I just finished reading a very interesting article titled, “7 Essential Elements to Trading Success” by Diana Hill, Professional Real Estate Investor Instructor. She begins by writing, “It is reported that one of the top reasons new businesses fail is a lack of a system.”
By setting the stage for her 7 Essential Elements to Trading Success by writing about vision. Vision, when it comes to business as well as trading, has to be your vision and no one else’s vision. That vision must be clear and concise.
Then she lists action as the next step toward being successful as a trader. She states that the more you can put your vision into action, the more likely success will happen. Involved in the action phase of trading is passion. Passion is what keeps you going. Then, there must be discipline. Discipline, she writes, is to stay the course and it will pay off. These words are particularly good, “There will be some days where you only move forward because of the discipline.”
She goes on to write about the importance of determination. She states that if you don’t have the will to endure, you will fall when others don’t agree or when you just get tired.
A wonderful point is made when she writes, “The goal is the finish line, speed doesn’t matter. Keep doubt from seeping in.”
Most importantly, support and accountability is also needed with trading. It can’t be done alone. By having a mentor, you can grow and develop in this field faster, better and your morale will stay higher. A mentor will also hold you accountable and will show you how to get through the rough spots.
In this article, the author also talks about integrity and how important it is for long-term success. There must, she writes, be a foundation that will support that growth and integrity is a key pillar. In other words, to succeed in the world of trading, you must have integrity, a support group, accountability, be determined, take action and have a vision.