The Key ABC's To Success In Trading The Stock Market

The Key ABC's To Success In Trading The Stock Market

Your success in trading the stock market has little to do with what you have done before you started trading. It has little to do with knowledge, although knowledge is important and of course, skill needs to follow on from knowledge.

It's about far more basic fundamental principles that determine your success or failure at anything you do in life.

They are your trading ABC's: Attitude, Belief and Consistency.

Attitude

Attitude is hugely important but useless on its own. It's no good having the best attitude in the world if you're not "out there" trading the stock market. So what is attitude apart from how one feels about oneself and others? It is how you see things, how you let events, situations and circumstances affect you. Are you willing to do whatever it takes to be successful in the stock market or will you sit around lamenting the fact that you have lost money and it's all too hard?

Belief

You need an absolute and genuine belief in yourself and your trading. You need to know any beliefs, hidden or obvious, that may be limiting you and your results. What you believe about yourself can have a huge impact and you will want to get rid of those that are limiting and replace them with empowering beliefs. Your beliefs around money will also need to be addressed. Maybe you unconsciously believe that money is the root of all evil? If so, then this belief is really directly opposing to your success in the stock market.

Consistency

We get up every morning, brush our teeth, wash, get dressed have breakfast. We're consistent in our actions. We do it every day. We need to do the same in being consistent with our tasks associated with our trading. Every day we trade we need to carry out positive actions: practice or back test, learn something new about the markets, practice our charting etc. Do it consistently. Concentrate on the actions not on the result.

So when you get up in the morning, get into your trading ABC's. When you go about your trading of the, keep a good attitude.Work out what your beliefs are around yourself, your success and around money. Do what you can about replacing any of those that do not serve you. Keep working on your trading, be consistent in what you do, when you do it and how you do it.