Motivation for Trading (the videos discussed below are found at abcsofgas.blogspot.com, I know this sounds like advertising my blog, but I spend a lot of time writing most of the posts there --technical analysis charts, paying for CME-EQUOTES data, etc..) re-post from weekend:
Trading is a greuling game but persistance pays.
The No. 1 requirement for being a successful trader is to get a method. Not sure what it is? Well either you go automatic or go nondiscretionary. If your automatic do you go high frequency, quantitative, or do you go technical indicators? If your nondiscretionary do you go fundamental or techical? Lucky for you, wikipedia, investopedia, google.com and a ton of books exist to help you choose a method. Read, test, read, test, observe, rince, repeat, and finally execute and profit!
The No. 2 requirement for being a successful trader is to be first tough, which will make you disciplined. Lots of workaholics fail at trading. What you need is the guts to do what is right when it feels wrong. Being "tough" in this context means having the ability to suppress a host of emotions in order to act in a manner that would cause most people to shrink back in fear. I swear to you guys, back when I was looking at the tape 10-12 hours a day 6 days a week (I owned Qcharts which kept intraday data for me), my friends would say to me that I held no emotions. They didn't know I was trading too but a lot of people recognized this fact. I smiled and knew I was on the right path (very extreme example, but I consider myself a pretty good trader). If your not disciplined, forget the markets or practice until you become it. The most important factor in the market strategy is learning to stand fast if your system tells you to do so, even when the news, your friends and the tape are screaming at you to do the opposite. Outside forces don't really affect the market and never have. People hear horrible things on the news – the assassination of President Kennedy is a good example – and they panic and sell. A crisis may influence where prices go that afternoon, but not overall. You have to learn to avoid that natural human reaction to what looks catastrophic or hopeful. Stick with your system; never second-guess it; always follow it. .. I've watched these videos about 100 times. They pump me up. Nothing was ever easy for any legend. 1) Michael Jordan's Speech w/ video. (once again the videos at abcsofgas.blogspot.com)
Maybe it's my own fault Maybe I led you to believe it was easy when it wasn't. Maybe I led you believe that my highlights started at the free throw line and not at the gym Maybe I led you to believe that every shot I took was a game-winner Maybe I led you to believe that my game was built on flash and not fire Maybe it's my fault that you didn't see that failure gave me strength, that my pain was my motivation. Maybe I led you to believe that basketball was a god-given gift, and not something I've worked for, every day of life. Maybe I destroyed the game, or maybe your just making excuses