Based on statistics ninety percent of traders lose their money! Shocking? The biggest challenge in succeeding in the market is to be among that ten percent that hit the goldmine in the market. How do you get there? One great key to achieving success in the market is to have the right attitude and mindset that geared towards success.
Every trader is in business for himself. He is a leader and understanding leadership principles as well as well as applying those principles to your trading would set up apart in no little time. One f the trademarks of leaders is that despite the fact that they make mistakes, they are able to handle their mistakes as well as its consequence and move on.
One way is to understand leadership principles and see how you are applying them to your own trading business. Many of us put more value in others' opinions than our own and we tend to want to be safe than sorry and if something goes wrong, we have someone else to blame, as long as it is not us.
If we follow others, we do not have to take responsibility for our results. We can blame the advice, the markets or anything else, but the sign of true leadership and the ideal trading mindset is that you should not fear mistakes, but on how to handle the consequences and eventually move on.
One of the signs of great leaders is not that they do not make mistakes. It is that they handle the consequences and move on. The leader can easily deal with setbacks. Once you can look at your losses as part of the cost of doing business. Simply count it as part of the overhead of the business, it becomes a lot easier for you to accept the loss and also remember that making a loss is part of the learning curve providing you indeed make it a learning experience such that you do not repeat it again. You must remember that making a loss is a fact of trading that you have to live it and dealing with the it rightly goes a long way in maintaining the attitude and mindset that is required for success in trading.
You are going to face challenges and difficulties throughout your trading career, but it is important that your perception goes a long way to affect how you react in such situations. You must utilize the fact that you can vary your perception as a means to establishing the right attitude and mindset that you require to become a successful trader.
Discipline is another key to developing the right attitude and trading mindset. The intensity and focus you show towards attaining your goal irrespective of surrounding circumstances matter a lot. Having the right attitude and mindset mean not giving up easily. You are able to manage your time, energy and resources so as to establish habits that can help you maintain discipline. You should utilize discipline as a component of having the right attitude and mindset to focus your energy to attain the purpose you have set within your given time frame.
Another component of having the right attitude and mindset is being able to handle fear and apprehension rightly. You can leverage the issue of fear by taking calculated risk and having multiple plans so that you can switch should situation and circumstance change