The Elements of Achievements For Traders

Faulkner’s list of the six key steps to achievement  

  1. using both “Toward” and “Away From” motivation;
  2. having a goal of full capability plus, with anything less being unacceptable;
  3. breaking down potentially overwhelming goals into chunks, with satisfaction garnered from completion of each individual steps;
  4. keeping full concentration on the present moment – that is, the single task at hand rather than the long-term goals;
  5. being personally involved in achieving goals (as opposed to depending on others); and
  6. making self-to-self comparisons to measure progress.

Robert Krausz’s basic tasks necessary to become a winning trader.

  1. Develop a competent analytical methodology.
  2. Extract a reasonable trading plan from this methodology.
  3. Formulate rules for this plan that incorporate money management techniques.
  4. Back-test the plan over a sufficiently long period.
  5. Exercise self-management so that you adhere to the plan. The best plan in the world cannot work if you don’t act on it.
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