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> 38 Steps to Becoming a Successful Trader
>
> Posted by Hapster on Monday, 18 May 1998, at 10:03 p.m.
>
> Good evening, ForumFolk:
>
> I came across this list a good while back and had printed it out and
> enjoy reviewing it a few times a
> year and I thought that you people might enjoy it, too. I can say that
> when reviewing the list I
> ALWAYS know exactly where I am on it. Can you find yourself on this list
> somewhere???
>
> 1. We accumulate information -- buying books, going to seminars and
> researching.
> 2. We begin to trade with our 'new' knowledge.
> 3. We consistently 'donate' and then realize we may need more knowledge
> or information.
> 4. We accumulate more information.
> 5. We switch the commodities we are currently following.
> 6. We go back into the market and trade with our 'updated' knowledge.
> 7. We get 'beat up' again and begin to lose some of our confidence. Fear
> starts setting in.
> 8. We start to listen to 'outside news' and other traders.
> 9. We go back into the market and start to see a little progress.
> 10. We switch commodities again.
> 11. We search for more information.
> 12. We go back into the market and start to see a little progress.
> 13. We get 'over-confident' and the market humbles us.
> 14. We start to understand that to trade successfully is going to take
> more time and more knowledge
> than we had anticipated.
>
> At this point, most people will give up as they realize work is
> involved!
>
> 15. We get serious and start concentrating on learning a 'real'
> methodology.
> 16. We trade our methodology with some success but realize that
> something's missing.
> 17. We begin to understand the need for having rules to apply to our
> methodology.
> 18. We take a sabbatical from trading to develop and research our
> trading rules.
> 19. We start trading again, this time with rules, and find some success
> but overall we still hesitate
> when it comes time to execute.
> 20. We add, subtract and modify rules as we see a need to be more
> proficient with our rules.
> 21. We feel we are very close to crossing that threshold of successful
> trading.
> 22. We start to take responsibility for our trading results as we
> understand that our success is in US,
> not the methodology.
> 23. We continue to trade and become more proficient with our methodology
> and our rules.
> 24. As we trade, we still have a tendency to violate our rules and our
> results are still erratic.
> 25. We know we are close.
> 26. We go back and research our rules.
> 27. We build the confidence in our rules and go back into the market and
> trade.
> 28. Our trading results are getting better, but we are still hesitating
> in executing our rules.
> 29. We now see the importance of following our rules as we see the
> results of our trades when we
> don't follow them.
> 30. We begin to see that our lack of success is within us (a lack of
> discipline in following the rules
> because of some kind of fear) and we begin to work on knowing ourselves
> better.
> 31. We continue to trade and the market teaches us more and more about
> ourselves.
> 32. We master our methodology and trading rules.
> 33. We begin to consistently make money.
> 34. We get a little over-confident and the market humbles us.
> 35. We continue to learn our lessons.
> 36. We stop thinking and allow our rules to trade for us (trading
> becomes boring, but successful)
> and our trading account continues to grow as we increase our contract
> size.
> 37. We are making more money than we ever dreamed to be possible.
> 38. We go on with our lives and accomplish many of the goals we had
> always dreamed of.
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