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Trading to Win, Ari Kiev


The following quotes come from Ari Kiev's book Trading to Win

Ego and Psychology
Psychologically, the best traders all have much in common. They possess risk taking ability, flexibility, and a capacity for conviction. They are able to trade without letting their ego get in the way.

Vision and Focus
The most successful traders bring their vision to a focus with specific goals. You need to do the same, and to promise phenomenal result to yourself.

Losing and Winning
Losing is part of trading. The best traders don't get perturbed by losing trades, since over the long run they know they will be successful more often than not. When you are afraid of losing, you end up losing or missing opportunities because you are afraid to trade.
That is an EXCELLENT analogy shenhill! I have never heard of those figures before and it fits into trading perfectly.
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Originally posted by shenhill

Hello group... I am new but have talked with daytrader.

Welcome!
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In regard to settings sustainable goals, one idea is to use a benchmark against yourself as you would the Sp-500 against all other stocks.

By this do you mean a hypothetical strategy or a paper traded perfect strategy against your actual results?
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...the average person earns us 4 to 6 hours of income per 8 hours paid to them on a yearly basis. That is 5 out of 8 hours. I have to lose 3 to make 5. Yet I still make a good living. Convert this to trades.

But imagine if you, the trader, were the only employee and you were an exceptional employee and an overachiever. Is that not where you would want to place yourself?
Hello George..
In regard to the benchmark I stated. here is the next part to compare.
At what level of supervision or controls am I working under to produce 5 average hrs of profit?
Example: 5hrs production with: A.100% supervision
B.50%
C.10%
Each level of percent can be said to be a form of restraint which shows your contribution to self imposed discpline and the will to succeed.

To move up from one level to the next you must obtain a higher average at your present percent level which thru sheer force spills over and breaks thru to the next level.

Each level requires an adjustment and a fitting in period.
In trading we move up to a new level in the amount of contracts we can handle. What number is a barrier is only known under real fire, Paper targets do not shoot back.