Checklist for Success..No.1

Discussion in 'Psychology' started by zmostatabi, Nov 30, 2005.

  1. 1. My trading objectives are perfectly clear, and I truly believe I will achieve these goals.
    If you have the belief that you will win, you increase your chances of trading to win. In order to have this level of conviction, you must have a thoroughly-tested plan. You also must have a clear vision of how you will proceed with your plan to reach your goal. The more detailed you can visualize your goals being achieved, the more you will strengthen your internal belief and confidence that you will reach your goals.
    to be continued.....
  2. Cheese


    zmostatabi and your little gems of trading.

    Belief, conviction, confidence and visualization are all very well but they're not going to get you there, pal.

    If you don't know the questions you need to answer and you have not worked on and worked out the answers, you are not even at the starting line. It usually takes a f**k load of work .. data assembly, study, problem-solving and testing and then some otherwise you are still shooting in the dark without night sights.
  3. what about those 30+ Million people that go to vegas every year that "believe" they will win? Are their chances any better? Like the guy said above...its a f**kload of work that will get you there not just having confidence and believing in it.

    Its like the card counter...he doesnt "believe" he will win...he just studied card counting and goes to vegas knowing his odds are better than the average joes and he will still have some ups and downs.

  4. Of course the card counter believes he will win, otherwise, he wouldn't sit down to play the game. Never underestimate the power of belief, folks. While belief alone won't ensure your success, it is certainly an important cornerstone. I'll go one step further, belief is the first component of being a successful trader, without it, you would not be willing to do what is necessary to become......totally successful!
  5. Holmes



    There is a difference between belief and statistical odds. Belief is something that cannot be proven, thats why it is called belief.

    The card counter KNOWS he has the odds on his side.

    Belief has absolutely zilch to do with it.

  6. bighog

    bighog Guest

    Believing in yourself is EVERYTHING.....:)

    Statistics are for math nerds. Ever notice how the trading game is NOT, NOT, NOT controlled by the math types.

    You know them when you see them, they have Coca Cola bottom looking glasses and wear a small beanie hat with a propeller on top.........:D
  7. You must have both...

    METHOD antes BELIEF ...however....
  8. Cheese


    Just have the guts to say openly whatever you want to say. You won't lose an arm or a leg.
    Got it?
  9. Dude. One of the top trading entities in the world is Renaissance Technologies based in NY. They have billions under management. Sometimes they account for more than 5% of the volume on the NYSE and the NASDAQ with their automated trading. The billionaire founder was the Chairman of the math department at SUNY. You can't get into their parking lot without a Ph.D. in the hard sciences.

    The majority of the trading on the NYSE is now automated. The originators of these trades have forgotten stuff that Einstein never knew.
  10. Belief is in your ABILITY to count cards after alot of practice, knowing over time, if done correctly, you have an edge, but might lose..

    It allows you to be unemotional.
    #10     Dec 1, 2005