1) How You Think Is Everything – Always be positive. Think success, notfailure. Beware of a negative environment.2) Decide Upon Your True Dreams & Goals – Write down your specific goals and develop a plan to reachthem.3) Take Action – Goals are nothing without action. Don’t be afraid to get started. Just do it.4) Never Stop Learning – Go back to school or read books. Get training and acquire skills.5) Be Persistent & Work Hard – Success is a marathon, not a sprint. Never give up.6) Learn To Analyze Details – Get all the facts, all the input. Learn from your mistakes.
Is trading success dependent on innate skills? Or is hard work suffi-cient? There isno question in my mmd that many of the supertraders have a special talent for trading. Marathonrunning provides an appro-priate analogy. Virtually anyone can run a marathon, given sufficientcommitment and hard work. Yet, regardless of the effort and desire, only a small fraction of thepopulation will ever be able to run a 2:12 marathon. Similarly, anyone can learn to play a musicalinstrument. But again, regardless of work and dedication, only a handful of individuals possess thenatural talent to become concert soloists. The general rule is that exceptional performance requiresboth natural talent and hard work to realize its potential. If the innate skill is lacking, hard work maypro-vide proficiency, but not excellence.In my opinion, the same principles apply to trading. Virtually any-one can become a net profitable
,but only a few have the inborn talent to become supertraders. For this reason, it may be possible toteach trading success, but only up to a point. Be realistic in your goals.
Waiting for the right opportunity increases the probability of success. You don’t always have to be in the market. As EdwinLefevre put it in his classic Reminiscences of a
Operator, “There is the plain fool who does the wrong thing at all timesanywhere, but there is the
fool who thinks he must trade all the time.”One of the more colorful descriptions of patience in trading was offered by Jim Rogers in Market Wizards: “I just wait until there