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Any business has a close relation with your mental and psychological situation. To become a good businessman you have to be able to control your emotions first, otherwise you cannot work properly. New entrepreneurs are not aware of the harmful emotions, until these emotions causes them to make mistakes and lost money.
We have learned to be emotional, and decide, talk and act based on our emotions. This is good in some parts of our lives, but it will become a problem when applied to other parts, like business. In any kind of business, you will lose if you decide and act based on your emotions.
As a new trader, you take positions based on your emotions and what you think, not based on what your trading system tells you. Then, when you lose, you ask yourself why you did that, because only after losing you wake up and look at the chart properly, and you see that you have entered the market while there was no trade setup at all. So, you will find out that you took the positions based on something other than your trading system.
That is the beginning of your awareness and enlightenment about your emotions. You think about your actions, and you will become able to differentiate those actions that are based on the emotions, from those that are based on your trading system. After this stage, you will become able not to act based on the decisions you make through your emotions. I mean you become able to know your emotions, and you don’t let them make you decide and act.
You will not get to this level as long as you don’t know your emotions yet. And as it is mentioned above, this is only possible when your emotions make you lose for a while.
I explained this to tell you something important now:
If you are supposed to become able to know and control your emotions only when they make you lose for a while, then the very first losses and failures should not be known as “losses” and “failures”. They should be known as part of the learning curve that you have to pass. If you look at them like this, then you will not feel sad and disappointed when you lose or fail.
This is how successful people think.
One day, Edison tested one of his inventions for 1100 times and it did not work. He said, “I did not fail 1100 times. I found 1100 ways that don’t work.”
What is the difference of these two: 1100 failures and 1100 ways?
This is the difference of successful and mediocre people. Successful people think that it is the failures that guide them to success. Mediocre people think that success has to be reached without any problems and failures, through a way which is completely different from the other ways. That is why they give up when they fail for a couple of times.
They think either the way they are following is completely wrong, or they are not able to follow the way that ends to success. So they choose to give up on what they have been doing, and they look for something else. But they don’t know it is the same with any other thing they do. The way that ends to success, goes through failures:
You are going to fail and lose at the beginning, because there are a few things that you don’t know, and you have to learn them through your failures. Don’t get mad at yourself, or don’t get disappointed when you fail and lose. This is part of the game. Just sit and analyze yourself and your actions, and find the problem. In most cases, it is the emotions that make you lose. If you analyze your mistakes, you will see the trace of your emotions. This helps you know what your emotions are, and how they interfere with your business. When you become able to know them, then it will be easy to control them.
Try to become too disciplined from the beginning of the work, not to waste a lot of time on the learning curve. How can you do that?
You have to learn the basics first, and then learn a good, simple, strong and effective trading system. Then you practice on a demo account to master your trading system, and get to know your emotions, so that you don’t lose your hard earned money to pass the stages that can be passed for free.
That makes sense. Do you agree?
Here, we have done our best to show you the way that is risk free, short and easy to follow, yet effective and efficient.
Following a proper, well-developed and strong business plan is what you need to succeed both in short and in long-term: Following a Proven Business Plan Is the Success Key