If you look around at your friends and business associates that you know trade or invest in the markets, you will find that very few of these people are successful in the markets. Most of them lack the confidence and conviction in trading. The majority have surrendered to losses. Statistics say that 90% of people lose in the markets. People blame their brokers, floor traders, outside circumstances or other conditions for their failure to trade profitably. Eventually, most people think that their trading is so much controlled by outside events that they give up trying to improve their results and eventually quit.
You must change your inner aspect of what kind of a trader you are. You must believe that you are different from most all other traders and that you are going to be as successful in the markets. You are not what other people think you are, but what you think you are.
Don't concentrate on your limitations or your failures of past trading. You have been conditioned since you started trading by people with false ideas and values. This has limited your full potential. You have the power to change your trading. You must realize your worth as a strong person and a very successful trader.
You must now assume that the truths you now hold to be true may in fact be false and those truths may hold you back from your full potential as a successful trader. Don't believe that you can become a very successful trader just with will power alone. Negative ideas in your imagination can defeat you. No matter how hard you try, it will be of no use.
You must open your mind freely to all new ideas and forget all false truths you believe to be true. There is no limit to what you can do if you use your full imagination to work to becoming a successful trader. Once you believe that you are a trader as good , then you will act as though it were true. You have been unknowingly limiting your full potential through your Mistaken certainties in your mind. If you can eliminate these Mistaken certainties, your potential for successful trading will go well beyond anything you know.
You must be self-reliant. This will be a deterrent to the idea that other traders are smarter, wiser or more intelligent than you are. And, so, you look to them for support for trading ideas that may be unprofitable. It is impossible to become a very successful trader if you are thinking other traders are smarter than you are.
When you become self-reliant you also will have the courage to listen to your inner feeling for hints or signs that you are on the right track. You will be taking a cue from the successful trader you are, not listening to someone outside of your inner thoughts. When you learn to follow the signs correctly and your inner
prompting for hints on how to trade a particular situation, you will be a successful trader.
Dependency on the ideas of another trader is slavery by your own consent. it's very degrading for you to be dependent on the trading ideas of another person. One sure sign of dependency is that you will look up to the other trader as superior.
Advice from others in the trading arena is everywhere. Most of it is free and not worth anything. You can have at any one time a dozen unpaid advisor's who want to give you their opinion. Most of these advisor's are, in fact, not qualified to give advice, but merely have the title that shows that they must know what they are talking about. Most of these advisor's can't trade their own accounts successfully, so how can they advise you to trade successfully. Overcoming your dependency on other traders is difficult to do. You have been trained since childhood to depend on other people. It did play an important role in your growing up and education, but it was never meant to take over your individual identity or thinking.
Remember this important saying, No one can ever let you down if you haven't been leaning on them. No one can make you lose money in the markets, if you are not dependent on them for your trading ideas. Once you have developed your self-reliance, you do not have to procrastinate or evade making a decision to make a trade, because you will be confident to meet the situation with total self-assurance.
You must accept yourself as a successful and intelligent trader. You can never be better than your own self acceptance as a successful trader. Almost all of your problems in making trades are directly a result of how you feel about yourself as a successful trader. You can never be a better trader than how good of one you feel you are. You must have positive self-esteem about your own trading talents and abilities.
Many traders seem to have a high self-esteem about their own trading talents and abilities on the surface. However, underneath, they are victims of their own low self-esteem. This low self-esteem gets worse the longer they trade, until they go broke or completely give up. If you hope to be a successful trader, you must develop a high self-esteem of your own trading abilities.
Eliminate fear of failing. Fear has been around in trading the markets since they began. It has been the major cause of all market crashes. Fear is your enemy and a destructive emotion which will destroy your self confidence in trading. If you are afraid, it is impossible to become very successful at trading. To remove any fear in yourself, you must have a positive mental attitude about yourself. Use the power within you to gain success at trading the markets and eliminate fear. Live a day at a time. Make positive statements to yourself continually during the day to help your mental attitude.
About Money99
Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.
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