CYOF said:
1) Purpose, Visions, Goals > very relevant to developing a successful trading business - I will post some further details later in relation to how my experiences to date relate to the context of this document.
Regards,
Purpose: Help those who are less fortunate than most - especially sick children
Vision: Financial Independence
Goals:
1) Learn how to do bread and butter trading > Daytrading Nas Tech Stocks
2) Learn how to maximise available surplus capital from bread & butter trading > Swingtrading Stocks, Futures Trading, Commodity Options & Futures Trading and FX trading
In relation to the above, I am around 80% complete on Goal No.1 and around 20% complete on Goal No.2
If you read the Purpose,Vision, Goals document - and especially the section "When You're Not Doing What You Should Be Doing", that describes my actions 100% in relation to Goal No.1 - especially the details in relation to quiting your job, knowing what your needs are and working out a practical way to free up the time that will be required in order to work on achieving your Goals.
Now - to a lot this may all seem like more BS, but as someone who has gone through the experiences of trading fulltime - and all the associated baggage - this sure as hell makes very realistic sense to me - I just wish I had discovered these documents earlier as it may have saved me a lot of headaches and helped me to achieve my first Goal sooner.
To get back to the theme of this thread - how to think correctly - one will sometimes be compelled to do something no matter what the outcome may be. This is how it was with me - I gave up my job knowing that I may not generate any income for 1 year (I was in a position to last this out for the year) and nothing was going to stop me - and I mean nothing. I could not give a reason at the time - but now I understand it more clearly.
The main driving force behind what I am doing is my belief system - and I am adding this in at this point because I think it is very crucial to enable one reach their goals. I believe 100%, following part time trading for several years, that I can master daytrading to generate 1% -2% return per day on available capital up to $100K. To get to this level, however, will require some major decisions in my life (some of which I have already taken - as mentioned) as I had to take that quantum leap and actually go fulltime - as it is was the only real way for me to gain the required experience. Part time trading is not the same - full time is a totally different ballgame and requires 100% commitment. It is also very hard to master and requires months and months of hard work - from learning how to set up all your PC's to getting to the stage where you can place winning trades (and exit losing trades very quickly) each and every day.
Using the S.M.A.R.T approach - Specific Measurable Attainable Realistic & Time Based - can help greatly in creating the required framework so that one actually operates in a similar manner as many successful businesses do.
I hope that someone may get some value from this post - and my final word is that no matter what I read or listened to - the only real way that I have achieved anything to date was by doing something about the thoughts in my head. This meant taking some big chances - which have worked out well for me - and will require some more in the future - which I will also take on.
There is no such thing as luck in our lives - we are all masters of our own destiny - and our end result will depend on how much we believe in ourselves and the type of thoughts we entertain on a daily basis - we are what we think.
Regards,