Use the Power of Autosuggestion in the Stock Market
Self-Confidence is an essential starting point for any business
venture. This is true even more if the business is trading in
the stock market because psychology plays such a major role.
Keep reading, this might change your life!
About 10 years ago, I received a copy of the book "Think and
Grow Rich!" written by Napoleon Hill. Today, I credit most of my
success in business (including trading) to this book.
At first applying some of the principles described in this book
appears a bit crazy - for example reading a Self-Confidence
formula and a Definite Plan aloud every day. But you really have
to look at it with an opened mind and believe me (and many
peoples who have made millions) this stuff works:
Here is a brief overview (you really need to get the book):
- First - you must have a burning desire - for a trader this
desire should be "to become a consistent winner in the stock
market".
- Second - you have to have a definite goal including the amount
you want to make and the date by which you want this money to be
in your account.
- Third - You need a definite plan, or what you will do in
exchange for this money.
Here is an example of a plan - it is generic enough to be
applied to most trading styles. Items specific to your style
should be added. Your plan should be read aloud first thing in
the morning and right before going to bed.
By December 31st 2006, I will make $200,000 dollars with my
trading. In return for this money I will do the following:
- I will follow a trading plan to guide my trading - therefore
my job will be one of patience and discipline
- I will plan each trade carefully - I will not jump into trades
by fear of missing out
- I will monitor the market's current picture
- I will monitor the current picture for each industry
- I will manage my trades to protect my capital and my profits
- I will protect my capital through good money management
- I will take responsibility for all my actions.
- I will trade to trade well and for the love of trading, not to
trade often and not for the money. The money will come as a
result of trading well.
- I will not be influenced by the opinions of others. I will
reach my own decisions and follow them.
- I will build the self-trust necessary to operate in an
unlimited environment which has no rules.
- I will be rigid in my rules and flexible in my expectations.
- I will never think that taking money from the market is easy
and I will never assume that I know enough.
- I will have no particular expectation when I place a trade
because I know that anything can happen.
- I will treat trading as a probability game in which I don't
need to know what is going to happen next in order to make
money. All I need to know is that the odds are in my favor
before I put a trade.
- I believe that I deserve this money. I believe that I will
have this money in my possession. My faith is so strong that I
can now see this money before my eyes. I can touch it with my
hands. It is now awaiting transfer into my account.
I am awaiting a plan by which to accumulate this money, and I
will follow that plan when it is received.
Read (and reread) this book and apply its principles to your
life - and notice the difference in your Self-Confidence.