You can't make money if you're not willing to lose.

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You can't make money if you're not willing to lose.

Postby mark04 » Tue Nov 10, 2009 4:11 am

You can't make money if you're not willing to lose.

• To be a money master, you must first be a self-master.
• Investors are the big gamblers. They make a bet, stay with it, and if it goes the wrong way, they lose it all.
• The goal of a successful trader is to make the best trades. Money is secondary. If this surprises you, think how good professionals in any field operate. Good teachers, doctors, lawyers, farmers and others make money - but they do not count it while they work. If they do, the quality of their work suffers.
• Successful traders constantly ask themselves: What am I doing right? What am I doing wrong? How can I do what I am doing better? How can I get more information? Courage is a quality important to excel as a trader. It's not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and stay with it.
• It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you're doing if you're a successful trader.
• The answer to the question of whether trading can be taught has to be an unqualified yes. Anyone with average intelligence can learn to trade. This is not rocket science. Don't think about what the market's going to do; you have absolutely no control over that. Think about what you're going to do if it gets there.

• The single most important element to being successful in the markets is having a plan. First, a plan forces discipline, which is an essential ingredient to successful trading. Second, a plan gives you a benchmark against which you can measure your performance.

Best Regards
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