10 KEYS TO SUCCESS

1.  How you think is everything – always be positive.  Think success, not failure.  Beware of a negative environment.

2.  Decide upon your true dreams and goals.  Write down your specific goals and develop a plan to reach them.

3.  Take action.  Goals are nothing without action.  Don’t be afraid to get started.  Just do it.

4. Never stop learning.  Go back to school or read books.  Get training and acquire skills.

5.  Be persistent and work hard.  Success is a marathon, not a sprint.  Never give up.

6. Learn to analyze details.  Get all the facts, all the input.  Learn from your mistakes.

7. Focus your time and money.  Don’t let other people or things distract you.

8.  Don’t be afraid to innovate.  Be different.  Following the herd is a sure way to mediocrity.

9.  Deal and communicate with people effectively.  No person is an islan.  Learn to understand and motivate others.

10.  Be honest and dependable.  Take responsibility.  Otherwise, nos. 1-9 won’t matter.

Remove your emotions – Understand that you will lose on more trades than you will win on; that is just part of the game.  If you are the type that always has to be “right” you are going to have a hard time becoming a successful trader.  The market is perpetual, it continues on no matter what you think about it with no knowledge that you exist.

Cut your losses – It’s pretty simple.  You will not make it in the markets if you can’t cut your losses.  You have to be confident in yourself as a trader to know there are an infinite amount of opportunities in the markets and that you can capitalize on them. That gives you the ability to let the losers go.

Trade less make more – Be picky about your trade setups and only take the best ones.  The goal is to take the least amount  of trades needed as over time even the best traders will lose on more trades than they win on.