One of the attributes that we are taught from an early age is that it is good to be right. We probably notice this most at school where we are taught the importance of getting the right answers to pass tests and exams to progress in life. This means that most people come to associate being successful with being right. The problem with this kind of thinking when it comes to trading is that wanting to be right can lead to stubbornness.
It is very true, you are honestly wasting your time trading with the DIY approach. I know it is harsh but it is so true. Successful traders usually have a mentor or have had a trading expert help them. Is this the reason why traders become successful? YOU NEED a mentor if you want to be a consistently profitable trader over a long career. Remember that 90% of traders fail!!! FACT….. Do you want to be in that magical 10% that succeeds? Read on and I will show you why most traders fail and it isn’t even their fault. You are not built to be a trader, you’re not psychologically able to deal with the stress and toxic by-products of trading.
I’m a huge fan of author Napoleon Hill. One of his 17 Principles of Success is that of the “Mastermind Alliance.” “A mastermind alliance consists of two or more minds working actively together in perfect harmony toward a common definite objective. Through a mastermind alliance you can appropriate and use the full strength of the experience, training, and knowledge of others just as if they were your own. No individual has ever achieved success without the help and cooperation of others.” - Napoleon Hill. My opinion is that any individual can achieve SOME success, but not to the level they are capable of if they DO NOT have a Mastermind Alliance. Great and massive success and accomplishments are only made if one has a Mastermind Group that they have access to.
Day trading signals must be monitored but day trading itself is not for everyone. This type of trading takes serious commitment and a large time investment. For those working a full time job, it can be almost impossible to do well.
These 11 rules are my rules that should be understood and acted upon every day. They will help keep yourself mentally prepared and your balance from suffering from major losses. I suggest keeping these on a mental checklist that you keep reviewing.
