The accompanying comments were inspired from Brad Gilbert‘s book, Winning Ugly, which was written about tennis. There are many parallels between tennis and trading, both being individual performance disciplines.
And on that last note, remember that ATTITUDE is everything. How you frame out an individual experience or event will affect your success in the long run. Do you see a trading loss or bad drawdown period as a major setback, or do you see it as a learning experience from which you can figure out how to be on the RIGHT
The accompanying comments (see sidebar) were inspired from Brad Gilbert‘s book, Winning Ugly, which was written about tennis. There are many parallels between tennis and trading, both being individual performance disciplines.
And on that last note, remember that ATTITUDE is everything. How you frame out an individual experience or event will affect your success in the long run. Do you see a trading loss or bad drawdown period as a major setback, or do you see it as a learning experience from which you can figure out how to be on the RIGHT
● Desire. The most successful players are the ones who have a burning desire to win.
● Defy Failure! Don’t check out of the game. Never give up!
● Consistency. Improve your consistency. Stay active, stay involved, and keep your feet moving.
● Patience. Be patient. Do not force a trade that isn’t there. Wait for the play to set up.
● Management. When you get a good trade, go for it.
Manage it. Trail a stop. Don’t be too eager to get out.
● Flexibility. Be flexible – if what you are doing isn’t working, change what you are doing!
● Confidence. When down, get a little rhythm and confidence going. Don’t worry about being too ambitious.
● Concentration. Stay with your game. Don’t let outside distractions bother you. They take energy and break your concentration.
● Know Yourself. Match your particular strengths to the type of market conditions.
● Clean Up Your Act. Hate making stupid mistakes and unforced errors. This includes not getting out of a bad trade when you know you are wrong.
● Stay Positive. Many players will play their best game when they are coming from behind.
In the 1880s, the psychologist William James developed and began teaching his “As If” principle of life. This might not make any sense to some of you, but it works. For example, if you want to be courageous, try to act courageously. If you want to be a nice guy, start putting a smile on your face and be friendly. If you want to be a great trader, then think like the great traders before us. You cannot be a great trader without first thinking that you are one. You get it?