The Magic Word For Successful Trading

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This morning I was asked by a friend of mine to tell him a little about my trading strategy so he could tell a money fund about it and see if they would be interested in throwing a bunch of money my way.  His response to my brief explanation of what I do was, “That just sounds like active trading.  Is anything new?”

His response really got me thinking about the hundreds of people I coached to trade the Forex market.  Many of them had the same thought he did.  They wanted to know what the magic word was that would instantly transform them into professional traders.  They wanted the fool proof strategy that they could follow to get rich.  This was very common with new traders and traders that have failed many times.  I would start with the basics and they would almost always say, “I know that. Teach me what you do.”

What they couldn’t understand is that I was teaching them what I do.  When somebody would tell me they know “all that” and want something new, I knew they didn’t understand “all that”.  If they fully understood the basics, they would not need me anymore.  Trading is mastering the basics.

Before I get too far, I should tell you the magic word I referred to in the title.  This word is vital to know and understand in order to trade successfully long term.  In fact, I would dare say that if you do not know this word, you will not trade profitably very long.

The magic word is discipline. Remember that word.  Strive to understand it and achieve it.  If you do not have discipline you cannot succeed.  Nine of ten times when a student I was coaching had a string of bad trades, we could always trace it back to the lack of discipline.  They broke their rules and paid for it.  Some of them lost several thousand dollars and still did not understand discipline.

Discipline in trading will help you be successful.  It is always the simple and easy things that lead you to prosperity.  For some reason we want to make it very hard and difficult. I think we, as adults, do this in order to serve our ego.  If it was easy, why weren’t we doing it already?  If it was hard then we have an excuse for failing or not attempting it at all.

Success in trading and success in life are dependant on your own self discipline.  Stick to your rules and stay focused.  Set goals and let them be the driving force that can propel you to prosperity and the abundant life you seek.

Now you know the secret to successful trading.  I bet you will keep searching for something else. You will never find it until you learn discipline.  Good luck and happy trading.

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