Is there an element that differentiates the psychology of winning from the that of losing?
…why do successful businessmen, politicians, traders never use excuses? What differentiates the average Joe from the successful entrepreneur motivating others with his/her ability to generate big ideas? If you study the lives of the successful people, you will find out that they actually never use excuses to take advantage of a situation. Why? It just doesn’t work this way.
Successful people simply do not hide behind walls of excuses. Johnson and Eisenhower could have ducked behind their heart attacks- but hey didn’t; Roosevelt could have hidden behind his lifeless legs- but he didn’t; Truman could have used the excuse of not having college education or Kennedy that he is too young to be a president. Did they? The list with the excuses can go long- from poor health and lack of education to personal misfortune and bad luck. So where does the psychology of winning lies?
Once victim of this “excuses’” trap, you cannot get out of it easily. Alas, it becomes harder and tougher and this trap encapsulates you in a vicious cycle. The victim sticks with excuses and uses them to explain himself and others why he is not going forward. And each time he/she makes the excuse, it become deeper ingrained and harder to stop avert using it. Getting further away from the psychology of winning is what happens with people blaming it on bad luck. Positive or negative thoughts grow stronger when fertilized with recurrent repetition. That is why it is so important for traders to escape the flow of negative thoughts.
The psychology of winning is deeply ingrained in the mentality of successful traders. They know how to accept the laws of cause and effect. They do take their losses with the idea that losses are just part of the plan, as long as they stick with this plan. They adhere strictly to their money management and risk management rules. They know from experience that “good luck” and “bad luck” exist only in casinos. They believe in the maxim that the next or the previous trade does not matter. What matters are the next 100/1000 trades. That is how the psychology of winning feels like. That is why great traders manage individual risks with the sole vision of the constant flow of trading ideas. The psychology of winning is not about having good luck on your next trade. It is just one element in its chemical structure.
Mr. Success know that he learns from mistakes when he reflects on them. Mr. Failure knows how to repeat mistakes successfully. Mr. Failure also believes in wishful thinking. He is the biggest dreamer of the “effortless way to win success”. Mr Success knows that the route of winning does not go through the street of luck. He knows that the psychology of winning is built on solid principles. He knows that mastering those principles is what produces success. He simply does not count on luck to deliver. Instead, he concentrates on those qualities that make him a winner. That is what successful trading is all about- experiencing the psychology of winning inside-out.