I took a ride back home after the POE with the courtesy of a fellow coach two nights ago where he asked me what does it take in order to trade successfully?

Is it just a matter of strategy?

In POE, we talk about in order to succeed in life, there is a formula to follow where firstly, we need a goal in order to keep us focus and with proper strategies and enough action taken, we will not be too far away from our goal if not achieving it. And in order for us to take consistent action, we must have a solid WHY behind the goal as a driving force. Merely setting a goal for the sake of setting a goal will not take us anywhere. That’s the formula for real life and I truly believe in it.

How about applying the exact formula in trading, would it work?

Ok, let’s work on an example from a friend who finished a trading seminar last year. His goal is to earn an additional income of USD2k per month to provide a better lifestyle to his family and to fund his son’s university tuition fees. Attending the trading seminar to look for a trading mentor is part of his techniques to achieve his goal. His other strategy is to apply the trading methods consistently as he believes so much in what he had recently learnt. In order to enhance the chances, he applies conservative money management as he firmly believes that money management is essential in order to trade successfully.

Based on the above scenario, do you think he will achieve what he wants in trading? Is it that simple? Or what else does he lack of? Any advise for him?

Let’s talk more about him later on the next post.

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