In this monumental, 200th edition of the 4-Minute Drill for Traders Norman Hallett, The Disciplined Trader, stands naked before, literally!
SEE THIS TRADING EDUCATION DRILL HERE:
Read the full video script:
And I stand before you naked and unafraid, because this drill is all about the naked truth. The truth that it’s up to YOU whether you succeed as a trader or not. Not any guru, not any market manipulators, NOBODY but YOU. And no matter how Unsuccessful you’ve been in the past, how many accounts you’ve blown out, how many people tell you you’re a gambler and your crazy…
It is squarely and TOTALLY up to YOU whether you become a consistently successful trader or not! You’re certainly smart enough to succeed.
I know countless successful traders without college or even high school educations who do very well in their trading. And how they do it… How EVERY successful trader does it… is they focus on only 2 things, to the expense of everything else…
ONE: Their trading plan and TWO: Developing and maintaining their mental fitness to STICK to that trading plan.
The truth is that the trading plan is the easy part. Of course, some trading plans perform better than others, but all you need is one that produces a profit over time.
And the plan that you choose to trade becomes your ‘control’ plan and you spend you off-trading hours trying to beat that plan with tweaks, etc.
As fare as trading plans, the One thing I will say is that those traders who emphasize risk management, are those traders who succeed faster.
Part of the reason is that smaller losses don’t shake your mental and emotional confidence like big losses do… so that you can stay positive and keep moving forward.
But the naked truth is that your success as a trader will not likely hinge on the quality of your trading plan… what you’re trading now is likely GOOD ENOUGH.
What your success will hinge on is your level of mental and emotional fitness.
Most traders DO NOT consistently value their trading discipline. They have 3 or 4 great trades in a row, or a great month.. and then they start winging it… like a cowboy.
They get down on themselves and start to believe that trading is NOT for them. Then they have to build themselves up to start their positive momentum again, only to be hit by the next wave of losses or other negativity and boom, back to the bottom mentally.
Up and down, up and down… the emotional pendulum swings.
That is NOT the road to success in trading.
There is only one road.
That road is to choose your trading plan and than put the MAJORITY of your time into staying mentally fit.
And when I say mentally fit, I mean in tip-top shape. Work consistently on your positive expectancy… the fact that success is YOURS, and you deserve it.
This is your passion. As a trader, you’re trusting nobody but yourself, and that’s the way you like it.
You have nobody to blame but yourself, and that’s the way you like it.
You take your wins and losses in stride, without extreme emotions.. and that’s the way you like it.
A couple of decades ago when I was a broker for Paine Webber, they gave us a goal for opening new accounts.
You had to know your markets and you had to be able to communicate opportunities to the public.
All around me, Brokers desks were like turnstiles as brokers came and went, some with extensive knowledge of the markets and many were great communicators.
You see, those who DID succeed had a good enough knowledge of the markets and good enough communications skills… but what they were great at was MAKING THE PHONE CALLS.
Staying on the telephone..call after call after call. I knew that if I made the calls and talked to 25 potential customers a day, then 5 would ask for information and one would eventually become my client.
IN THE SAME WAY, traders who spend their time studying trading system after trading system and spending NO TIME or LITTLE TIME on their trading fitness… well, they’re not going to make it.
If you FOCUS on building a strong trading mentality first.. FIRST… then everything else falls into place.
You’ll literally be drawn to keeping your risk low and your profit potential high… you’ll put any pain from losses aside quickly and easily and move ahead confidently.
Because you SEE yourself as a successful trader and you know how to get there, so you do the right thing, make the right moves.
You won’t doubt your trading plan or doubt that you should even BE a trader.
Bottom line… you’ll succeed.
It’s not easy to face yourself… and that’s the reason trading discipline INCORRECTLY takes a back seat to the trading plan. It’s easier NOT to deal with it and just play the blame game.
You know, every time i get a call from a sales man or woman, and they do a good job, I always compliment them on their effort … right before I hang up on them
Why? I respect that they are working toward their success.
Every time a trader joins The Disciplined Trader Program, I compliment them on making the move…
…not because it’s good business, but because I respect that they are willing to be open to putting their priorities in order. Mental fitness first… then trade. Not before.
92% of traders have it the other way around which is EXACTLY why 92% of traders fail.
Hey, I’m starting to get a little cold here… so let me wrap this up.
I haven’t recorded 200 4-Minute Drills for Traders because I have to. I do it because I’m one of the few voices out there that can REALLY help traders.
I’m passionate about encouraging those traders who GET IT. Or who WANT to GET IT.
Make your mental fitness a priority. [TAP HERE] BE a Disciplined Trader and believe me… the rest will follow.
Why? because a confident, secure, believe-in-yourself trader can only have one outcome.
Look you can do this. No matter how much pain you’ve gone through, you can do this.
You can live your dream of financial independence and make a difference.
MAKE your Trading Discipline a PRIORITY. Mental fitness first, then trade.
OK.. that’s it for this special edition of 4 Minute Drill for Traders.
I’ve got to go put something on… so I’ll see you again next week .. and until then…