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21 Ways Rich People Think Differently

  
  Education
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1. Average people think MONEY is the root of all evil. Rich people believe POVERTY is the root of all evil.

2. Average people think selfishness is a vice. Rich people think selfishness is a virtue.

3. Average people have a lottery mentality. Rich people have an action mentality.

4. Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

 5. Average people long for the good old days. Rich people dream of the future.

6. Average people see money through the eyes of emotion. Rich people think about money logically.

7. Average people earn money doing things they don’t love. Rich people follow their passion.

8. Average people set low expectations so they’re never disappointed. Rich people are up for the challenge.

9. Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich. (more…)

GAMBLING ADDICTION with trading

  
Economy, Education
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how many of you never seem to win consistently?

how many of you hold on because you did have some winning days which means you have potential?

how many of you tell yourselves that its not an addiction,its just a passion you have?

how many of you keep on replenishing your trading accounts because just like any business,you always lose money at the start?
how many of you tell yoursleves your losses are the BEST THING that ever happened because thats the best way to learn?

how many of you think of crafty ways to get some extra money wired into your trading accounts?

how many of you say you would have won if you only “stuck to your discipline”?

how many of you are just waiting FOR THAT SPECIAL DAY WHEN EVERYTHING FINALLY CLICKS AND YOU’VE FINALLY FOUND THAT EDGE?

how many of you fall into a depression and feel as if someone has hit you in the heart with a hammer aftr a big loss.

how many of you cannot wait for the next day to make some money back?

my favorite: “tomorrows a new day and i will start fresh, a new trading style that will be disciplined”.

there are many guys that make lots of money trading for a living..really,you seriously believe that?

Lifestyle & Improvement

  
Education, Life
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  • 63 ways to build more confidence (LifeHack)

  • Ways to live forever (James Altucher)

  • What not to say when pulled over by a cop (Chris Rock)

  • How to simplify your life (Frugal Zeitgeist)

  • The minimalist’s guide to cultivating passion (Zen Habits)

  • How great leaders inspire action (Ted)

  • Success in most arenas of life is thus not a reflection of innate skill but rather devoted effort (Peter Orszag)

The Daffodil Principle

  
  Education
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Trading success takes discipline, passion and continuous learning just to name a few.

One additional area that seems to be evident in all traders that keep enhancing their skills and their profits is the ability to ask good questions of themselves and then to apply the answers immediately.

To reach new goals takes new steps that must start now and are not delayed until tomorrow.

Successful traders are committed

  
  Education
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ACCEPTANCE OF OFTENTIMES ILLOGICAL MARKET BEHAVIOR

DISCIPLINE IN THE FACE OF UNCERTAINTY

PATIENCE WHEN LITTLE IS TO BE ACCOMPLISHED OTHERWISE

FOCUS ON THE RIGHT NOW INSTEAD OF WHAT MIGHT BE

PERSONAL RESPONSIBILITY FOR EVERY ACTION AND REACTION

PASSION WHEN ALL ELSE FAILS

MAKING MONEY WHEN WRONG

"Your Special Unique Trading Strengths and Weaknesses"

  
  Education
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Each one of us is born with special unique abilities and we are naturally drawn to them and develop them along the way.  They manifest themselves in all areas of our lives.  There are also things we don’t like to do or that are difficult for us to do.  It simply makes sense to focus on what we like and what comes easily to us and avoid or delegate what we don’t like or find hard and stressful to do.

The same is true with trading. There are parts of your trading that you’re naturally good at.  There are aspects of trading that you love, that excite you, and give you passion.  The more you trade the better you seem to get in these areas. 

What is your special trading or investing capability?  Pause and think about it.  WRITE IT DOWN.  I can’t guide you or even suggest what is uniquely easy and effective in your trading.

The best part of my trading is ______________________________________.

The part of trading I most enjoy is___________________________________.

You can build on these and exponentially improve your trading results and your trading ease and enjoyment.  It also makes sense that your methods and time frames are compatible with these strengths and tendencies.

Now we need to acknowledge the opposite.  Each of us has innate limitations and vulnerabilities that also affect our trading and investing.  There are parts of the trading game that are hard for us, that we don’t like, may even hate.  As much as we try to overcome these areas we frequently relapse into these frail deficiencies.  We say we’ll never do that again, and then, of course we do.

Winning Qualities of Successful Traders

  
  Education
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Discipline is the key factor towards the success of trading/investing. Lack of discipline will result a bigger loses when you hesitate in cutting lost or when you enter a trade too early. Discipline no doubt is the bigger key deciding factor in any kind of field.

You need passion to drive you towards the success that you are hunger. You need the passion to do the boring job yet very rewardable at the end of the trading journey.

Tough time come you need to press it on. Never say quit attitude!!! Most of the Good Trader or Investor will experience a major downfall before they succeed in this business. If they did not fight back again then they will never succeed. Once again tell yourself press it on till you succeed.

Many people including me lack the virtue of patience. Trading and investing require plenty of patience as most of the time we are waiting at the sideline and let the newbies to kill each other. Once the market decide to go in the trend then we as a professional trader and investor will act upon it very fast. Being Patience alone will save you plenty and tons of money.

The more sweat you put in the greater reward you will get. Then again if you are doing the wrong thing every time again and again, this mostly likely tell you that your system of trading is not working and thus you need to change. There are a big different between hardworking and just stubbornly sticking to the failed plan. If the system of yours is CLearly not working after you put in months of efforts then you should just change your strategy.

Last but not least you need to strongly believe that you will be able to take money out of the market consistently. Believe that your Tested system will be able to last as long as the market condition do not change much.

Hard Realities for Traders

  
  Education
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* If you don’t save a good portion of your earnings in successful years of trading, you won’t last during the less successful years;

* If you don’t have a solid nest egg of savings to support you while you’re learning trading, you won’t survive your learning curve;

* Everyone has a passion for trading; if you don’t have a passion for learning to trade, take a pass on financial markets and find the field of endeavor that offers intrinsic reward;

* If you’re living for your trading, you won’t make it trading for a living. Other things need to sustain you in the lean times, particularly the things that are more important than markets;

* The ratio of time spent working on your trading to time spent actually trading is predictive of long-term career success;

* In any performance field, the percentage of participants who can sustain a living from their craft is under 5%; always have a Plan B;

* No one can make you successful as a trader if you lack the requisite talents and skills; a mentor can, at best, help you make the most of the talents and skills you possess;

* Even if you are very successful as a trader, your annual income will be a fraction of your leveraged portfolio size;

* Your risk and reward will always be proportional: count on drawdowns of at least half of what you hope to make in markets;

* Psychology alone cannot make you a successful trader, but it can make you an unsuccessful one;

* Quiet markets reveal the best traders;

* Over time, your risk-adjusted returns are more valuable than your absolute returns;

* Trading is a business and, as such, must always adapt to changing market conditions;

* If you can’t make money consistently when paper trading, you won’t be successful when your capital is on the line;

* If someone promises you trading success, keep a close eye on your wallet.

DISCIPLINE & PASSION

  
  Education
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Discipline – Majority of traders are not disciplined in their approach, else they would not be failing. These failed traders simply hate to hear the word Discipline! As Jack Schwager points out in his book, ‘The New Market Wizards’, “Discipline was probably the most frequent word used by the exceptional traders that I interviewed. Often it was mentioned in an almost apologetic tone: ‘I know you’ve heard this a million times before, but believe me, it’s really important’.”
Discipline allows you to more effectively plan your work (trades) and work (trade) your plan. Discipline – “Habit of Obedience” – yes the keyword being habit, i.e. have a Trading Plan and make a habit of following it. The golden rule should be No Signal – No Trade.
Passion – We may spend a third of our life working, so you deserve to feel fulfilled in what you do, you do it because you love to do it! – Yes the monetary rewards are the by-product of your success in doing things you love to do.
How can you be naturally successful at something, continue to fine-tune your trading skills, seek the services of a mentor, and stomach the ups and downs of the business and if you don’t know WHY you’re doing it? As Michael Jordan once said, “If you have a love for the game, your talent will eventually catch up to you.” So if you do not have the love for trading, will you succeed?
To sum-up this Mental skill set PAIR (Discipline / Passion): You must be disciplined AND remain emotionally detached from the market.
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