An Infinite Prosperity student sent me a neat article the other day.

It’s something that I agree with entirely and thought it would be a great read for any aspiring trader.

Basically, it explains how there are 5 pillars to having a successful trading mindset. They are called “pillars” for a reason – because these traits are absolutely essential to becoming a successful trader.

So here they are:

1. Discipline

In my opinion discipline in trading means: The ability to master your thoughts, your emotions, your body, and therefore mastering your mind regardless of profit or loss. Your ability to plan the trade then trade the plan.

Discipline, or a lack of it, has a great impact on trading. I believe that a lack of discipline is the biggest reason for the high failure rate in trading. First, you need to learn to stick to a well-constructed and researched trading plan at all times. If this cannot be achieved consistently, there is really no point in moving forward at all.

2. Integrity

The definition in Dictionary.com is adherence to moral and ethical principles; soundness of moral character; honesty.

The thing that always separates the men from the boys is integrity. There are some traders who say one thing and do another, or can talk the talk but can’t walk the walk. If you say one thing but your actions do another you lack integrity in your trading. When you know your rules, philosophies, and methods you need to stick to them and act the same way as you speak. If we can’t be consistent in our trading actions, you will never have a measurable outcome. Plan your trade then trade your plan.

I go to my computer the same time every day, I look for the same set ups if I lose I do the same thing every time. It’s all part of my plan and it has a positive expectancy to do well. I know my plan inside and out an I’m mindful of all my actions. If I do something wrong I will either know it before it causes a problem or I will know exactly what I did wrong after I’ve done it. This is because I would have strayed away from my trading plan.

3. Diligence

This place is fundamentally based on your development and progress as a trader. An enormous mistake to make is to believe that we know it all; no matter how many years of experience we are carrying.

I am not perfect and I never will be, and I am the first to confess it. I know what is necessary to be effective in the forex market and I have strategies that I have been adhering to for years and it has done tremendously well, but this does not mean I will sit down and relax on my ass. Instead, I realize that while I won’t vary from my strategy, I am willing to better myself.

The very best training I have acquired about trading have come from my very own encounters in the market. I am open to new ideas and am willing to enhance my abilities further whenever I can. I recognized a while ago that no matter how long I trade for, I will permanently and always be a student of the market.

4. Patience

No trader can move the market or force it to do what they want it to. Often, there will be periods when there are no strong low-risk, high-reward trading opportunities, while other periods there can be way too many to select from. Whatever the situation we have to face, we need to wait until the market produces an entry signal before executing our trading plan and set ups.

Most beginners make the error of supposing that every day will present a complete and ideal set-up. This in no way true. If there is nothing to trade, then wait and devote some period in working on your abilities, as this is far more practical than looking at a chart and searching for something that isn’t there.

 5. Effort

I would be a liar if I said trading did not involve some level of hard work and effort. In all aspects of life, if you want to be good at something, it takes commitment and time to learn your craft.

This is certainly no “get rich quick” scheme and I advise you to ignore anybody who tells you otherwise.

If you have aspirations of just rolling out of bed, clicking a few buttons, and doubling your account in the blink of an eye, then I am sorry to say that you are misguided. Don’t fall into the trap of thinking that trading is easy, but take comfort in knowing that it can become easy over time, but only if you keep things simple.

Anyone can be taught by a master, but this does not lead to mastery itself. That is completely dependent on the student’s willingness to learn, observe, and make the effort. This is not a game of passive learning, but rather an art of active participation.

Instead of searching for the non-existent Holy Grail, realize now that the real secret weapon is just all in your head.