Self-Confidence is one of the most important quality required by human being in any business venture.
Professor Raj Persaud posits that true self-confidence comes from an attitude where you:
Promise yourself, no matter how difficult the problem life throws at you, that you will try as hard as you can to help yourself. You acknowledge that sometimes your efforts to help yourself may not result in success, as often being properly rewarded is not in your control.
The above statement is especially true if your business is trading , since psychology plays such a major role.
Let me share few things that helped me change and improve my mindset as a trader, develop a winning mindset and trade with more confidence.
Here are three things you need to have to be a profitable trader.
- Trader must a deep rooted passion and a burning desire! For a trader this desire should be “to become a consistent winner in the markets”.
- Trader must to have a definite goal! This should include the amount of money you want to make and when you want this money in your account.
- Trader need to have a definitive plan! Here’s where you detail how you are going to take trades with proper risk management.
Here is an example of “I will statements” that you should read out loud every day before you start trading. These statements are generic enough to be applied to most trading styles. Items specific to your style should be added. You trading plan and these statements should be read aloud first thing in the morning and right before going to bed.
“As a trader, here’s what I will do:
- I will follow a trading plan to guide my trading -therefore my job will be one of patience and discipline.
- I will plan each trade carefully – I will not jump into trades by fear of missing out.
- I will manage my trades to protect my capital and my profits.
- I will protect my capital through good money management.
- I will take responsibility for all my actions.
- I will not be influenced by the opinions of others. I will reach my own decisions and follow them.
- I will build the self-trust necessary to operate in an unlimited environment which has no rules.
- I will be rigid in my rules and flexible in my expectations.
- I will never think that taking money from the market is easy and I will never assume that I know enough.
- I will treat trading as a probability game in which I don’t need to know what is going to happen next in order to make money. All I need to know is that the odds are in my favor before I enter a trade.
- I believe that I deserve this money. I believe that I will have this money in my possession. My faith is so strong that I can now see this money before my eyes. I can touch it with my hands. It is now awaiting transfer into my account. I am awaiting a plan by which to accumulate this money, and I will follow that plan when it is received.
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