It seems everyone wants to become successful, but which one is the key to success? Here I outline 8 tips for achieving your trading goals that have been extremely powerful for me.
TIP N. 1 - The market is not something to defeat but to befriend
The financial market is the field of all possibilities. You ought to learn to work with the market and not against the market, consider it as an ally that can enrich, not as an adversary that can take away. Don't be afraid of the market but view it as a friend that can help you achieve your goals and bring abundance to your life.
TIP N. 2 - Never take yourself too seriously
You should always have a joyful sense of humor. Whatever is your job you should try to enjoy any moment and never be anxious about what’s going on. Enjoy the journey and this will bring you to success. This is true not only in trading the markets, but generally in life. Build up the required knowledge and experience, develop a positive mindset and then jump into the market and get valuable lessons from your mistakes.
TIP N. 3 - No matter what you have done so far or how things are bad today, tomorrow will offer you new opportunities to get it right
Never make the mistake to be influenced by past experiences, good or bad they've been. Out there, there are lots of new opportunities every day, just go and catch them! Develop an insatiable curiosity for learning new subjects and act on your acquired knowledge. You will be surprised to hear how many people when it comes to new ventures miss the execution part. They got knowledge and ideas, but do not take any sort of action. Remember new opportunities come only to those who take massive action and focus on executing no matter what.
TIP N. 4 - Understand how people emotions are driven
This is as important in life as in trading if you truly want to achieve your goals. Being successful at trading means knowing what other traders in the market are feeling because trading is nothing more than buying stocks or options cheaply from those in pain and selling them expensively to those who are greedy. Building up the ability to figure out other people emotions can be life changing.
TIP N. 5 - Be aware of every action you make
You must plan any action and make decisions on the basis of the investment strategy previously written down. Never buy or sell stocks, options or any other security based on an emotional state of fear or greed. Master your feelings and you will master the markets!
TIP N. 6 - It's worth to fall if you learn from the overall process
Learning from your mistakes is the only way to financial success. Practice and learn every day from your trading errors and build up the experience needed to become a Master Trader. Develop an insatiable thirst for knowledge and learn as much as you can from the lessons life offers you.
TIP N. 7 - Make the decision to fight only battles you can win
Realize that you can never win against the market, but you can use its fluctuations at your advantage. Admit when you've made poor decisions and look forward.
What counts is not timing the market, but it's the time in the market. You want to be part of it no matter what as this the only way to building wealth.
TIP N. 8 - Losses can have a huge value
Losses can be like winnings if seen from a different point of view. If you today get a loss in the market and the following day the market keeps falling, you have to consider the decision made to get out from the trade as a winning decision because it saved you money. Remember, Master Traders are the ones who are able to manage their losses developing the art of winning.