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Effective training based upon valid beliefs will allow you the freedom to accomplish the goals that you desire. While training, you will begin to increase your virtues, diminish your vices, and transform yourself into the trader you desire to be. The one thing that everyone has absolute control over is deciding what virtues must be acquired, and what vices must be eliminated. Every day you decide how you will live your life. The daily decisions that you make are a reflection of what beliefs and virtues you hold dear to your heart, and what vices you will tolerate. |
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Your trading account is a very accurate indication of your abilities as a trader. Your abilities as a trader will derive from the ability of your trading methodology to function over time, in all trading environments. The ability of your trading methodology to consistently generate profitable trades will be a result of possessing the required beliefs to develop your own trading methodology. |
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The really great thing about trading is that the financial rewards, though immense, are dwarfed by the gigantic rewards to the trader's beliefs and character traits. The difficulty of trading is the very thing that makes it great. Often when people are surrounded by seemingly incredible difficulties, that is the exact time their virtues and beliefs are increased (assuming they want to rise above the challenge). It is human nature to do everything possible to avoid incredible difficulties. However, when novices decide to trade, seemingly insurmountable difficulties will always lie just around the next curve. The question is: When they realize that trading is far more difficult than they had initially thought, will they give up? |
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It is very easy to give into the vices that trading generates. Egotism, uncertainty, envy, contempt, anxiety, fear, frustration, anger, lying, confusion, lack of persistence, resentment, and doubt are just some of the vices. It is very easy for novice traders to accept that their current beliefs about what it takes to make money while trading are valid, even while they are losing money. It is also very easy for novice traders to transfer their responsibility for making money to others. A vice is always easy to embrace and live with! Likewise, a virtue is initially difficult to embrace and to practice! |
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Wealth will always flow to those who have the correct beliefs about wealth, just as water will always seek its own level. A really great thing about trading is that the market will always tell you the validity of your beliefs and virtues. Traders with really poor beliefs about themselves and the market, with a correspondingly small number of virtues, will be rewarded by the marketplace with small profits (if any). Veteran traders |
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