Last night I had a strong motivating insight. I took an honest look at my performance and results for the past two weeks. I probably lost around 200 bucks which is not a big deal. I realized that I have been having frequent negative thoughts. The lack of confidence in my trading ability probably further dampened my performance.
I am a big self help junkie and I have read about the law of attraction before in a couple of books. I also purchased a copy of the T.A.D. Principle a year ago, based on Trader-X's recommendation. One of my weaknesses is failing to follow through and really stick to something. I was all riled up and probably practiced with dedication for a period of time and then my enthusiasm slowly faded away. It is not because I did not see results, I think I just got preoccupied with other things.
Then one day Trader Mike posted a link about the law of attraction. Flatwallet also talked about it in one of his posts. That got me to take some action and do research on it again. I was checking out Elitetrader one day and saw a post about The Secret. A member shared a website where you can watch the Secret for free. It is an older version but the message should be the same. The documentary was motivating and it got me excited again.
I had a conversation with my wife about the Law of Attraction and she helped me figure something out. I saw how I have used the law in my life. I am sure all of us have used the law but we may not have realized it. I will give one example. Trading is a tough business and the percentage of people succeeding is not that high. When I started I lost money and did not make anything for around 8 months. I kept trading and I held on to the belief that I would become a profitable trader one day. I can clearly see myself making money and eventually my vision came true. I did not know I was applying the law of attraction at that time. Then I saw many other instances where I found success with the law of attraction.
I started reading The 7 Habits of Highly Effective People and I can see why this book is a bestseller. I just finished the first chapter and I see strong similarities between the T.A.D. principle, law of attraction and the 7 habits. I know what I must do now in my trading. I am going to have a positive trading attitude. I will monitor myself daily and make sure I practice this habit. Even when the going gets tough, I will focus on having a strong faith in my success as a trader. I picture myself as a patient trader who take only quality setups. Instead of fearing bad trades, I will embrace them because they are good learning experiences.
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.