To TRULY be a success at almost any profession takes commitment — the type of commitment which comes from the heart, not the mind. Most successful people I know have a dedication towards their chosen path which was forged through hunger. Hunger for knowledge, hunger for power, hunger for wealth, and, in many instances, the hunger associated with survival. It's hard to be "rich" if you haven't been "poor"; "happy" if you haven't been "sad"; or "satisfied" if you haven't been "hungry".
I believe Gann's biggest secret consisted of hard work and common sense. Hard work follows a true commitment and a desire to learn. Common sense is sharpened by the process of learning from experience. In my opinion, THERE IS NO SUBSTITUTE FOR HARD WORK AND AN OPEN MIND.
In trading commodities, a critically important early step towards success is learning about yourself and how you function. You can learn about yourself quickly in the marketplace. By far, the weakest tool in a trader's arsenal is the TRADER. In this business, it is so very true that you are your own worst enemy. It is critical to understand yourself and to bring your emotions under control.
Emotions are tamed by confidence. Confidence is gained by knowledge. Knowledge is achieved by dedication to study and willingness to learn from experience. The entire process takes persistence. Persistence is fed by desire and hunger. You stay hungry by realizing and believing there will always be more to learn Never reach the point where you consider yourself an "expert" instead of a student. Stay humble, lest the markets humble you.
Become an independent thinker. Don't concern yourself with what "they" say. Don't conform your opinions for the sake of conformity. I constantly tell myself, "don't take the advice of another unless you know they know more than you know. Dare to be a success without fearing failure.
Do not apologize for failures nor be embarrassed by them. Instead view failures as an opportunity to learn. Much more will be learned from losing trades than from winning trades. Failures are a challenge of your commitment and can make you stronger if you will meet the challenge. Failures are the fuel to keep the hunger burning.
Through the learning process, you will develop the important patience and discipline needed to become a winner. In his book, "How to make Profits in Commodities", which I highly recommend, W D Gann listed 28 rules for success in the commodity markets. The vast majority of these deal with money management and/or mental discipline. Some of the sharpest analysts I know are not successful traders because they cannot overcome their own mental weaknesses.
Success does not come easily, nor should it. I CANNOT OVER EMPHASIZE the importance of mental preparation and self-examination. As an additional aid, I suggest Rudyard Kipling' s poem If.
To test your discipline, do what a lot of traders do: play poker. It takes infinite patience and an iron will to play only when you should, to go in heavy when you should, and -- most importantly -- to not let your ego or your curiosity or any emotional factor get in the way of your logic. For example, you might be dealt pocket aces, but if the flop is 7, 4 ,5, and an opponent goes in heavy, as hard as it is, you have to fold and realize you've made a mistake. Preserve your capital until next time. Similarly, if you bet on a stock because all signs are positive and the market says you are wrong, don't wait. Get out...the only thing worse than a 10% loss is a 40% loss.
Dear Gentleman,
Every alphabet and the word of yours carry such a weight - that it has rekindled the dyeing fire in me - No more words to express,
Sincere thanks to bring me back into the main stream,
Rajendra Ghaisas,
Mumbai, India.
thanks to give me advice
Hi,
I'd like to respond to cyril wong.
The way to measure your mental toughness is by your level of discipline. But too many traders think discipline lives only in the trading world.
Discipline means discipline to save money every month, not spend carelessly, eat the right foods or do the right exercises every week, keep a clean house (both physically and mentally) and so on.
Discipline is just that, mental toughness, and most have not got it because they feel no need to or are not pushed enough to do so.
Reprogramming the mind for Success can change that
There are so many valid points in the above statement. What I like most about learning to become a successful trader. The markets are always right, everyone else is always wrong and most importantly the market always corrects itself. That is what leaves room for everyone else to be profitable. Be prepared to listen to the market when it tells you where your next profit opportunity is. The above article is preparing the astute student to be prepared to be ready to act.
There is no better reward available in life than to give yourself the opportunity you were born to exercise - self improvement.
mental toughness is such an infinite word, how do you measure toughness? how do I know I have the mental toughness to be able to measure up to the trading world? I wish there is a way to measure up to, say I am only 25% ready or 50%, until than it's only a guise.
It is really simple ,you measure toughness in the trading world by looking at your account each month and ask yourself did i get lucky or was it having a trading plan and then trading the plan,because if you dont have a plan you will become part of someone else's. Get the book Adam has suggested by W.D.Gann it was my first.
Good advice, only a wise person can say this.