tactical trader

In this, the third in a series of articles, Adrienne Toghraie looks at the importance of having a goodsuccess strategy for your trading.

To be a successful trader, it is necessary to have a good strategy for success. If you don’t have a success strategy, it is very important that you develop one. A success strategy is a series of actions that are taken in order to move from being a trading novice to becoming a profitable trader.

To receive the benefits that come from past achievements, it is important to analyze the steps that helped you arrive at success in those achievements. If you were to review your life, what would you say your greatest accomplishments were?

Some individuals may have struggled to overcome many barriers, while others may have had it easier because of natural talent and/or resources.

In either case, there are lessons learned that are useful in planning a strategy for becoming a successful trader.

Answering these questions will help you to recognize your success strategy:

What sacrifices were you willing to make to get what you wanted?

Sacrifices like time that could have been devoted to personal relationships, social activities, sleep and other work activities. Perhaps you had to move, act against family wishes and ask to borrow resources of others.

Are you willing to make the same sacrifices and more to become a trader?

What were you like as a striving person?

Perhaps you were too excited to sleep and it was difficult to pull you away from your project. Or, maybe you were addicted to the emotional roller coaster of success and failure.

What behaviors served you? Which behaviors held you back?

What was the motivating drive and what were the hurdles that you had to overcome?

Youthful energetic, passionate, patient, infallible, optimistic, opportunistic and reward driven was the “you” of the past. Perhaps, you didn’t know that you couldn’t, so you did.

What are you willing to do to revive those states of mind that served you?

What do you have now that you did not have then that will help you to achieve success more quickly? What will hold you back…