Great Quote Which Led To Another Long Post :P

I was reading this post by Nial Fuller and I really like a particular quote in it:

“What the mind of man can conceive and believe, it can achieve” –Napoleon Hill

There is biblical truth to that too:

Prov 23:7 - "For as he thinks in his heart, so is he."
Rom 4:17 - ".... calls those things which are not as though they were."

That is really the foundational belief that has been driving me all this while. Great people achieve because they first believe they can achieve. Poor and unhappy people constantly fail because they have a defeated poverty mindset. I think it is so important to constantly remind ourselves tat we can be successful. This is especially even more crucial in trading because of the immense level of negativity that surrounds it. Here are some of my personal experiences:

1. When I tell people I want to be a full time or prop trader, most of the time I get doubtful looks and discouraging words. For non traders, they have heard horror stories of how so many people got burned big in the markets. To them trading = gambling, and the common belief is that one cannot beat the markets unless he has inside info. Mind you these could be close friends or family members whose opinions do bear weight. For people who do trade, they'll tell me that 95% of traders fail, that it is really not easy to consistently make money from trading etc etc. Truth be told, most of them are not beating the markets consistently too, so it is understandable that they feel this way.
2. As traders, failure is something we have to be well acquainted with. I'm referring to losing trades. There is simply no other way. If we cannot accept that losses are a common event in this probability game, it won't be long before we get despondent and throw in the towel. I can't begin to tell you how many times I've felt really down after a loss, sometimes the feeling is strong enough to make me stop trading for a few days. I guess that is an inevitable stage all traders have to go through, but over time it is important for us to grow and realize that failure is just part and parcel of this game and be able to get over it real fast. 

In short, what kind of thoughts occupy our minds? The discouraging words of people? The numerous losses in our trading? Personally, I choose to focus my thoughts on the fact that many traders do achieve success on a consistent basis. Instead of being fazed by the 95% of failed traders, I'm excited to strive towards being the 5%. For once in my life I feel that it is achievable because it is not about the highest IQ or the best PR skills, both of which I'm lacking. I'm sorry to say this, but I can really see who the 95% are when I attend seminars, read forums, and talk to people. 

• If an uncle raises his hand during a seminar and asks the instructor "Sir I just bought Olam yesterday, can you look at it and tell me if I should hold or sell it?", he belongs to that 95%
• If some mysterious guy posts in a blog chat box that his "firm" is about to pump Yangzijiang and people actually buy into that rumor, those people belong to that 95%
• If a UOB customer reads an analyst report about the bright future of Noble and buys into that story, he belongs to that 95%
• If someone is boasting on the forum that he tripled his account in just 2 weeks, he is obviously over leveraging and he belongs to that 95%

I can go on and on. Courses give people the illusion that a black box or fixed rules are enough to achieve success. Newspapers and websites are full of ads that promise ridiculous returns. Their victims are the 95%. So.... With so many people out there who are just in for the quick returns and who are unwilling to put in hard work, why can't I be in the 5%?

Right now while I'm not there yet, I need to constantly stay positive and focus on improving day after day. I must journal my trades and make sure I learn from my mistakes, tedious as the process may be. Also, think about it, how did all those prop traders manage to get into prop trading? By first believing they can be a prop trader!!! So if I were to believe the reports of the people who say it is next to impossible to get in and that I should give up, how am I ever going to get in? Heck many prop traders are not even really good, but they got in because "What the mind of man can conceive and believe, it can achieve".