Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (9642)	5/21/2006 6:25:57 AM
From: chowder	Read Replies (1) \| Respond to of 13449

Coming Back Strong ......................................... Jack is down $50,000. He doesn’t know what to do. He thinks, “How much money can I lose? Will I ever make it as a trader?” Jack is surely at an emotional turning point. He can either give up on his dreams, or dig in his heals and work even harder to become one of the select few who master the markets. Does his plight sound familiar? Have you felt that you could never get ahead? If you are looking for reasons to leave the trading profession, you won’t have to look very far. Many winning traders who made money before the bubble burst have never made back what they have lost. Perhaps we will never see the consumer interest in the markets that we did in the late 1990s, but are you ready to give up? Let others give up. It just means more opportunities for you, right? It’s easy to feel beaten down. It is easy to feel pessimistic. But in our studies of master traders at Innerworth, we’ve found that many traders blew out their account, felt beaten, but kept honing their skills until they became a winning trader. So what do you want to do? Give up? Do you want to give into your pessimism, or do you want to work hard to fulfill your dreams? If you want to fulfill your dreams, here’s a few ways to help you make them come true. First, be a realist. Thinking like a realist isn’t thinking like a pessimist but it may seem that way at first glance. Many people set themselves up for failure by trying to accomplish unrealistic goals. For example, they may wrongly believe that they can turn a $5,000 account into a fortune. It is pretty much mathematically impossible to do that, so trying is going to ensure failure and disappointment. It is important to set goals that are consistent with your skills and financial resources. For example, it is necessary to build up trading capital to make it as a trader. You may need to get a second job and live a frugal life, but it is necessary to have adequate capital. Capital is needed to survive the learning curve. Capital is needed to survive sideways markets. Capital is needed to live through a psychological slump. You need to do whatever you can to build up capital. As a realist, you need to find a way to build capital and put in the required time and effort to hone the skills necessary to succeed. Second, you need to work hard and at your own pace. Trading is a business where some people find early success. Indeed, biographies of successful traders reveal that there are some people who actually can turn a miniscule $5,000 account into a fortune, but most people can’t, and few will do so in the markets of the next few years. Many novice traders, however, make the mistake of comparing themselves to others. They see a friend who was an overnight success and they believe that it is the norm, and that they should be able to put in a relatively minimal effort and achieve success. Don’t set yourself up for a disappointment. It may not happen that easily. You may need to work harder and longer than others, and patiently wait to achieve your goals. But the worst mistake you can make is to give up early and dream of what could have been. Third, you need to believe that trading is a skill you can learn. Perhaps some people are natural born traders or have relatively unlimited financial or psychological resources that give them an edge. That does not mean that you cannot make it also with hard work and perseverance. Work at your goals every day. Even if it means just studying the market action and testing out new strategies on paper, do it. Don’t give up. Keep honing your skills until the day comes when the ideal market opportunities will come along to allow you to make huge wins. When you feel beaten down, it’s vital that you pick yourself up, and start fighting to make a strong comeback. With realistic goals, hard work, and an optimistic outlook, you can master the markets and make your dreams come true. Innerworth.com (This message is linked to previous articles.)