Another trading tip
Youíve got a great trading system, butÖ
So youíve finished reading the book. Youíve started trading. Youíve had some wins, youíve had some losses. You expected that. Your losses begin to increase and you begin to falter. You consult your favourite psychological trading book for motivation. You review your list of dos and doníts. You go at it again but continue to lose. Read on for yet another trading tip.
Iíll tell you one thing: if youíve followed the method outlined in this book itís probably not the system.
Mindset, mindset, mindset
I started this book talking about psychology. I talked about how important it is to get your head right if you want to be a successful trader. I may have even gone so far as to say if you donít, you will fail. I will end the book on the same thought. So here’s the last trading tip: to fully master your trading, you must master the most important aspect of tradingÖ yourself.
Unfortunately, for some, the battle to rule their own emotions is one they will never win. You may be one of those people. If this is the case, perhaps trading is not for you. Sadly, not everyone can be good at everything. I can pave the way by providing information and support, but without the rock-solid determination to stick to your plan and succeed, you may not get there. And thatís okay. My advice in this situation is to stop digging that hole.
Realise that you are not suited to trading, and try something else Ė focus on your strengths. Deciding not to trade does not mean that you are a failure but quite the opposite.Itís a very responsible decision to say trading is not for you. Perhaps the nature of successful trading doesnít sit well with your personality.
Nobody is born with killer trading skills. However, with those few exceptions, if you have passion, commitment and the right advice, you can become a great trader.Trading is not a get-rich-quick philosophy. It is a profession that, when mastered, will turn profits. Seeking the proper instruction, with practice, patience and commitment, you will master the skills needed to make a comfortable living.
Legendary trader Ed Seykota says, ĎWhatever you put your mind to, whatever you expect, be it positive or negative, you tend to draw into your lifeí.
Only you control your destiny as a trader. If you are to be a successful trader, you must have the expectation that you are going to be a successful trader. When you get right down to it, making money trading should be a by-product of adhering to your trading system. It should not be your main objective as a trader; your energy is better spent concentrating on executing your system. A traderís job is to follow their trading system. If it has been thoroughly back tested and is proven to be profitable, a trader will get paid.It really is as simple as that.
Reaching this point means that itís time to hand over the reins and let you gallop off into the sunset that is your financial future.
Congratulations on making it all the way through!
Most people pick up books like this one, looking for a quick, simple solution to a short-term financial crisis. Youíre obviously not like that and that means that your chances of success in the markets have skyrocketed.
But, as Iíve said all along, it wonít happen without commitment. This means a commitment to maintaining the right mindset, a commitment to your trading plan and a commitment to ongoing learning.
Itís customary to wish people luck at the end of a book like this. I wonít do that. Luck really has no place in trading. I do however wish you the strength to forge on and to stick to your trading system.
I hope you have found my trading tips useful. Remember: there is a lot of help out there Ė read some of the books Iíve suggested, check out my website, talk to other traders. You can never learn too much. And if you think education is expensive, try ignorance.
Drop me an email to let me know how youíre going www.davidjenyns.com/support – Iíd love to hear from you!
Iíd also like to take this opportunity to invite you to join my coaching program. This book really is only an introduction to successful trading. If youíre serious about becoming a confident, consistent, disciplined trader you should consider joining my coaching program to move your trading to the next level.
Your trading coach,
Professional Trader, Author and Coach