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$What is the balancing act that leads to success?

In Investot’s Business Daily, Monday 11/16/09, in the Leaders & Success Section, the author outlines 10 secrets to success that are layed out right beside an article about Art Rooney (Steelers First Owner).

The ten secrets were listed as the following (sited from Investors Business Daily) and I have related each one to daytrading:

1. How you think is everything.

  • In day trading where the majority are not succcessful (based on current statistical data), it is necassary to approach the task of learning to master the markets with the correct thinking that is anchored in the positive. Part of our thinking has to be grounded in realistic expectations, an attitude that demands winning, and an “I can do” mantality no matter what happens in any given moment at any given point in time.

2.  Decide on your true dreams and goals.

  • Basically if you don’t know where you want to be and how you are going to get there then no one else can help you to get there. In trading, more so than any other profession, it is important to be specific in your overall dream and then break down goals into small steps that lead to bigger steps.

3. Take action.

  • Nothing needs to be said here, other than the road to hell is paved with good intentions.

4. Never stop learning.

  • This is very important to trading. The learning componant never stops and unless one is willing to put in 12-15 hour days invested in his/her learning then being successful is unlikely.

5. Be persistant and work hard.

  • More so than any other profession one must refuse to accept failure as an option in trading. And, then of course, be willinjg to do whatever it takes to achieve success in trading.

6. Learn to analyze details.

  • Details in trading take us to the next level.

7. Focus your time and money.

  • Like any business trading takes time and money. Invest both wisely and expect that you must do this. You will always need to put forth more time and more money to get better. A good business plan factors in these items as a part of the overall budget.

8. Don’t be afraid to innovate; be different.

  • Someone else can give you everything they did to be successful but you won’t taste success until you make it your own and put your own twist on it.

9. Deal and communicate with people effectively.

  • The best trading is not done in isolation. We also get more out of mentoring and interaction from peers when we can be great communicators.

10. Be honest and dependable; take responsibility.

  • The key word here is really responsibility. We must take responsibility for our learning, actions, failures etc. That is the only way to see truthfully where we are in out trading, where we want to be, what we are doign that is not working, what is working, and what we need to change. Also, being dependable and reliable feeds into letting others know that you are worth them helping you. If you function “under the radar” noone knows how dedicated  and serious you really are.

In addition to the 10 success secrets outlined in Investors Business Daily, there was an article about Art Rooney right next to those success secrets. Art Rooney was quoted as saying,

One thing I learned from experience:

You are a genius when you win and plain dumb when you lose. Believe me, a fine line seperates the two.

I believe that balancing on that fine line by  implementing some form of the above 10 secrets  is the key to being a “genius” and not a “dummy”.

Profitable Trading All

Debbie, EdD, MAED, BSED

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