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