How To Be a Profitable Trader Starting Wherever You Are

Continuing from the June 22, 2006 Blog article (entitled "Be a Profitable Trader - 5 Minute Daily Conditioning"), what if you feel uncomfortable with the statement:

"FROM THIS MOMENT FORWARD, I AM A PROFITABLE TRADER".

What if that statement alone shuts you down and prevents you from even starting to doing anything to be a profitable trader?

You can use the psychological method in this article to get comfortable. Remember, 80% or more of what you need to succeed as a profitable financial trader is psychological/metaphysical.

You need to start with defining "Profitable Trader" in a way that you can easily attain success in the short term. For example, you might define it as "someone who makes $10 per week net".

Second, GRADUALLY enlarge the definition. By that I mean if you defined "Profitable" to mean $10 per week, make it $100 as soon as you attain $10. Then as you attain $100, increase it to $200, etc.

Use feedback from your own performance to DECIDE (i.e. choose) on the next number larger. Make the next number however larger you feel comfortable making it.

Third, CONTINUOUSLY enlarge the definition without stopping. There's no end until you DECIDE to stop enlarging your definition of "Profitable".

What I learned from the world's best traders & their trading coaches is that what's effective is to start wherever you are, even if it's a negative number. A negative number would be where you are today if you just went through a losing streak. Make success easy, not difficult. Then make gradual and continuous small improvements. That's the principle of Kaizen business gurus sometimes preach.

More about this tomorrow...

Raymond T. Lee
LeisurelyCashFlow.com
Raymond@LeisurelyCashFlow.com