Weekly Motivation - More Thoughts

Most professional traders would be able to teach you to trade their system in about 2 hours. Why then do so few go on to achieve profitable results, even after being taught by some of the best minds of the trading world? It's because the majority of people are not instinctively set up to trade. There are very few naturals in the trading world. Successful traders have had to learn how to trade and how to handle the inevitable losses that will ensue.

Ed Seykota’s achievements rank him as one of the best traders of all time. In times of trading pressure, I find it useful to remember some of Seykota’s wise thoughts;
“There old traders and there are bold traders, but there are very few old, bold traders”.

When asked for some of the main contributors towards his success, he states:
“I handle losing streaks by trimming down my activity. Trying to trade during a losing streak is emotionally devastating. Trying to play “catch up” is lethal. Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money”.

There are two main traits that Seykota looks for to identify the winning trader personality:
He/she loves to trade;
and He/she loves to win

Those who want to win and lack skill can find someone with skill to help them, but they must have the desire in the first place.

95% of traders never seek to improve their overall mindset, and as a result inadvertently deprive themselves of extraordinary profits. These profits are achievable only to the 5% of traders who are prepared to get out of their comfort zone and work on their own innate deficiencies and acknowledge their personal strengths. Your level of financial success will rarely exceed your level of self-development. The good news is that it is your choice to be in the 5%.