Trade quality, not quantity. Take the best of the best. Get the big
picture. If you haven't previously come across such advice, or if you
have and are not following it, it is time that you take these words to
heart. But how?
Trade selection and adequate planning go hand in hand. This is
where most would-be professional traders miss the boat.
Much more money is made as a result of proper planning than from
sitting and trading everything that comes along or “looks” good.
It's difficult to fully understand why people think they have to trade so
much. It's difficult to truly grasp why people think that they have to
take as many trades as they do.
Just the opposite is true. There is a correct approach to each and
every trade. That is what achieving perfection is all about.
It all starts with proper management: planning, organizing, delegating,
directing, and controlling.
These facets of management must be woven together into your
trading; they do overlap.
Although planning is the major management function involved in
achieving perfection, you can't possibly plan well unless you are
organized to do so.
You must have your tools at hand: your trading software, your data,
the proper equipment. All of the rudiments for planning must be in
place, which in itself is a part of organizing.
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You must be physically fit when you plan: well nourished, properly
exercised, well rested and mentally alert — all part of having your life
organized, all part of achieving perfection as a trader.
To be a winning trader, you have to be among the best. There can
be no middle ground. There are only winners and losers, and to be a
winner you have to be a champion. And, just like any champion, you
must have discipline, self-control, and a willingness to train, train,
train.
There are no runners-up in trading, you either get the gold or you give
the gold. Often, while others are busy going to parties or watching
sports events, you are busy poring over charts, studying, thinking,
planning. When others are listening to music or watching TV, you are
busy practicing your trading, practicing trade selection, working hard
to become a more astute trader. (...)
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