BarroMetrics Views: The Education of a Trader (2)
In this blog I want to consider what a trader needs to know for success.
Before reading on, ask yourself this question: what is the first thing I must know to succeed? What did you say?
- A set of trading rules?
- How to be disciplined?
- A risk management plan?
90% of those asked in a survey gave one of the above answers. And based on the neurological findings, the correct answer is none of the above.
To succeed in anything, you must establish a clear sense of purpose; a clear sense of purpose plus clarity of our values, ethics, beliefs and emotions fuel our passion. And our passion provides us with the motivation to keep going when things get tough.
In addition, our purpose provides the focus for our attention and well as providing a benchmark for our decisions. Let’s say your focus is to be a successful trader over the long haul. And you know that to succeed you can either employ Coyle’s Deep Practice Learning Model. Your alternative is to try to short-cut the learning process and buy some ‘instant success’ plan off the net.
If you have identified your purpose with its satellite elements (values, beliefs etc), you are more likely to make the right decision and go for the Coyle model rather than the ‘instant success’ fantasy.
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