| "The only place where success comes before work | | | | hand. This conflicts with their ability to trade. They |
| is in the dictionary." -Proverb- | | | | tend to be perfectionists wanting to be right all the |
| There are two types of men in this world. One that | | | | time. Trading is not about being right. It is about |
| falls and one that stands up after he falls. In NLP or | | | | making money. |
| Neuro-Linguistic Programming, there is no such things | | | | Jumping The Gun |
| as failure. A failure is simply classified as a feedback | | | | How many men do you know that act before they |
| and every feedback is a lesson to help you learn and | | | | think. A form of balance is needed when trading the |
| improve. There are many hurdles a trader must | | | | markets. However, many new traders lack patience |
| overcome to become successful. A winning trader | | | | and discipline. They get too caught up emotionally in |
| views each hurdle or setback as a step towards | | | | their ideas that they often do things just to regret |
| success. | | | | rushing in at the end. |
| The losing trader on the other hand does not hold | | | | These type of traders have a hard time following |
| this belief. Ed Seykota said it best. | | | | their trading plans. They may understand what it |
| "A losing trader can do little to transform himself into | | | | takes to trade successfully but their lack of discipline |
| a winning trader. A losing trader is not going to want | | | | and self-understanding prevents them from doing so. |
| to transform himself. That's the kind of thing winning | | | | They believe that eventually things will turn out |
| traders do." | | | | alright. They often play on a tilt after a loss and will |
| Harsh but yet so true. Success only comes to those | | | | trade recklessly with their capital. |
| who want it badly. Nothing in this world should be | | | | Change Is Good |
| done half-way. Losing traders refuse to take | | | | Many people are too comfortable with their current |
| responsibility of their actions. They prefer to blame | | | | situation that they dread change. It is common to |
| external factors for their mistakes and lossses. In | | | | see couples who are unhappy with each other remain |
| NLP, in order for a feedback to become a lesson one | | | | in a relationship because they are too used to being |
| must take full responsibility of his action. | | | | together. Some people associate change with fear. |
| We All Start Off With A Dream | | | | This attitude does not help in trading. Learning is |
| I think men in general spend half their life dreaming. | | | | easier than unlearning. When something does not |
| Without a dream, there is no thought. Without | | | | work, one needs to change what he is doing right |
| thoughts, there is no action. However, too many men | | | | away. A trader needs to be flexible and hold an open |
| spend their time talking and thinking. What is required | | | | mind. |
| is action. | | | | Characteristics Of A Losing Trader |
| Losing traders think similarly. They are so used to | | | | 1. Undiscplined |
| thinking and not acting that when the opportunity | | | | 2. No money management |
| knocks at their door, they are unable to answer it. | | | | 3. Unprepared |
| Thinking traders usually turn to trading systems; | | | | 4. Overtrading habits |
| tweaking every indicator they have to find the | | | | 5. Easily tilted |
| perfect signal. The problem is they spend too much | | | | 6. Does not trade with probabilities |
| time jumping from one system to another that they | | | | 7. Trades emotionally without controlling: greed, hope, |
| are never able to become good at one methodology. | | | | fear, and euphoria |
| Thinking traders need to know the outcome before | | | | 8. |