8 Ways To Get Started Right in trading
1) Write down your ‘Why’
Why are you starting your own business? Why are you trading stocks/shares/Forex/options etc.? Do you want to be your own boss? Or you desire more freedom and time to spend with your families? More money? Whatever your WHY, you will need to know what keeps you going when things are not going well for you.
For myself, my WHY is rather simple. I have been leading an average life, and I am not content with it. It is not to say I do not appreciate my lifestyle currently, but rather, I believe that I can shape my destiny through my own actions, and am willing to work towards it.
2) Write down your Goals
Athletes, successful businessman, doctors, lawyers, and great achievers in all fields use goal setting. Statistics show people who write down their goals are 80% more apt to attain them. Short-term goals are simpler to achieve than long-term goals. The reason is, achieving each goal can help you build up momentum to reach your long-term goal. When you do achieve your short-term goals, don’t forget to reward yourself and celebrate.
I have written down my goals down for all to view and possibly laugh at me – to even think I can achieve what I have set. Nevertheless, I will stick to this goal and work towards it.
3) Expand your Knowledge
Expand your knowledge by taking courses, reading books, participating in forums, attending learning events etc. Tele-classes are enjoyable and fun for learning and discussing ideas with a like-minded group of people. Associating with like-minded individuals will help you a lot in your drive to your goal.
4) Visualize what you Want
People who visualize things have a guiding vision in their head, heart, and soul.
What I want, is merely the freedom to control my life, and not let my life control me. To do that, I have to be free from financial worries. To achieve my end goal, I have set up financial goal posts to guide me through.
5) Replace Negative Self-talk
Understand, that you’re the creator of your thoughts and beliefs. Replace negative self-talk and turn it into positive self-talk. You will need to convince yourself that you can be successful. Tell yourself that you’re a winner, and you will succeed at what you do. People from all walks of life will try to brainwash you that you will not succeed; to wake up from your stupor and settle for a 9-5 ‘stable’ job, or to stop being so money-minded. Just stick to what you believe in, and eventually, it might just bear fruit.
6) Make sure you are Persistent and Consistent
The lack of these 2 values are the most common causes of failure. In trading, consistency is the key. If you have a 99% winning probability, yet the 1% that you lose wipes out your entire account, you are not being consistent. If you have a few losing trades in a row and give up on a system that had proved profitable over the long run, you are not being persistent. Many people are good ‘starters’ but poor ‘finishers’. They tend to give up at the first signs of defeat. How do you stay in the game no matter what? First, you should have a definite purpose, backed up by a burning desire. You will need a plan in place, backed up by action. You will also need to know your ‘WHY’.
7) Organize your Planning
Failing to plan, you are planning to fail. You need to have a clearly defined action plan, preferably with a timeline. Planning is the most crucial part of success, for nothing great was ever achieved with haphazard planning. The most successful people in all fields know that.
8) Take Action
Simple yet true. When you take action, things get done. If you just think of an idea or action, nothing gets done. Visualization, persistence, goals and positive self-talk – none of that is important UNLESS you start to take action towards what you are striving for.
I hope you like these 8 actions by which you can get started right in trading. Please share or comment if you like this article.