While I'm writing I certainly learn a the same time.
Here is a little peek of one of the many chapters:
SKILLS YOU NEED
Setting and accomplishing realistic goals
I realized early when I started trading live that one of the most common characteristics in almost all successful traders I have met online or in person was that they are all very goal-oriented.
In fact, I’m not sure if you realize it or not, but that’s when people are at their best. People perform at their best when they have a goal clearly in mind. That is the way the human mind works. When we have a goal clearly in mind, our subconscious part of the brain works very hard at helping us to achieve that goal. It does it quite automatically without having to fight using willpower.
But there is one big catch. You may have a goal clearly in mind, but it must have three important characteristics.
1)Your goal must be realistic
2)Your goal must be attainable
3)Your goal must be measurable
Your goal must be realistic. This means that your goal has to be something that is within your capabilities. Sure, it may be possible to make a million dollars your first year trading, but it’s probably not very realistic because it isn’t in your capabilities yet.
Your goal must be attainable. This is similar to a goal being realistic. Again, your goal must be within your capabilities. So an example might be if you are trying to average $250 - $500 per week with your trading. You have a much better chance of being able to reach that goal versus the goal to make a million dollars this year. Don’t get me wrong, if you are doing very well with your current goal, there is no reason you can’t raise it somewhat. But you must start with a goal that is attainable and then you can build on it. I highly suggest starting with a small goal and moving up from there.
Your goal must be measurable. This is one I see people make mistakes about all the time. Everybody wants to get rich or make a fortune in the market. That seems to be everybody’s goal. But you know what? That isn’t really a goal. A goal must be measurable. You must be able to know when you are far away, close, and when you have achieved your particular goal. If it is not measurable, you won’t know when you’re there, and even worse, you won’t know how close you are in reaching your goal.
When I first started trading live, I spent lots of time talking to different traders about how they were able to make money in the markets. It seemed like the more I talked to different traders, the more their answers all sounded the same. Realistic, measurable goal-setting is extremely important to being successful in trading. In fact, just trying to make money each day (without a goal) is a road to failure.
The more successful the trader I talked to, the more they would stress how important setting goals was to their success. But you even need to take it a step further. Not only do you need realistic, measurable goals, you need to visualize yourself in reaching those goals on a daily basis.
JUST AS IMPORTANT AS SETTING SPECIFIC GOALS, YOU MUST VISUALIZE YOURSELF SUCCESSFULLY REACHING THOSE GOALS EACH AND EVERY DAY. IF YOU CAN’T SEE YOURSELF IN YOUR MIND’S EYE AS A SUCCESS, THERE IS NO CHANCE YOU WILL BECOME SUCCESSFUL IN TRADING. IT JUST WON’T HAPPEN.
I hope you understand how important it is to have specific goals so you can see how your progress is going and quickly determine if things need to be changed.
I will tell you from first-hand experience that if I trade and make good money, it is definitely because I am totally focused on my specific goals. And, on the other hand, when I trade poorly, it is because I have lost sight of my goal and I am not seeing it clearly like I should.
And guess what: it definitely shows in my trading results every time. The more you practice realistic goal-setting, the easier it will get for you to do on a consistent basis.
Just like anything, it gets easier with repetition and practice.
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