The key to success in trading and investing is to be ready to change your bias as the market shows you the way. I learned a long time ago that I could not MAKE the market do what I wanted. Rather I had to learn to read the market charts properly and adjust accordingly. Knowing how to read charts properly and act upon what you are seeing is paramount to your success. I just worked with a very large group of great Traders and Investors that graduated from one of our mentorships and I am proud to be part of their journey towards becoming master traders. They are now in an elite group of professional traders and technical analysts. The information they now have will make sure they are making informed decisions for all of their trades and investments for the rest of their lives.
Now that I am entering my 19th year trading and 13th year helping others perfect their skills as traders and investors, I have found many common denominators that define one’s ability to be successful. One of the most important aspects of honing one’s skills is Perseverance.
Nothing in this world can take the place of persistence. Talent will not! Nothing is more common than unsuccessful people with talent. Genius will not! Unrewarded genius is almost a proverb. Education will not! The world is full of educated derelicts. Persistence and determination alone are omnipotent.
The slogan “Press on”, has solved and always will solve our ability to gain success at something.
-Calvin Coolidge said this and it was also popularized by Ray Crock, legendary entrepreneur and founder of McDonald’s. He popularized this quote because it was a slogan he lived by. He was a salesman of limited education who went on to be one of the most successful businessmen in history. He did so without having the ‘benefits’ of talent, genius, and education. He did not have any ‘luck’ or catch any breaks to become successful. He knew his limitations, and made up for them in determination.
Why do so many have so much trouble with this? The answer is simple. Those who come to trading are among the most successful people in the world at their current lifestyles. How do I know this? Statistically, only a very small percentage of the people in the world have enough money to trade. To have this money available, these people have been the most successful at their current jobs, or have been successful business owners, or have done well with current investments.
So why is this bad thing? Well, it is not bad to have talent, genius, or education. As a matter of fact, education is what we are all about at Live Traders. What is bad is to assume that any one of these can replace perseverance. Many people come to the market with many talents and are accustomed to success. They just assume that their traits will transfer over to trading, and their current talent, genius and education will carry them through trading like they have carried them through the rest of their life. This is where the problem lies. Their past talents will not help them in trading. Many can even hurt them.
“Talent will not; nothing is more common than unsuccessful people with talent.” I have seen so many people enter the market place with a very ambitious attitude and turn up their nose to the idea of needing to be educated, disciplined, or patient. They assume their many talents will carry them. They are usually wrong.
“Genius will not…” Again, the market does not care how smart you are. Taking those smarts and turning them into money is what this game is all about. As a matter of fact, the trap here is that many people feel they are smart enough to digest all the information available, and reach a conclusion about the ‘correct value’ of the market or a particular stock. The market is smarter, and will tell these people when they are wrong. Most will fight the market, and do so at great expense. Maybe some of you can relate to that experience.
“Education will not; the world is full of educated derelicts.” The best training and education in the world is worthless if not learned properly, applied properly, and followed up properly. When someone learns something new at a seminar, they want to try it out. Assuming the material was taught perfectly, their ability to comprehend all the information properly is far below 100%. Even the best learners will daydream, not hear something properly, or simply not be able to understand all of the new information perfectly. Even if they did comprehend exceptionally well, how much is retained the next day, the next week, or three months later? This is why I personally conduct coaching sessions for our graduates 48 weeks per year. Repetition and a desire to persevere is what will help you achieve your goals.
Even more important, how do you know that when you apply the material, you are even applying it properly? This is why Live Traders has the Real Time Trading and Educational Rooms. They are there to have a method available to follow, with those who have taken the Trading the Professional Trading Strategies Course (PTS). Anyone is welcome in the Real Time Trading Rooms, but the best benefit is to those who have taken a seminar, and now want follow up applying what they learned. They can ask the moderator if the strategy makes sense, and the moderator can follow up on what was taught and explain why their application makes sense or not.
I can’t begin to tell you the number of people that are ‘lazy’ about their trading. Making a trading plan is ‘too much trouble’. Taking a seminar ‘costs’ too much (though they lose that amount of money every day, week, or month in their current trading activity). They don’t have ‘time’ for the seminar. Or my favorite, “I will take a course or get some education after I have made some money from trading.” DO I need to expand on these statements that I myself made while losing $35,000 to the markets before I figured it out?
“Nothing will take the place of persistence.” There is no truer application than in trading. Let Live Traders help you as we ourselves have been helped to become successful.
