Born to Win

Prosperity belongs to those who learn new things the fastest. It is also true that repetition is the mother of learning. Like Zig Ziglar, I like to learn new things. I love to read non fictional books especially the things that I know it will helped me to improved my self, my work, and I as a trader. It is also said that you will need the right knowledge and the right tools inorder to succeed however there are some knowledge that has very little value. It is our job to figure out or to find which one has no or little value to help us to grow.

For every knowledge we acquire, we need to take care of it. Knowledge has to be improved, challenged, and increased constantly or it vanishes. When you took your biology class, or your history class, how much of those information you’ve learn back then that you still remember ( all of it) until today? If you do not use it often, you lose it. Same thing with trading, if you decide to take a break you still need to practice and keep learning otherwise you will lose it ( I am referring it to myself :)). If you use the knowledge and skills that you’ve acquire it will empower you otherwise you will lose it…

To Prepare to win, it is very important that we understand that learning new things, acquiring knowledge, will make it possible for us to recognize opportunities as they are presented to us…

Dear PipNRoll,
I’m new here and just trying to figure out if you love talking about how to be successful because you are successful (meaning you live off your trading income, or could if you needed to) or do you just talk about it because you one day hope to be successful, but currently are struggling to produce consistent income from your trading?
Thanks, and keep up the good work with your motivational thread.

Hello quick pipslip,

Welcome to BP!

Thank you for reading. I know what you mean. I am in your position not to long ago. I am currently work full time and trading is only part time for me. I have been trading for less than 3 years and I would say that I feel confident of what I am doing as a trader and I am finally getting the result that most of less than 3 -5 years have not been accomplished just yet. So in a sense, I am successful in that respect. Living out of profit from trading is still my goal and target but I needed time inorder to accomplished that… For now, I do what I can to build my foundation like motivation and non stop learning until the time is right to finally reach that goal. It’s a long journey a head. You cannot rush it… Take your time. Build your foundation and enjoy the journey/process…

Goodluck to you!

Agreed 100%
Do what you can, when you can do it.
I don’t mean to pry into your personal finances, but what is your goal in terms of $ account size? and where are you now compared to that goal?
For me, my first goal was $100K account. When I reached that from trading… it was a great feeling and made all the pain and setbacks well worth it!

First 2 years I have learn every basic and the technique on how to trade along with finding what strategy that suites me. Then this year before my 3rd, my goal is to make sure my live account survived, break-even and if I am lucky I would love to get atleast 20% this year ( not monthly)… Guess what happened? I didn’t accomplished all that … Instead I am at 60% ROI for this year!!! Expected? maybe but I am just planning for the worse and hope for the best. I decided to take that 60% this year and take a break from trading the account and save up more capital and back at it again next year :slight_smile: though I will still practice my trade in my small account…

I will need to improved my trading. There are some things that I needed to fixed and I will focus on those… I don’t really focus on the money right now. As I have said before from other posts, money will follow when you know what you are doing. If you have enough capital and you know what you are doing, 60% a year like what I’ve gotten so far is actually pretty good…

Learn the process, focus on the process… Target to breakeven then get " some" profit and if you can maintain that, you should be okay but it’s not easy. Learn the Pschycological side of trading … This should helped you a long the way…

That is excellent! We must have different personalities because I just can’t wrap my head around your decision to stop trading the account when you clearly are making such great progress. A summer I could understand… but the rest of the year?? This fall will be excellent trading conditions, nothing would stop me from trading it, certainly not previous success haha!

Also I can’t imagine not having a goal to keep me motivated. For me, I figured out what amount I could live on from trading alone, and that value was $100,000 and I just went for it. It took over a year but it got done in the end. Having a goal keeps you focused on the process, I don’t think having one stops you from being process focused.

What also helps is taking where you are now… maybe you are trading $5000 (just guessing :slight_smile: ) and figuring out about how long it will take to reach your goal. Having that timeline in your head keeps you from trying to go to fast, or “resting on your laurels” as you might be guilty of doing right now… :wink:

Yea, I know it’s crazy to just stop trading that account. I am not sure if you have read or came across of my other thread. Like I mention, I am trading part time and I have a full time job to take care off. With the reorganization that is currently happening to my work, I took more responsibility on that side. So that took over most of my time. Also, I have trips coming up too coming September/October my long over due vacations :slight_smile: I haven’t take any vacations for the year! I definitely needed one and 2 :slight_smile: after that will be holiday ( god time fly by so fast doesn’t it?) So I guess those are my reasons as to why I did take a little break…because I too need a break (vacations!) lol

100k will be nice! I would like to get that… Speaking of target 10-15% monthly return is my main goal :slight_smile: I would like to start getting those next year, I hope :slight_smile:

No, I didn’t run across that thread. I think I understand where you’re coming from. Well enjoy your vacations and hope you’re ready to go hard in 2015 :slight_smile:

I think you just need to stop worrying about whether you are ready or not. It seems to me you got this in the bag. More confidence, more profits! Whether you enjoy your job or not (I hope you do) there will always be more potential from your trading :slight_smile:

Thank you!

I know. I just don’t like to rush into things especially in trading. I can do my regular job even if I am sleeping ( so to speak) but trading is a whole different story for me. I just like to see how everything played out and it is because so many traders are failing into this, I just don’t want to be one… I am just careful and make sure I am doing it right… And I know I will…

Thanks for the chat! Time for me to go bed :slight_smile: night!

PS:

http://www.madeforsuccess.com/PDF/Born_to_Win_Workbook_by_Zig_Ziglar.pdf

:wink:

Since quick pipslip gave me nightmares last night ;), this one is for you

Surround ourselves with people who are encouragers. While it is true that there are many negative people who take every opportunity to encourage failure, there are others who can help you be successful. Encouragers are people who have been successful themselves. They are people who stepped up and took risks and were able to accomplish things they may not have believed possible. Encourages are kind people you can share your goals with and they will encourage you to go for it. Encouragers will also share their own mistakes with you and tell you how they overcame them to achieve success…

Thank you!

P.S: I am still going on vacations lol that wont stop me…:slight_smile: (stubborn little brat, yea I know lol)

There you go, I almost missed it. Now I will have something to read! :stuck_out_tongue:

I don’t know if it is pertinent to the whole topic but it is at least pertinent with the bold. That is my favorite quote/story at the moment, I guess.

It doesn’t matter where you are going. You could be happy right here, right now.

It doesn’t really matter where you are going. Yes, it is important where you are going. Sure it is. But are you sure once you arrive there you will be happy? Maybe you will be disappointed. Very disappointed. Maybe you just don’t need a place where to arrive. Maybe you don’t arrive anywhere. Maybe you just keep going and enjoy the journey. Everything is good. Even margin calls. What does not kill you make you stronger. Isnt it?

Here you go:

[I]An investment banker stood at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The banker complimented the fisherman on the quality of his fish and asked how long it took to catch them.
The fisherman replied, “Only a little while.”
The banker then asked why didn’t he stay out longer and catch more fish?
The fisherman said he had enough to support his family’s immediate needs.
The banker then asked, “But what do you do with the rest of your time?”
The fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.”
The investor scoffed, “I am an Ivy League MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, and eventually you would have a fleet of fishing boats.
“The investor continued, “And instead of selling your catch to a middleman you would then sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution! You would need to leave this small coastal fishing village and move to Mexico City, then Los Angeles and eventually New York City, where you will run your expanding enterprise.”
The fisherman asked, “But how long will this all take?”
To which the banker replied, “Perhaps 15 to 20 years.”
“But what then?” asked the fisherman.
The banker laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich. You would make millions!”
“Millions. Okay, then what?” wondered the fisherman.
To which the investment banker replied, “Then you would retire. You could move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, and stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”[/I]

Be happy, right here, right now and enjoy the journey!

Hi Trasimaco,

Great posts. Thanks for sharing! I am sure I am not the only one who goes through these kind of thinking process from time to time. Maybe you are right in a sense that I probably do not need to spend time thinking and asking myself as to why I am doing all this like learning to trade or to learn something new. I don’t know what the answer is at this moment in my life time because I am still finding it on my own. However, I do know that I like the journey where I am right now. If I will be able to bring back the time (my almost 3 years atleast as a trader), I would say that I will do it again and I will not change it for anything.

We all have our own definition of success and happiness. My definition of success might be different than yours. If you are content where you are right now where you can find your true happiness then you are successful in that level. Everyone is different…just like the example of the story of the fisherman and the investor. The fisherman value more how he spend his time with his family and friends more than a luxury of a home, toys and anything that money can buy even if he might be straggling financially from time to time , it doesn’t bother him. He is content and happy where he is right now. Although there are some folks who have been living modestly but some of them are consider as rich as well (Read up “Millionaire Next Door”). The investor could be spending all his time building his businesses, owning so many houses, cars, etc. A successful rich man who can buy anything and everything he/she wants. They are happy as well and enjoying the fruitution of their successes. Nothing wrong with it. In fact, they do not need to work if they choose to not to work because of the wealth that they’ve accumulated they can support themselves and their lifestyle. They could even pass that wealth to their kids and grandkids if they choose too… it’s a win win. You can be poor but happy or you can be rich and become so much happier :). However, if we focus on one thing and one thing only (like accumulating wealth), we will lose the other areas in our life that also have value that can help us to be the kind of person that we wanted to be…We needed balance. As the book said it’s “The Wheel of Life” that needs to balance out such as Physical, Spiritual, Mental, Family, Financial, and Career.

It’s a life long journey and yes, as you have said, we needed to be happy right here right now and enjoy the journey. We only have one shot of life and it is our job to make it worth while…

Thanks…

Are you still with me on this? I hope so…

Doing new things involves change, and change is something lots of people avoid because of fear of failure. I know for the fact that I have been gone through so many changes. From the day I come from my home country to the USA, it was a really big change for me. I embrace it and I just go with it and I’ve learn to adapt to my new environment. However, there are some people who avoid change and do not want to dealt with change, the reason being is that ,for some, they are fear of the unknown and failure…

In this book it says…Think of all the things you do every day that you do automatically and don’t even have to think about doing. Even though they are easily done today, they began as fearful experiences. For example, we all remember the fear and trepidation we experienced learning to ride a bicycle. You may have avoided getting on the bike because you were afraid of falling off and injuring yourself. Then you finally got up the courage to attempt your first ride- and fell off! Repeated practice allowed you to eventually master your bike riding skills, and you then became so confident in your ability you could jump on the bike with no fear or concern. That principle works in everything we do. We have to practice, and that makes us competent. When we become competent, we do not fear failure!..and that can also apply into our trading.

Most people are born with an average amount of intelligence and an average amount of ability. Every success is a result of hard work and practice with a very specific skills. From a book called “Outliers” by Malcolm Gladwell, its says- it takes [B]ten thousand hours of practice and hard work[/B] to be a superstar and an elite performer at the very top of their game….practice, practice, and a lot more practice. Practice to Perfection. Practice also creates competence, confidence, clarity, certainty, and success.

…I guess I better start counting my hours :slight_smile:

I believe that the 10,000 hours for expertise has been debunked by some leading psychological researchers.

Becoming an Expert Takes More Than Practice

Here’s the study; I can access it through my University but if you don’t have such access you can only read the abstract:

Deliberate Practice and Performance in Music, Games, Sports, Education, and Professions

Unfortunately natural affinity, intelligence, and exposure to said activity from a young age seem to play a key role in becoming an “expert,” whereas practice is necessary but not the main contributing factor to success. So unless you’re “born with it” most of us can expect to become proficient at best, but will likely never achieve expertise no matter the number of hours clocked.

Hi jadd806,

I think that is a really good point. Thanks for pointing that out. I can understand that even if you practice so many hours like it was said the 10k rule, there is no guarantee that you will excel on that specific skills. So “talent” would also play a big role into becoming an expert but how do you know if you have that talent if you do not try or practice? I guess, talent can be a waste of time too if you do not practice enough…

I believe if you put in your 10,000 hours and you are still not good, it means you don’t have the talent/natural calling for the activity and most likely, would never become good unless you make drastic changes.

Unfortunately, it seems like the above comment applies to a lot of people on this forum who are still looking for the holy grail system after years of trading forex.

I hope you find one and if you do, let me know :slight_smile:

[B]1.) They have good character.[/B]

Character is about the sum total of a person, and it is the result of the habits a person builds on a daily basis. It reflects their honesty, their dependability, and whether they are trustworthy. A person with good character keeps their word, and they want the best for others. They are not self-centered or self-seeking. You can see why advice from a person with bad character can and should be suspect. Ability can take you to the top, but it takes character to keep you there!

Good character makes a person dependable and trustworthy. Those are the kinds of people you want as advisors. The late J.P Morgan was asked what he considered to be the best bank collateral. Without hesitation he replied, “Character.” William Lake put it this way: “One of the most important lessons that experience teaches is that, on the whole, success depends more upon character than either intellect or fortune.”

[B]2.) They have a track record of success.

[/B]If you want to know how to win at something, talk to people who have been winners at something, talk to people who have been winners doing the same thing. It seems obvious, but sometimes it can be tricky to determine if a person really has a track record of success. Be very suspicious of people who blow their own horn trying to convince how successful they have been. The kind of person you meet who immediately starts dropping names and going on and on about all the great things they have done. Self-proclaimed success is not a reliable measuring stick to determine if a person really has a good track record.

People who are successful do not have to sell themselves that hard. You hear of their success from others, and you see it as you learn more and more about their lives and their circumstances.

[B]3.) They are good listeners.
[/B]
It is important that your advisors/coaches be good listeners. A wise man once said “Talking is sharing but listening is caring.” You want your advisors to really care about you and your success, so its important that they be good listeners not only to get to know you but also to understand what you really need and how they can help you. A good coach/mentor is really an encourager, and to be a good encourager, you have to be a good listener.

[B]4.) They are good decision makers[/B].

Great advisors and coaches consistently make good decisions and good choices because they have acquired a good deal of wisdom throughout their lives. How do you acquire wisdom, and how does it work in the decision-making process? Wisdom is acquired by gaining knowledge and learning to apply that knowledge to the daily events of life. The daily events of life are filled with decisions, and these choices create the results of our lives. The kind of knowledge that creates wisdom is information that is true and correct. Information that is false is not authentic knowledge, and because it is false, it is not wisdom. Lots of people acquire false information, believe it is true, and make bad decisions as a result of that information.

People who make good decisions have the ability to test the information they get and filter out the parts that are not true. This ability leads to the skill of good decision makers can help you develop the ability to test bad information and reject it. When you develop this ability, you, too, will become a good decision maker.

[B]5.) They tell the truth (even when it hurts).
[/B]
A good coach cares more about giving you the right information you need than worrying that what they say might offend you or hurt your feelings. After all, you don’t look for advice for the purpose of getting compliments and accolade ( although some people do exactly that). A good advisor must be truthful with themselves and others, and the inability to do that makes for someone you absolutely don’t want advice from.

[B]6.) They have good personal relationships.
[/B]
Good advisors don’t mind investing their time and knowledge in you because they have a history of longterm relationships built on a foundation of caring for helping others. Unfortunately, the availability of good advisors may be more limited now than it has been in years past. The inability to have good relationships has escalated dramatically in the last thirty years. Modern American society has become rude and self-centered; its philosophy has become. “Hooray for me, to heck with you, Im going to do it my way. I’ll win through intimidation. Im going to look out for Number One, and I’m going to do it now.” That philosophy quite accurately depicts a miserable human being. Personally, never met a happy self-centered person, and I’ll bet that you haven’t either. You don’t want an advisor who is miserable and self-centered. Look for people who have lots of good relationships, because they probably care a lot about others, and they will care about you, too.

[B]7.) They celebrate the success of others.

[/B]Why would you want to take the advice of someone who would enjoy watching you fail? ….People who are unable to encourage you in your vision or dream and instead tell you all the things they don’t believe you can do or accomplish are negative influences. Run from those folks as fast as you can, because they do not wish the best for you. Instead, look for advice from people who celebrate the success of others. They are natural cheerleaders and get a real kick out of seeing anyone do well…

Don’t look for people who will tell you what you want to hear. Look for people who will truthfully share their wisdom with you, because they want you to succeed as they have succeeded….

We all need the cooperation and assistance of others, and good advice is part of that assistance. If we want to be all we can be, take good advice from good people. When we do that consistently, we will be equipped to win!

[B]What is Hope?[/B]

Hope is the power that gives a person the confidence to step out and try. Hope is a unique emotion that has the power to transcend grief, disaster, and calamity. Hope has the power to change your mind and your thinking and produce new optimism where none had existed. Hope is the intangible quality of human existence that has the power to revive and give you the strength to do what you must do, in spite of circumstances, stagnation, and negative thought processes that can paralyze you emotionally.

If you can find hope, even in the darkest of events, your attitude will be better, and if your attitude is better, chances are you will perform better and have a superior chance for success. This is a basic truth about the human condition. Hope is the reason some people do well in bad economic times and others fall into disastrous conditions. Hope is the reason that a person who has lost their job gets up every day and works hard to find another job.

If there is hope in the future, that has a dramatic on your thinking today. Your thinking today determines your performance today, and your performance today has a direct bearing on your future.

Don’t lose Hope…Encouragement creates Hope.

Speaking of “hope”. I hope you are trading Aussie at this very moment :slight_smile: