more discipline than a strong mind.
There are people out there who you might consider to be tough mentally, but when it comes to money or trading, they completely lose the plot! Different ball game to what most people are used to in their day to day lives. So no, I don't consider being strong minded the most important thing.
There are even some people who are convinced it's all rigged and you can't get anywhere without some form of major advantage over the market;
Fast pics
Courtsiding
A massive bank that only a consortium would have
I have none of that. You don't need them. Please stop listening to anyone who spouts such bilge. They are normally the conspiracy theory types, you know the ones, with unreasonable amounts of anger and a huge chip on their shoulder.
The number one thing you need to be a successful trader iiiiiiiiiiiiissssssssss.....................
A POSITIVE MINDSET
Because for many people, that is much harder to develop than anything else.
Think about it.
Most people with negative mindsets, glass half-full types, pessemistic individuals, have been thinking this way for many years - since they were kids, for many.
Children aren't born negative though. It's experiences and upbringing that plaster over a child's natural optimism, inquisitiveness and exhuberance. When you have years and possibly decades of negative thinking, what that does is reinforce the neural pathways in your brain. It makes them even deeper entrenched in negative thought processes, and even harder to break what has become a bad habit that they subconsciously slip into.
The only way out then, is some serious self development, therapy and a willingness to admit they are wrong; and most negative people never do that! The old addage;
"A leopard doesn't change its spots"
or
"You can't teach an old dog new tricks,"
are false.
Wrong, wrong, wrong in every possible way!! The fairly recent discovery of neuroplasticity proves that the brain never stops developing and shifting in some way.
But it does become a lot harder to change as we get older, purely because we have years and years of limiting beliefs about who we are and what we can change. It's not because it can't be done, it's because we either THINK it can't be done or we don't WANT it to be done!
Everything I've mentioned, every skill, every personality trait, can be LEARNED. But it's much easier, in my opinion, to study and learn about strategies and numeracy and bank management and even becoming disciplined and strong minded, than it is to learn to be positive, if you are negative.
Because that's a bigger part of who you are and will probably have been an ingrained part of your personality for many years. Therefore, many negative people don't even believe that they ARE negative!
They lack the self awareness required to make that call. I know this because I was that person, when I was younger! Fortunately for me, someone actually told me I was negative (in a nice way!) and it caused me to reassess the way I was acting and what I was thinking.
It's no exaggeration to say it changed my life. I gradually became more and more positive, to the point where I am today, where I'm always positive, no matter what. And it has had an extraordinary impact on my life. It is the single most important change that has brought me success when I had relatively little before.
So if you doubt yourself.
If you always see the negative in things.
If you are always skeptical about everything.
If you treat yourself badly or hate who you are.
If you look upon the world and others with suspicion.
If you are constantly judging others and gossiping.
If you are quick to shout "scam!", run people down or mock their opinions.
If you are stingy or closed minded or selfish.
If you live with fear of life, fear of risk, fear of certain people.
I ask you to think about if it has got you where you want to be in life.
My guess is, it hasn't. You can change, if you put in the work. I guarantee, you will see good things come into your life. Including an improvement in your trading! Why?
Because only those with a positive mindset will keep going when trading gets tough (which it will!).
Only the positive thinker, doesn't blame anyone else for their failures and sees them as a neccessary stepping stone to becoming a better trader.
Only those with a positive outlook will realise how lucky they are to have such an incredible opportunity to make money and continue to put in the work required to make trading success a reality.
As Winston Churchill once said:
"The positive thinker sees the invisible, feels the intangible and acheives the impossible."
Many think you need to have certain personality traits or skills;
Numerate
Disciplined
Analytical
Strong minded
Nope. Wrong again.
They will all help, of course. You certainly need to be very disciplined. But numeracy is something that can be learnt, regardless of how bad you are at it now. So are analystical skills, particularly the ones needed in trading which mostly require a knowledge of how to analyse stats.
Strong minded? That's a subjective thing. What one person evaluates as being strong minded, another person may disagree with and have another definition. In terms of trading, what does strong minded mean? Sticking to your strategy. Not chasing losses. It's more discipline than a strong mind.
There are people out there who you might consider to be tough mentally, but when it comes to money or trading, they completely lose the plot! Different ball game to what most people are used to in their day to day lives. So no, I don't consider being strong minded the most important thing.
There are even some people who are convinced it's all rigged and you can't get anywhere without some form of major advantage over the market;
Fast pics
Courtsiding
A massive bank that only a consortium would have
I have none of that. You don't need them. Please stop listening to anyone who spouts such bilge. They are normally the conspiracy theory types, you know the ones, with unreasonable amounts of anger and a huge chip on their shoulder.
The number one thing you need to be a successful trader iiiiiiiiiiiiissssssssss.....................
 |
Vitalia Diatchenko: Positively Gorgeous! |
A POSITIVE MINDSET
Because for many people, that is much harder to develop than anything else.
Think about it.
Most people with negative mindsets, glass half-full types, pessemistic individuals, have been thinking this way for many years - since they were kids, for many.
Children aren't born negative though. It's experiences and upbringing that plaster over a child's natural optimism, inquisitiveness and exhuberance. When you have years and possibly decades of negative thinking, what that does is reinforce the neural pathways in your brain. It makes them even deeper entrenched in negative thought processes, and even harder to break what has become a bad habit that they subconsciously slip into.
The only way out then, is some serious self development, therapy and a willingness to admit they are wrong; and most negative people never do that! The old addage;
"A leopard doesn't change its spots"
or
"You can't teach an old dog new tricks,"
are false.
Wrong, wrong, wrong in every possible way!! The fairly recent discovery of neuroplasticity proves that the brain never stops developing and shifting in some way.
But it does become a lot harder to change as we get older, purely because we have years and years of limiting beliefs about who we are and what we can change. It's not because it can't be done, it's because we either THINK it can't be done or we don't WANT it to be done!
Everything I've mentioned, every skill, every personality trait, can be LEARNED. But it's much easier, in my opinion, to study and learn about strategies and numeracy and bank management and even becoming disciplined and strong minded, than it is to learn to be positive, if you are negative.
Because that's a bigger part of who you are and will probably have been an ingrained part of your personality for many years. Therefore, many negative people don't even believe that they ARE negative!
They lack the self awareness required to make that call. I know this because I was that person, when I was younger! Fortunately for me, someone actually told me I was negative (in a nice way!) and it caused me to reassess the way I was acting and what I was thinking.
It's no exaggeration to say it changed my life. I gradually became more and more positive, to the point where I am today, where I'm always positive, no matter what. And it has had an extraordinary impact on my life. It is the single most important change that has brought me success when I had relatively little before.
So if you doubt yourself.
If you always see the negative in things.
If you are always skeptical about everything.
If you treat yourself badly or hate who you are.
If you look upon the world and others with suspicion.
If you are constantly judging others and gossiping.
If you are quick to shout "scam!", run people down or mock their opinions.
If you are stingy or closed minded or selfish.
If you live with fear of life, fear of risk, fear of certain people.
I ask you to think about if it has got you where you want to be in life.
My guess is, it hasn't. You can change, if you put in the work. I guarantee, you will see good things come into your life. Including an improvement in your trading! Why?
Because only those with a positive mindset will keep going when trading gets tough (which it will!).
Only the positive thinker, doesn't blame anyone else for their failures and sees them as a neccessary stepping stone to becoming a better trader.
Only those with a positive outlook will realise how lucky they are to have such an incredible opportunity to make money and continue to put in the work required to make trading success a reality.
As Winston Churchill once said:
"The positive thinker sees the invisible, feels the intangible and acheives the impossible."