Donald Trump was quoted as saying “Get going. Move forward. Aim high. Plan a takeoff. Change your attitude and gain some altitude. Believe me, you’ll love it up here.”
I will admit that in the middle of summer, my passion for the markets ebbs. As I talk to my trading friends, I know I am not alone with respect to a summer slump. It’s just human nature. My solution to this personal seasonality has been to participate in some sort of investment conference or seminar that will let me network with other investors belly-to-belly and help kick-start my investing goals for the fall when I once again amp up my trading activities. Over the years, this “it takes a village” approach to investing has worked well for me.
I’m reminded of a humorous quote by Zig Ziglar. “People often say that motivation doesn’t last. Well, neither does bathing—that’s why we recommend it daily.” Much like bathing, I read Investors Business Daily every day. This morning for some reason, my eyes gravitated to their regular feature entitled “10 Secrets to Success”. It’s a shame but I often breeze past this feature in my quest for tradeable news. Today, however, as I’m working on my two ChartCon presentations, I read the column in detail and it was a catalyst that re-energized me. I thought I’d share this morning’s “10 Secrets” in the hopes that they have a similar effect on you.
Here are the ten common traits of successful people that turn dreams into reality, according to IBD’s research.
1. “How you think is everything.” I would add that what you think and what you think you see in the markets may not be accurate. Be aware of your own filters. Strive for a pure unfiltered vision.
2. “Decide upon your true dreams and goals.” Keep a journal, write down your dreams, build a plan and go for it.
3. “Take action.” As John Ruskin, the writer, said “What we think or what we know or what we believe is, in the end, of little consequence. The only consequence is what we do.”
4. “Never stop learning.” Read books, go to seminars and keep working to improve your skill set.
5. “Be persistent and work hard.” Achieving stock market mastery is not a sprint. It’s a marathon.
6. “Learn to analyze details.” Have a methodology you trust and analysis routines you can follow so that you don’t repeat mistakes.
7. “Focus your time and money.” Be disciplined. Manage and protect your time like you manage and protect your assets.
8. “Don’t be afraid to innovate; be different.”
9. “Deal and communicate with people effectively.” Despite what a few lone traders believe, the best investors build their own “village of support”. Charts matter, but people matter more.
10. “Be honest and dependable; take responsibility.” These vital traits should never be overlooked. Otherwise, the items 1-9 listed above are useless!
I look forward to meeting many of you in Seattle next week for ChartCon. I’m sure we can get re-energized together.
Trade well; trade with discipline!
-- Gatis Roze