Self-confidence is one of the most important things to have when starting a business. This is especially true if the business trades on the stock market, where psychology is such a big factor. Read on, because this could change your life!
Napoleon Hill's book "Think and Grow Rich!" was given to me about ten years ago. Today, I can thank this book for most of my success in business, including trading.
At first, it seems crazy to use some of the ideas in this book, like reading a "Self-Confidence Formula" and a "Definite Plan" out loud every day. But you really have to look at it with an open mind, and many people who have made millions can attest to the fact that it works:
Here is a quick summary (but you should really get the book):
First, you must have a strong desire. For a trader, this desire should be "to become a consistent winner in the stock market."
Second, you need a clear goal, including how much money you want to make and when you want it to be in your bank account.
Third, you need to have a clear plan for what you'll do with this money.
Here's an example of a plan. It's general enough that it could work for most types of trading. You should add things that fit your style. Your plan should be read out loud when you wake up and before you go to sleep.
By the end of December 2006, I will have made $200,000 from trading. I will do the following in exchange for this money:
I will trade based on a trading plan, so my job will be one of patience and discipline.
I will carefully plan each trade. I won't make trades just because I don't want to miss out.
- I will keep an eye on the current state of the market.
- I will keep an eye on how each business is doing.
- I'll plan my trades so that my capital and profits are safe.
- I will keep my money safe by being smart with it
I will take full responsibility for everything I do.
I will trade to get better at it and because I enjoy it, not to make money or to trade often. If you trade well, you will get the money.
I won't let what other people say change my mind. I will make up my own mind and stick to it.
- I will build the self-confidence I need to work in a world with no limits and no rules.
- My rules will be strict, but my expectations will be open to change.
-I will never think that getting money from the market is easy or that I know enough.
-When I make a trade, I won't have any particular expectations because I know that anything can happen.
I will look at trading as a game of chance where I don't need to know what will happen next to make money. Everything I need to know
before I make a bet, I make sure that the odds are in my favour.
- I think I deserve to get this money. I think that I will be able to get my hands on this money. Because my faith is so strong, I can now see this money right in front of me. I can put my hands on it. Now, it is waiting to be moved into my account. I'm waiting for a plan for getting this money together, and when I get it, I'll follow it.
Read this book (and reread it) and put its ideas into action in your life, and you'll notice a difference in your self-confidence.
