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