Monday, March 9, 2009

38 steps of becoming a successful trader


1. We accumulate information on the trade - buy books, attend seminars, read the article.
2. We begin to trade, using the "new" knowledge.
3. We are consistently losing money and start to understand that we may need more knowledge and information.
4. We accumulate more information.
5. We switched to the other trading tools.
6. We return to the market and sell using our "updated" knowledge
7. The market once again "beat" us, and we begin to lose part of their confidence. Fear begins to occur.
8. We are starting to listen to analysts and other traders.
9. We return to the market and continue to lose money.
10. We are again changing the trading tools.
11. We are looking for more information on trade.
12. We return to the market and continue to lose money.
13. We are "arrogant" and market "punishes" us.
14. We are beginning to understand that trading success requires us more time and more knowledge than we had expected. Many traders are stopped at this stage.
15. We are serious and start concentrating on the study of 'real' methodology.
16. We trade on our methodology with some success, but realize that something is missing.
17. We are beginning to understand that it is necessary to have rules for the application of our methodology.
18. We temporarily stop trading in order to develop and explore our trade rules.
19. We start trading again, this time with the application of rules and achieve some success, but often we still hesitate when it is time to execute the transaction.
20. We may add, remove and modify rules as we see the need to be more experienced in respect of the rules.
21. We return to the market and continue to lose.
22. We are going to be responsible for the results of our trade, because understand that our success depends on ourselves, rather than trading methodology.
23. We continue to trade and become more experienced with regard to its methodology and its rules.
24. When we sell, we are still inclined to violate its own rules, and our results are unstable.
25. We know that we are close to our goal.
26. We go back and explore our rules.
27. We are gaining confidence in our rules, and we return to the market to trade.
28. Our results Trade correct, but we still hesitate in carrying out our policies.
29. Now we see the importance of following our rules, because we see the results of our trade, when we do not follow them.
30. We are beginning to see that lack of success is linked to our own (lack of discipline in following the rules because of some fear), and we are starting work on the study itself.
31. We continue to trade, and the market allows us to learn more about yourself.
32. We follow our methodology and trading rules.
33. We are going to consistently make money.
34. We are becoming a bit arrogant, and the market "punishes" us.
35. We continue to learn the error of his ways.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase the size of transactions.
37. We make more money than we ever dreamed.
38. We continue to go through life and achieve many of the goals to which we have always dreamed of.

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