Another trading tip
You?ve got a great trading system, but?
So you?ve finished reading the book. You?ve started trading. You?ve had some wins, you?ve 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 don?ts. You go at it again but continue to lose. Read on for yet another trading tip.
What?s happening?
I?ll tell you one thing: if you?ve followed the method outlined in this book it?s 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 don?t, 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 trading? 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 that?s okay. My advice in this situation is to stop digging that hole.
Realise that you are not suited to trading, and try something else ? focus on your strengths. Deciding not to trade does not mean that you are a failure but quite the opposite.It?s a very responsible decision to say trading is not for you. Perhaps the nature of successful trading doesn?t 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, ?Whatever you put your mind to, whatever you expect, be it positive or negative, you tend to draw into your life?.
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 trader?s 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.
Conclusion
Reaching this point means that it?s 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. You?re obviously not like that and that means that your chances of success in the markets have skyrocketed.
But, as I?ve said all along, it won?t happen without commitment. This means a commitment to maintaining the right mindset, a commitment to your trading plan and a commitment to ongoing learning.
It?s customary to wish people luck at the end of a book like this. I won?t 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 ? read some of the books I?ve 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 you?re going www.davidjenyns.com/support – I?d love to hear from you!
I?d 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 you?re serious about becoming a confident, consistent, disciplined trader you should consider joining my coaching program to move your trading to the next level.
www.onlinetradingmastermind.com
Your trading coach,
David Jenyns
Professional Trader, Author and Coach