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Good Managers. They manage risk and are great at money management. They protect their capital to ensure they will be able to trade tomorrow. |
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Committed. They are determined to succeed, and are willing to do what is needed for success. |
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Having Fun. They enjoy trading and they make it look easy. |
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Isn't this a very impressive list? Do you think that all of these characteristics are fully-developed in one person? Probably not, but there is a little bit of each in everyoneeven you! |
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We call each of these characteristics an "ability" and we all have the ability to develop each of these characteristics. When we have developed one of these abilities, it becomes a capability. |
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You must accept that developing capabilities such as these takes time. Even the best traders go through periods of loss and frustration at first. Then, they all tell a similar story: one day they found a plan that consistently worked, that gave them confidence, and that allowed them to stay disciplined to their plan. And then came trading success. |
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Do you believe that you can develop these characteristics in yourself? Anthony Robbins says, "Our beliefs about what we are and what we can be precisely determine what we will be." If you can't see these success characteristics in you, you will not put in the effort or make the commitment to succeed. |
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Ask yourself these eight questions: |
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1. Do I really want to be a successful online trader? Why? |
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2. Do I possess the internal skills necessary to succeed? |
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3. Am I willing to pay the price in terms of effort and commitment? |
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4. Am I willing to suffer financial losses while I learn to trade? |
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5. Am I willing to take full responsibility for my trading actions? |
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6. Am I capable of thinking for myself? |
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7. Am I willing to start right now, right where I am? |
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8. Am I willing and able to live up to my full potential? |
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Were you able to answer "yes" to all of those questions? If so, you have arrived at another important stage in this process. Let us summarize: you now clearly understand your motivation to trade, you have written the goals you want to achieve from trading, you have selected the right trading strategy for yourself, and you have made the commitment to develop many of the personal characteristics of great traders. |
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