A successful trading career takes preparation, practice and perfection. You will strive for flawless execution in your trading operations and you will get there through visualizing what you want, outlining a game plan and sticking to it. As you venture into the trading pits, you will learn that one of the most important characteristics a successful trader obtains is discipline. By following your game plan, and not deterring from it, you have the potential to make big money in the markets.
One of the first things you need to do is set realistic goals for yourself. It is easier to achieve success when you have something to work towards. Start off small looking to earn $250 a day and imagine yourself achieving that goal. Go ahead and close your eyes, visualize a check in your hands for $250. What does the handwriting on the paycheck look like? What does the check feel like in your hands? Picture every detail of your desired goal.
It is important that you start small and move your way up to bigger goals so that you don’t get discouraged. It is also important to think positively and visualize yourself achieving the goals you set forth. What you picture in your mind will materialize in real life. If you dwell on the negative or on mistakes you have made, you will not be successful. Think positive and your trading activity will generate profits!
After you have set goals for yourself, you need to work on a game plan to achieve these goals. This is the part where discipline comes into play. The game plan you have outlined is your strategy to success. You have created rules to guide you through the markets and boundaries to manage risk. You must stick to this game plan and not deter from your initial strategy. I have seen too many traders say that they will change their strategy “just this one time” which leads them down the wrong path. You must follow your rules all the time, every time, without exception. It is only through discipline and confidence that you will find trading success.
Confidence comes when you know you are trading with your best interest in mind. To do this you must stay objective about trades and not get attached to certain market positions. If the markets surprise you (which will happen), it is important to be flexible about your trading activity.
Trading is like any challenge. You must prepare and practice for success before you can actually achieve it. This will take time but once you get the hang of it, your quick and confident actions will get you through any market day.
Trade well and follow the trend, not the so called “experts”.