Five things that you must do to become a successful trader

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Five things that you must do to become a successful trader

There have been thousands of books written about what it takes to be successful in business, and a thousand more about achieving success in life as well. You can find another thousand articles on the web that discuss the topic, and a thousand more will be written tomorrow. With such a broad subject and with so many things that can play a role in making us happy, it can be difficult to boil it down to a short list of things that anyone can read and apply in their lives.

However, across those thousands of books and articles, among the countless legends and stories, you’ll find some common themes woven throughout. You’ll find principles about us as human beings that many of us think about but never try hard enough to achieve. You’ll hear about ideals and decisions that we all wish we could aspire to but often fail to understand. Here are ten of those things you’ll find among the tales of those who achieved success in business (and in life) – which ones do you currently have and which do you need to obtain?

1. Be Fearless

Want to know why becoming successful in a business venture is considered such a daunting feat by society? While there are obvious hurdles to face, one of the biggest challenges is in overcoming the fear of jumping into a business in the first place. Most people dream all day about launching a successful business while watching the clock tick at their mundane day jobs. The reason they never quit the security of a paycheck is because they are too scared by the unknown that comes with starting a business. If you want to separate yourself from that crowd, you need to learn how to manage your own fears. Don’t worry, you’re not alone. When I quit my job to start my business, I was making double my salary outside my day job than I was inside working my eight hour job. I still had that huge fear of failure.

However, this is only the beginning of the road for those who want to be truly successful in business. Overcoming your fears and getting started is noble, but the true tests of a fearless entrepreneur will be constant, from initiating a conversation at a networking mixer, asking for the sale on a major deal, severing ties with a partner who is causing harm to the venture, and perhaps the most frightening of all situations – watching a business fail (it happened to Henry Ford twice before he designed his famous assembly line!) One who can fail miserably and not be scared to dust themselves off and try again and again until they are successful is truly fearless.

2. Understand Finance

Now, people all the time will talk about how a well known business brand started at one time in someone’s basement or garage, so much that it’s become a romantic notion of sorts that going from rags-to-riches is what really identifies a true entrepreneur. The reality of most successful businesses ventures couldn’t be farther from the truth – if you want to make it, you’re going to need money. However, that doesn’t necessarily mean you need to have a lot of it when you’re just getting started, but more importantly understanding how finance works and how to use your money to grow in the smartest way.

Robert Kiyosaki is most famous for teaching the world about the importance in how financial literacy plays such a crucial role in the lives of successful entrepreneurs. Those who live from paycheck to paycheck are also those that fill their lives with liabilities – car and house payments, credit cards, and other materialistic things that cost them money. Those who are financially literate, however, understand the importance of building assets – things that make them money instead. Once you start having a positive asset column, you can then learn how to make even more money through investing. To be a successful entrepreneur you need to know how to take money and make it work for you.

3. Grow As A Leader

Once you harness your fears and make the leap to starting a business, you’ve already begun the journey of becoming a leader. As we’ll discuss shortly, your ultimate success will have a lot to do with how you help others find their own. Many of us hold successful entrepreneurs on a pedestal much like football fans hold a star quarterback or wide receiver in high regard. However, there’s always a team that these individuals lead that ultimately leads to their success. You must learn how to be a leader on some kind of level in order to motivate others to join you in your venture, believe in what you preach, or give you money for a product or service that you offer.

Just because you need to possess leadership qualities does not mean that everybody successful in business has to be the CEO, face of the company, or person “in charge”. When Google started to really grow, the company’s founders brought in a successful CEO in Eric Schmidt to come in and run their company – they were engineers, not CEOs. The ability to lead a team or lead the masses can sometimes come down to just having the right charisma and message to get the right people to do the things that need to be done in order for the entire thing to just work. A great soldier may be good at leading troops on the field, but not managing the entire war. An amazing product designer may also be a lousy salesperson. But a great leader will discover what they do best and where their weakness lies, and know who to put where in order to ensure that their company is one that achieves real success.

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4. Use Your Leverage

One of the greatest challenges that will stand in the way of an entrepreneur from getting what they want is understanding what “to do” with the opportunities that fall in their laps along the way. This is where leverage becomes such an important concept that people going into business need to understand, and it takes a certain kind of mind to think “outside the box” in situations to find the value in a new relationship or circumstance. The same people who are too scared to quit their day jobs are also the same people who do not know how to leverage the assets and relationships in their life. A successful entrepreneur, on the other hand, is constantly finding ways to create profits and new opportunities each and every day.

The simple adage “when life hands you lemons, make lemonade” is a great example of using leverage to move your business forward. Many people will make the lemonade and drink it themselves. A true entrepreneur will make lemonade and sell it to those without lemons, and use the profits to buy more lemons or move into another business. While today a polarizing political figure, Donald Trump is a great example of an entrepreneur who time and time again used leverage to acquire crucial pieces of real estate or strike very lucrative business deals. Love him or hate him, his book The Art of The Deal is a great resource on how leverage can make someone mega successful.

5. Acquire Partners

We talked earlier about how becoming a leader is one of the most important qualities one needs to “move the chains” in the game of business. In order to achieve greatness as a leader, one must then have a team of individuals who believe in the mission in order to move forward. That’s where assembling a great team of partners plays such an important role in any profitable business. Many start out alone and the wearer of many hats, but a business can only scale so far if there is only one source of energy, of inspiration, and of the actual sweat equity it takes to keep the lights on.

As we will see in understanding the meaning of success both in business and in life, a true “business owner” is one who does not need to be a part of the day-to-day operations in order for the business to run and stay profitable. The classic book “The E-Myth” is a great story of how many try (and fail) at running a business all by themselves. Instead, you need to take those leadership skills and motivate others to take their own specific skillsets and apply them together as a team for the greater good of the company. This doesn’t just include employees, but also includes knowing who to shake hands with, how to create strategic partnerships, and how to use that leverage we previously discussed to convince others to have an interest in your venture. And once you reach a certain level of success, it will be an even greater feeling when you get to share it with all who helped make it possible.

6. Having the Right Attitude

So far we’ve discussed some of the most important concepts you need to understand in order to achieve success in business – but how do you exactly justify what is true success? Is it money, or sales, or the influence your actions have over the environment around you? Ultimately real success in business only matters if it also equates to success in life, and that all starts with having the right attitude towards it. Nobody cares about those who are rich but hate the world they live in. Everyone knows the story of Ebeneezer Scrooge, the jaded old man that had all the money in the world but did nothing but create misery for others.

To have a truly happy and fulfilling life, it’s important to know what’s really important and to develop values around what you can do each and every day to make that world a reality. Sure, many who start a business venture want to achieve a certain level of financial independence. But what does one do with those riches once they finally have them? Those with the attitude that having money means they can buy more “things” to surround themselves with in order to feel superior to others will never be successful in their life. The entrepreneurs who focus on how they can create wealth that can help others and solve problems have the right attitude needed to obtain true happiness and be seen in a positive light by their peers and partners, and are the true embodiment of the word “success”.

7. Showing Gratitude

We live in a world that is changing each and every day, at a speed that any of us can really truly appreciate. Technology over the last 30-50 years has altered the way we communicate not only with our neighbor and loved ones but our business contacts around the world. The generations that have grown up with this technology often take it for granted, never once stopping to “smell the roses” and to realize that they live in an amazing time in history and that much of what they have in their lives – everything from the electricity powering their lights, the cars that help them get to their next meeting, to their smartphones in their pockets are all things they should very much be thankful for.

Those who are happy in both business and if life are those who are grateful for the world they live in. These are the people who make sure to thank the barista for their coffee in the mornings, who open the door for others, who actually listen to those who they have conversations with. Successful entrepreneurs should never forget all the people, places and things that have played a role in their lives that helped them get from their humble beginnings to where they are today. The next time you’re flying on a plane, remember the comedian Louis CK’s amazing observation that you’re “sitting in a chair in the sky”, and be grateful for all the wonderful things we get to experience every day.

8. Staying Healthy

Your money and success isn’t going to do you any good if you’re not around to use it – so why would you live your life so dangerously that you would sacrifice your health? What good is all the passion you have for your business dreams if you’re not going to be around to see them come true? Too many of us get caught up in the game of life that we never think about the damage we all do to our bodies along the way. As entrepreneurs our days are so full of work and juggling projects that are lunch breaks become mere small breaks in the day where we shove fast food down our throats to get rid of our hunger. I personally inhale my food.

Our nights turn into a time where we sometimes burn the candles at both ends, turning the stress of the day into an excuse to ease the pain with alcohol and drugs. While we worship the celebrities who died before their time, is that how we define success in life? Our obsession with money and material things makes us greedy and insecure of who we are and how others perceive us. Without our health, we can never truly achieve success. A leader needs to be strong, and we’re not just talking about a lean body or muscles here – your mind has to be healthy in order to persevere through the day and not only achieve the success you’re looking for, but to be able to enjoy it as well.

9. Keeping the Right Friends

We’ve discussed the importance of not going it alone along your path to building your business, and this same ideology applies to your personal success and happiness. What’s the point of doing anything if you don’t have special people in your life to share it with. No one wants to be the Bruce Wayne of their city, the quack who owns the huge dining room table with no one to dine with.

People are social by nature, and it’s important to have a life outside of those you work with. Your friends are people to share your experiences with, who will be there to high-five you with every victory and also pick you up after every failure. Make sure they are also the ones who have the same attitude, give back gratitude, and remain a positive force in your life. Those who feed off of negative energy are the ones you can bring the whole house crashing down around you.

10. The Importance of Family

We’ve discussed in detail why we become entrepreneurs in the first place, and the importance of deciding what goals we’re trying to achieve. Most will begin the journey with dollar signs in their eyes, or seeking some level of power. Many times these things are personal and selfish, but one who is seeking true success in their lives will be doing so not just to share with their friends, but more importantly their families.

Not everyone has the greatest of childhoods, and no one is expected to share wealth with their siblings just because of blood. Not every entrepreneur has a soulmate, not will we all have children. It is important, however, to think about success beyond just the material or power one might ultimately yield. Real success lies in having a positive influence on those who you call family and those who will eventually remember, and hopefully continue, the legacy you leave behind.

Five things that you must do to become a successful trader

Success is something all of us aspire to. It does not come easy, unfortunately, and it will not just occur overnight. It’ll take hard work, perseverance, and time. To become successful, one has to mirror the typical practices of individuals who already are successful and follow their footsteps. Amassing a lot of wealth isn’t any walk in the park, yet understanding what other people have done and having case studies may assist in setting you on the proper path to attain your goals and dreams. Here are the 10 things successful individuals live by before they make it big.

1. No excuses

Nobody has a perfect life and all of us are faced with occasional injustice and variables. Rather than sitting there feeling pity for yourself, allowing it to get to you and providing you reason to make excuses, move ahead and put it behind you. Utilize it as motivation and use this time to grow and learn.

2. It isn’t only about materialism

Materialistic things are absolutely a portion of your motivation, yet they ought to be only a small part of the motivation inside you. The really successful people in life always get to the top because they made changes in the lives of others, not their own.

3. Get up early

As the saying goes, the early bird always gets the worm. Successful individuals do not sleep in late or take a day off. They work very passionately and hard every day until they attain their goals. Your may have to tone down your social life, but, with early mornings, your focus will be completely on your objective.

4. Keep active

The greatest commodity all of us have is time, yet energy is just as crucial as time. Keeping physically active provides greater blood-flow to the brain, improved focus, and enhanced alertness. Make physical training a regular portion of your life and boost your opportunities at success.

5. Adhere to principles

Morals and principles are two things which sometimes seem nonexistent in our modern society, like a thing of the past. Identify which principles you have to guide your life through the rough times and the good times. Your morals and principles should not change, no matter what.

6. Self-confidence

I can’t stress how vital it is to have unbreakable faith in yourself. A lot of people question if their dream will ever come true. Strong people have unbreakable faith and know what they’re doing is right.

7. Have a reason

You’d be surprised how insecure most successful individuals are. What motivates most of them to succeed is wanting to prove something to other people.

From that insecurity emerges a need to elevate their status and develop change, a need so strong that failure is not an option. If you have a desire to be successful you must have that powerful driving force to remain motivated.

8. They persevered as others did not

Quitting never should be an option. The only time you ought to stop is when you have attained your goal. Then, develop a new goal.

9. Relentless study

If you know the system you’ll understand how you can beat it. Our society often downgrades expertise, but it is crucial. Take hours to study to perfection. Humble yourself and understand your craft better than anybody else.

Becoming a drone and merely going through the motions isn’t any way to accomplish greatness. You must study your craft–assuming success is something you want.

10. Risk

With no risk comes no reward, as the saying goes. Those who accomplish the most success lay it all on the line for what they are passionate about. It really takes guts to risk everything, yet ultimately that is what you need to do. If you believe in what you’re doing, there shouldn’t be any fear in betting your life on it.

Take risks if you really want to see reward. Discover your dream, and risk everything to get it. The world is your oyster!

15 Things To Remember If You Want To Be Successful

A psychotherapist, psychology instructor, keynote speaker, and the author of the bestselling book 13 Things Mentally Strong People Don’t Do Read full profile

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If you want to be successful in life, you’ll need to be purposeful and proactive in reaching your goals. Success doesn’t happen by accident. Instead, it takes commitment to become successful. Keep these things in mind to help keep you on track during your journey to success.

1. Remember Your Accomplishments

On days when you want to give up or feel like you can’t ever get there, it’s especially important to remember your accomplishments. Acknowledge the goals you’ve reached, and use your past successes to fuel your motivation to reach the rest of your goals.

2. Remember to Plan Ahead

Success doesn’t come easy. There are always going to be bumps in the road and obstacles along the way. It’s important to plan ahead and take a proactive approach in dealing with barriers.

3. Remember to Do What You Love

When you’re doing what you love, it won’t feel like work. Instead, it will feel like it is what you are meant to do in life. This can help you to remain energetic and passionate about your goals.

4. Remember That You May Fail

Most successful people in life experience many failures along the way. Not all of the risks you take will turn out well. Be prepared to fail sometimes.

5. Remember to Learn From Your Mistakes

When you fail, it’s important to learn from your mistakes. Identifying what you can do differently next time can help you reach your goals.

6. Remember to Prepare for the Worst

If you want to be successful, you should prepare yourself for the worst. Identifying the potential worst-case scenarios and bad outcomes can help ensure that you are only taking calculated risks.

7. Remember to Be Productive with Your Time

Being lazy won’t get you to where you want to be. If you want to be successful, you need to budget your time wisely. Learn strategies to be productive and you’ll improve your chances of reaching your goals.

8. Remember to Set Goals

If you aren’t sure where you going, you’ll never get there. Define clear goals for yourself so you have something to work on steadily. Create both short and long-term goals that you want to meet.

9. Remember to Practice Self-Discipline

If you want success, you’ll need to be self-disciplined. There will be things in life you have to give up in order to reach your goals. You might not be able to do all the things you want, spend as much money you want, or spend your time the way you want. Instead, you’ll need to forgo immediate gratification and keep your eyes on the goal.

10. Remember to Calculate Risk Carefully

Unless you review all the potential pros and cons of your choices, you won’t be informed enough to make wise decisions. Risks should be calculated carefully before you jump in. Behaving recklessly or impulsively can ruin your chances of success.

11. Remember to Monitor Your Progress

You’ll need to monitor your progress if you want to be successful. You’ll need to know how much closer you are getting to reaching your goal so you can make adjustments to your plan as needed.

12. Remember to Communicate Effectively

Successful people are able to communicate effectively with others. Whether they’re asking for help, delegating a task, or teaching others, successful people are able to get their point across in a manner that inspires others.

13. Remember to Believe in Yourself

If you don’t believe in yourself, no one else will either. You’ll need to have confidence and courage to reach success because you’ll likely meet people who don’t believe in you along the way.

14. Remember to Embrace Change

We live in a fast-paced world where things are constantly changing. If you resist change, you might get left behind. Remain flexible and be willing to embrace change.

15. Remember to Ask for Help

Successful people aren’t afraid to ask others for help. Don’t be afraid to seek help from loving, wise, and caring people.

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More by this author

Amy Morin

A psychotherapist, psychology instructor, keynote speaker, and the author of the bestselling book 13 Things Mentally Strong People Don’t Do

More by this author

Amy Morin

A psychotherapist, psychology instructor, keynote speaker, and the author of the bestselling book 13 Things Mentally Strong People Don’t Do

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Last Updated on March 31, 2020

How To Break the Procrastination Cycle

Certified Life and Productivity Coach, Founder and CEO of TopResultsCoaching Read full profile

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How often do you find yourself procrastinating? Do you wish you could procrastinate less? We all know how debilitating procrastination can make us feel, and it seems to be a challenge we all share. Procrastination is one of the biggest hindrances to moving forward and doing the things that we want to in life.

There are many reasons why you might be procrastinating, and sometimes, it is really difficult to pinpoint why. You might be procrastinating because of something related to the past, present, or future (they are all intertwined), or it could be as simple as biological factors. Whatever the reason, most of us follow a cycle when we procrastinate, from the moment we decide to do something to actually getting it done, or in this case, not getting it done.

The Vicious Procrastination Cycle

For some reason, it helps to understand that we all go through the same thing, even though we often feel like the only person in the world who struggles with this. Do you resonate with the cycle below?

1. Feeling Eager and Energized

This is when you commit to taking a new action or getting something done. You are feeling confident and optimistic that, this time round, you will do it!

2. Apprehension Starts to Come Up

The beginning stages of optimism are starting to fade. There is still time, but you haven’t done anything yet, and you start to feel uneasy. You realize that you actually have to do something to get it done, and that good intentions are not enough.

3. Still No Action

More time has passed. You still haven’t taken any action and probably have a lot of excuses why. You start to panic a little and wish you had started sooner. Your panic starts to turn into frustration and perhaps even irritability.

4. Flicker of Hope Left

You can still make it; there is a little time left and you ponder how you are going to get it done. The rush you get from leaving your task until the last minute gives you a flicker of hope. There is still time; you can do this!

5. Fading Quickly

Your hope starts to quickly fade as you try desperately to understand why you just can’t do this. You may feel desperate and have thoughts like, “What is wrong with me?” and “Why do I ALWAYS do this?” You feel discouraged, or perhaps angry and resentful at yourself.

6. Vow to Yourself

Once the feeling of anger or disappointment disappears, you most likely swear to yourself that this will never happen again; that this was the last time and next time will be different.

Does this sound like you? Is the next time different? I understand the devastating effect that procrastination has on many lives, and for some, it is a really serious problem. You also have, on the other hand, those who procrastinate but it doesn’t affect them in any way. You know whether it is affecting you or not and whether it undermines your results.

How to Break the Procrastination Cycle

Unless you break the cycle, you will keep reinforcing it!

To break the cycle, you need to change the sequence of events. Here is my suggestion on how you can effectively break the vicious cycle you are in!

1. Feeling Eager and Energized

This is when you commit to taking a new action or getting something done. You are feeling confident and optimistic that, this time round, you will do it! The first stage is always the same.

2. Plan

Thinking alone will not help; you need to plan your actions. I always put my deadlines one or two days in advance because you know Murphy’s Law! Take into consideration everything that you need to do, how long it will take you, and what you will need to get it done, then plan the individual steps.

3. Resistance

Just because you planned doesn’t mean that this time is guaranteed to be different. You will most likely still feel the resistance so expect this. This stage is key to identifying why you are procrastinating, so when you feel the resistance, try to identify it immediately.

What is causing you to hesitate in this moment? What do you feel? Write them down if it helps.

4. Confront Those Feelings

Once you have identified what could possibly be holding you back, for example, fear of failure, lack of motivation, etc. You need to work on lessening the resistance.

Ask yourself, “What do I need to do to move forward? What would make it easier?” If you find that you fear something, overcoming that fear is not something that will happen overnight — keep this in mind.

5. Put Results Before Comfort

You need to keep moving forward and put results before comfort. Take action, even if it is only for 10 minutes. The key is to break the cycle and not reinforce it. You have more control that you think.

6. Repeat

Repeat steps 3-5 until you achieve what you first set out to do.

Final Thoughts

Change doesn’t happen overnight, and if you have some deeper underlying reasons why you procrastinate, it may take longer to finally break the cycle.

If procrastination is holding you back in life, it is better to deal with it now than to deal with the negative consequences later on. It is not a question of comfort anymore; it is a question of results. What is more important to you?

Learn more about how to stop procrastinating here: What Is Procrastination and How to Stop It (The Complete Guide)

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