Can any student/others even afford to be in the wrong sub-occupation?

January 12, 2006

The stock market has been used to explain this theme.

Mr Parag Parikh, Indian stock market professional says in his latest book that contarary to common perception, speculators in the stock marked could have made more money than long term investors. He says” It is difficult to say which strategy is good and which is bad. It depends upon the individual’s mental attitude, discipline, risk taking ability and patience.”

This clearly shows that in addition to one’s occupation, even the sub-occupation has to be right. These are extracts from three good books of world reknowned traders. The author of the third book, Mr Alexander Elder also happens to be a psychiatrist.:-

MENTAL FITNESS FOR TRADERS
By Norman Halett

Every trader (you, included) has his or her own agenda. Only you know what works for you, system-wise and emotion-wise. Trust in your tested trading system.

There are many systems that can generate nice profits over time. To settle on a trading sthat’s right for you: First, you have to believe in the process by which the system generates trades.Does it make SENSE to YOU?

There are plenty of winning trading systems, of all types, that can be very successful.You are more likely to follow your trading signals if the system “agrees with you. You must win the BATTLE WITHIN YOURSELF first, before you can win in the markets

TRADE YOUR WAY TO FINANCIAL FREEDOM
By Van thorpe

Most importantly, you must ask yourself; does the method fit you? Does it fit your personality?

I don’t know many people who have made money consistently following other people’s advise-be it the advice of brokers or investment advisors.

Money is made by developing your own ideas and following a method that is designed to fit you.

People make money in the markets by finding themselves, achieving their potential and getting with tune with the market.

One of the secrets of successful trading is finding a trading system that fits you.

The most important characteristic of all good traders is that they found a system or methodology that was right for them.They need to assess themselves for strengths and weaknesses, for time, resources, capital and skills and for what they are trying to accomplish.

Psychology is the most important(60%), position sizing is the next most important(30 percent) and systems development is the least important(10 percent)

He said that it was ridiculous to assume that any sort of system was possible-instead, it was all about luck and individual psychology.

TRADING FOR A LIVING
By Alexander Elder

As an intelligent trader, you must realize that no guru is going to make you rich. You have to work on that yourself.

To be a winner in the market, you must know yourself and act coolly and responsibly.

A trader especially needs to understand how market crowd influence his or her mind.

When you let others influence your trading decisions, you lose your chance of success
You can succeed in trading only when you think and act as an individual.

Conclusion- World famous author Dale Carnegie had said that “Find yourself and be yourself. You can’t be any other person than the one you are in body and mind”

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