I recently sat down and made a list of all my trading faults. If you have a capacity for honest self assessment you will know what they are. I then created a goal for each of the things on my list which was its opposite.
So for me consistent journal writing and record keeping I knew was not that great. I have bursts of it, then either have no time or get bored – and I also think that accurate journal writing is fuel for the rocket of personal development so I MUST do that. I worked out that half the problem was not having a consistent format that I was happy with so I think I’ve fixed that.
There were a few other things, but that was the process. Create a list of your known issues and reverse them, and focus more on those goals than anything else.
Archives of “faults” tag
rss5 Minutes of Daily Conditioning
Deciding to be a profitable financial trader is the first step in becoming one. Trite you say? Not really. Missing this one step or doing it out of order xplains why 90% of brokerage accounts go to zero within the first year, many doing so in the first 4 months!
In addition to arbitrarily deciding to be a profitable financial trader, a more powerful and lasting way is to use psychological conditioning on yourself so that you CONSISTENTLY decide that you are a profitable trader Here’s my interpretation of the method for doing this that I learned from the famous success guru I alluded to in my comments two blogs back.
First, write out the sentence below on a piece of paper.
“FROM THIS MOMENT FORWARD, I AM A PROFITABLE TRADER”.
Second, consider the pain you have experienced before because you have not consistently thought of yourself as a profitable trader. Imagine experiencing that again in the present and future. Do this for 30 seconds. Notice how you feel as you do that. (more…)
Typical Traids of Top Traders
First, let me say that I know of examples of successful trader’s that don’t have each of the characteristics that I would say the “typical” good trader shares. So there are exceptions to each of these. (more…)
Three types of traders
There are broadly three types of traders:- -the first type can look at a idea or concept and understand and make it work
- -the second types are in search of perfection so the first thing they do is they find faults in any method, they back test to death and can never find things that will satisfy them.
- -the third kind are clueless. They do not understand good from bad. Everything to them is Greek or Latin.
There are no perfect methods. You have to make things work. Add some discretion, add some judgement and you can make it work.
If you take that attitude you will find hundreds of workable methods