Want to become Full Time Trader, Answer these Questions ? Part-II

In Continuation with Previous Article

 

4. People you surround yourself with

You might have heard, “You’re the Average of the 5 People You Hang Out with Most.” Friends have a way of influencing us.

I remember meeting a very nice couple during one of our vacations. We started talking and the husband was interested in trading. However, after over a year of studying, he had not pulled the trigger yet. He wanted to create some extra income, however he was afraid of losing. On top of that, his wife was saying, “We cannot afford to lose even one penny.” As a result, he had not pulled the trigger.

Who do you surround yourself with? Are they:

• Encouraging you in your trading business?
• Believing in you?
• Opening doors for you?
• Successful?
• Someone you would do the same for?

It is important to choose who surrounds us and whose advice we take. Often, we surround ourselves with the people we like, rather than the people whose point of view we respect.

Do not allow others’ fear to become the boundaries of your dreams…

5. Taking ownership of your trading

Ask yourself, do you:

• Trust yourself?
• Have a point of view when you are trading?
• Take calculated risk?
• Take responsibility for your trading results?
• Take the opportunities that present themselves?
• Adapt to the changes in the market?
• Build flexibility in your trading business?

Many of us put a lot more value in others’ opinions than our own. We tend to want to be safe than sorry. If we follow others, we do not have to take responsibility for our results. We can blame the advice, the markets or anything else.

One of the signs of great leaders is not that they do not make mistakes. It is that they handle the consequences and move on.

Plato says, “To risk nothing, is to risk everything.”

To summarize, the 5 principles of leadership are:

1. Knowing why you are in the trading
2. Managing your energy
3. Your perception
4. People you surround yourself with
5. Taking ownership of your trading business

Remember, the most important thing is not only to make decisions, but also to live with the consequences and be gentle with yourself. That is how we grow, learn and build trust in ourselves.

The trading business is a marathon and not a sprint.