7 Keys to Making Money Consistently
1. Deal with your trading as a business
If you think of your trading as a hobby, then you produce the results of the hobby and making money becomes secondary.
For your trading to be successful, it is imperative to create a proven process to make it a success.
2. Have a written plan that matches who you are
This is a very important step. We want to have a proven plan that succeeds. However, if it does not match who you are, you are setting yourself up for failure. It will work for a while, but because it goes against who you are, after awhile you find reasons not to follow it.
3. Have a money management system in place
When you have a system in place, it enables you to manage your risk better thus allowing you to preserve and grow your capital on a more consistent basis.
4. Create your own daily routine
when you get up, you follow certain routines. create one that serves you and sets you up to make money consistently.
5. Be patient
If you are looking for excitement, find a hobby that can provide you the excitement.
This is one of the most important skills of your trading success.
6. Don’t focus on the money
You need to detach yourself from the result of your trade. This does not mean that you don’t care. Of course you do, and that is why you have placed your trade.
7. Develop your Mental Edge
Stephen Covey has a 90-10 principle. He mentions that 10% of your life is determined by what happens to you. 90% of life is decided by how you react.
Events happen to us. What differentiates the super stars is how they react!