Success is simple. Do what’s right, the right way, at the right time.
Arnold H Glasow
Got a dream of being a spectacular trader? Here are 5 signs you’re on your way to a bright future:
1) You know where you’re headed.
You know why you’re trading and who you’re trading for. You have an image about what your life will look like when your trading results catch up with your ambitions.
2) You’ve got a Mentor who you’re prepared to follow.
I don’t know of any successful trader who hasn’t found a Mentor to follow. Take the Turtles, for example. They’re one of the most successful trading groups in the world. Without the tuition of Bill Eckhardt and Richard Dennis, two brilliant traders, the members of the Turtles would still be staggering around in the markets, scratching their butts.
3) You’ve got a system that works.
Developing a trading system that works takes time and effort. If you don’t have a spare 10 years up your sleeve to experiment with your own money – take a short cut. Find someone who has developed a winning system and will help you put together your own entry, exit and position sizing strategy so that you can excel.
4) You have a life that involves more than just trading.
When you’re a full-time trader, filling in your day with non-trading activities so that you don’t tinker with your plan is harder than you’d think. Unless you’ve got more than one hot button in life, you’re likely to mess up your own trading results in a big way.
5) You’ve got a great support system.
You need some fellow traders to confide in when you make obscene profits, as well as when the going gets tough. It’s a fact. Sometimes non-traders will irritate the heck out of you because they’ll think you’re a gambler, unemployed, irresponsible or a stuck up ______ with too much money!
Luckily, you and I know that trading is a noble profession where we live by our wits and get paid in direct proportion to our levels of discipline.
So, how did you fare? Which of these 5 signals of trading success is missing in your life?
If you’ve got all of these qualities, it’s just a matter of time before your results will catch up with your trading ambitions. If you’re missing one of more of these – then fix it.