These are the Principles to Succeed in Trading and in Life
“The funny thing is that the principles you have been teaching me for trading success have also been helping me in other areas of my life. I think much more clearly about many parts of my life now. My journal has expanded into a self-help journal as well as a trading journal. I did not even think about many of these things until after I learned many of the principles we’ve been discussing. I would like to read you some thoughts from my journal and see what you think.”
Successful Trader believed that his self-improvement would help with his trading and that he had really ingested the principles Rich Trader was trying to instill in him because not only did he understand their application for trading, but he applied them to other areas of his life.
Successful Trader began reading, excited to finally share these observations with his mentor.
- In life, as in trading, the right mindset is crucial for success. You must be confident in your decisions because they are based on cause and effect, not on emotions or opinion. Negative people who are unsure of themselves are not successful in any field. You need faith in yourself and your methods to be able to persevere and not give up before reaching success.
- You can risk too much and lose it all in your business, life, marriage, friendships or family. You have to measure the potential cost of every action. One affair can cost you your marriage, just like one big trade with too much risk can cost you all your capital.
- In business there are certain methods which bring in customers and turn a profit, and others which cause a business to turn away customers and lose money. Trading is similar: methods which turn a consistent and long-term profit are essential for success.
- Having unrealistic expectations in a marriage, job, or business will lead to unhappin