Module 12   Innerworth — Mind over marketsChapter 522

The Drive To Succeed

Few traders become consistently profitable. Some may achieve early success, but it is often short-lived. Others may hit upon a winning streak, but eventually, the streak ends. It is a hard fact to admit, but long-term success eludes many traders. It is the rare trader who has a strong drive to succeed who makes it in the end. There are common traits of people who succeed, and it is vital for survival as a trader that you make sure you possess these characteristics. By acting like a success-driven trader, you’ll put yourself on the path to success. Make sure you possess the characteristics of the success driver trader.


What characteristics do success-driven traders possess? They persist until they reach an objective. They are not easily discouraged. They push themselves to the limits and build up their skills until they achieve high levels of mastery. And in the process, they develop rock-solid confidence. They do all of this as rapidly and as independently as possible, but they are also extremely organized and focused. When it comes to completing tasks, for example, they tend to pass quickly over easy tasks to complete more difficult ones. They set priorities and devote the bulk of their efforts to the tasks that really matter while ignoring tasks that may have relatively little impact.

They carefully monitor their performance and seek out feedback that is specific and concrete. They would rather have honest, accurate feedback that addresses their shortcomings in scrupulous detail than sugarcoated fluff that merely makes them feel good temporarily. They aren’t afraid to face their shortcomings head-on. They work independently and focus on their own internal standards. They are not concerned with the performance of others. Although they are extremely competitive, they don’t compare themselves to others. In the end, they are not consumed by doing better than others but enjoy the process of trading. They look inward rather than outward when determining how well they are doing.

If you want to achieve long-term success as a trader, it is essential to cultivate the mindset of a success-driven trader. Work tirelessly to achieve your goals, but also be organized and spend your time wisely. For example, don’t waste your time debilitating about which one of many equally potential profitable opportunities to take. Pick one and devote the rest of your time and energy to outlining a detailed trading plan.

Map out strategies for entering, exiting, and controlling your risk. Once your plan is outlined, execute if effortlessly. Don’t be afraid to face your limitations. Workaround them, and approach them with a realistic sense of optimism: If you work hard enough and put your effort in the right places, you’ll be a profitable trader. Through repeated practice, you’ll eventually build the skills you need to master the markets and achieve long-term, lasting success.

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