Winners versus Losers

Near the end of the movie "The American President", Andrew Shepard in the beginning of his speech to White House reporters says "America isn't easy. You have to want it...."

Jotting down some notes I've learned from my fellow trade breathren.

1) The best traders do their own research before the following's day's trading. They have preset their entry and exit points along with their position size.

2) The best traders always have at least one new goal. Such as, "I resolve to make one less losing trade this year."

3) The best traders are always improving themselves. One of the dangers of early success in the markets is the inevitable feeling of "I am a Genius". Once you stop improving yourself, you are going to get runover on a gap day when the markets unexpectedly turn against you.

4) The best traders have a track record in both uptrending and downtrending markets. As Lou Manheim stated in Wall Street, "Quickbuck artists come with every bull market. The steady players make it through the bear markets." There is a reason Wall Street firms will not look at 99% of non-Ivy League candidates without a 5-year track record.

5) The best traders trade to win. My freshmen U.S. history professor posted the following sentence on the blackboard before beginning his lecture. "No Whining". This best applies to life in general. When something is not going your way, suck it up, and do something about it. When trades are not going your way, reduce your position size to get your confidence back.

6) The best traders associate with people who want to make them better. You have a choice with whom you spend your free time. When people start putting you down to make themselves feel better, don't associate with them.

7) The best traders have confidence in their abilities. If you do not believe in yourself, why should someone else believe in you?

I choose to be a winner. What do you choose to be?