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October 13 - November 14, 2020
Champions aren’t made in the gyms. Champions are made from something deep inside them—a desire, a dream, a vision. —Muhammad Ali,
winning stock traders share certain key traits required for success. Fall short in those qualities and you will surely part ways with your money.
Two things are required: a desire to succeed and a winning strategy.
In my young adult years, I had tried several different business ventures, and even though I felt enthusiastic, that burning passion was still missing. Finally, I came to realize that what I was most passionate about was freedom—freedom to do what I want, when I want, where I want.
What kept me going? Unconditional persistence. When you make an unshakable commitment to a way of life, you put yourself way ahead of most others in the race for success.
most people have a natural tendency to overestimate what they can achieve in the short run and underestimate what they can accomplish over the long haul.
The difference between interest and commitment is the will not to give up. When you truly commit to something, you have no alternative but success.
Right now, somewhere out in the world someone is tirelessly preparing for success. If you fail to prepare, that somebody probably will make big money while you only dream about what you could have been and should have done.
For me, the greatest success came when I finally decided to forget about the money and concentrate on being the best trader I could be. Then the money followed.
The main thing is to let your passion drive you.
You don’t have to be great to get started, but you have to get started to be great. —Les Brown
the sooner you begin pursuing your dreams, the sooner you can achieve them.
Robert Schuller said, “It’s better to do something imperfectly than to do nothing flawlessly.” An
It’s not enough to have knowledge, a dream, or passion; it’s what you do with what you know that counts.
When you get up each morning and do what you love, you never work a day in your life. Those days can begin today. The best time to begin is right now!
If you cannot—in the long run—tell everyone what you have been doing, your doing has been worthless. —Erwin Schrödinger
Without a doubt, the stock market gives you incredible exhilaration when you win and deep humility when you lose. It is the greatest game on earth, and for me it has proved to be the greatest business opportunity on earth.
There isn’t a person anywhere who isn’t capable of doing more than he thinks he can. —Henry Ford
What is the underlying reason so many people fall short of achieving their goals and fail to have big success in the stock market? Largely, it boils down to the fact that few individuals truly believe they can achieve superperformance in stocks.
The more I practice, the luckier I get. —Gary Player
What we have in common is that we refused to let others convince us it couldn’t be done.
Wall Street never changes, the pockets change, the stocks change, but Wall Street never changes, because human nature never changes.”
The world is full of people looking for a secret formula for success. They do not want to think on their own; they just want a recipe to follow. They are attracted to the idea of strategy for that very reason. —Robert Greene
Have confidence in your ability. Learn to do your own research and think for yourself. Your own resources are far superior to outside research, tips, and so-called expert opinions because they’re yours and therefore you can keep tabs on them.
Do the work, own your failures, and you will own your success. No one is going to make you rich except you.
finally began to understand that trading is not about picking highs and lows or proving how smart you are; trading is about making money.
It’s more important to make money than it is to be right.
practice can make performance worse if you are practicing the wrong things.
Any pattern of action repeated continuously will eventually become habit. Therefore, practice does not make perfect; practice only makes habitual.
proliferation
Rapid increase
If you’re a novice trader, a good way to gain experience is to trade with an amount of money that is small enough to lose without changing your life but large enough that losses are at least somewhat painful. Don’t fool yourself into a false sense of reality.
if you treat trading like a business, it will pay you like a business. If you treat trading like a hobby, it will pay you like a hobby, and hobbies don’t pay; they cost you.
Another drawback is that many big fund managers can invest only in shares from a committee-approved list.
As the old Wall Street saying goes, “You will never lose your job losing your clients’ money in IBM.”
Most mutual funds never raise more than 5 or 10 percent cash.
Most big institutions would rather make what they regard as safe investments than pursue big capital gains.
Growth comes at the expense of comfort.
If you wish to be exceptional, you must by definition be unconventional.
If you want to be the best, you have to do things that other people are unwilling to do. —Michael Phelps,
Sacrifice means prioritizing, which could result in giving up certain activities to have the time to pursue trading. Admittedly, this is a tough step to take, but no champion has a completely balanced life when he or she is going for a gold medal. Champions are laserfocused on their goal; they understand the power of a narrow focus. This comes at a price; it’s called sacrifice.
To become great at anything, you must be focused and must specialize.
The average trader spends the majority of his or her time vacillating between two emotions: indecisiveness and regret.
Keep in mind that if you fail to define your trading, you will almost certainly experience inner conflict at key decision-making moments.
However, if you’re a longer-term investor, there will be many times when you make a decent short-term gain only to give it all back in the pursuit of a larger move.
Many of life’s failures are people who did not realize how close they were to success when they gave up. —Thomas Edison
The key to success is to become a successful thinker and then act on those thoughts.
Go boldly after what you want and expect some setbacks, some disappointments, and some rotten days. Embrace them all as a valuable part of the process and learn to say, “Thank you, teacher.”
the change in thinking made the difference.
The Relative Strength Concept of Common Stock Price Forecasting by Robert A. Levy,
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