You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win. Zig Ziglar
Not everyone is ready for success. Some secretly fear it. Reasons will differ from person to person. Some will not want to out-earn their parents. The fear is that if they improve their social status, friends and loved ones may no longer care for them in the same way. Other people just don't believe they deserve success. Successful people however, don't have such worries. As they are comfortable with themselves and comfortable with what they are trying to accomplish in life. No self-doubts! They have a firm commitment to their goals, and know that if they work hard enough, they'll achieve what they set out to achieve. When it comes to enduring success as a trader, the odds are against you. Every year, thousands of would-be traders try to make it, but very few realize their goals. Even those who make it, success is short lived. Achieving and maintaining success is largely a matter of psychology. If you approach trading with the right mindset, you'll increase your odds of success.
Many people, although they will rarely admit it, think they are just not deserving of success. To be a successful trader you must firmly believe that you are deserving. If you do not believe that you deserve success, you will give back any winnings you take out of the markets. Instead of giving back profits why not strengthen your internal attitude. Accept more success into your life, feel worthy of success, visualize yourself as a successful trader. As much as we want to become profitable traders, or stay profitable, it's often difficult to truly believe that it can be done. We are all aware of the failure rate, and all of us know that staying successful requires work. You must keep working to stay successful. Nevertheless, the first step is to truly believe you can be successful and stay that way, if you work hard enough.
Once you decide to be successful, you also need to believe you are worthy of success. For many, it is an issue of self-image. Successful people see themselves as "winners"who can do anything if they set their minds to it. If you have a low self-image, visualize yourself as a success occasionally. Imagine working hard and beating the odds to gain success and keep it. Imagine taking heroic steps to achieve the success you deserve, and the sense of accomplishment that you'll feel when you achieve success. Many people limit themselves psychologically, but if you are willing to redefine and stretch your limits, and start thinking of yourself as a winner, you'll get there and stay there.
Reprint from PrudentTrader archives