We discuss about first habit of 7 habits of Highly Effective Trader, “Be Proactive”, yesterday. We will look into the 2nd habit of highly effective trader, “Begin with End in Mind“.
Many retail investor enters the market without knowing where the profit target is. This is a big mistake people make because you will not be profitable if you do not know where and when to take profit.
It is very important that you have a target or goal in your trading journey.
I had this personal experience, I entered the market. The stock price rose, wow, I was so happy that I have had some paper profit. Greed & hope came into play and I told myself “It is going to rise higher”. I was hoping but, who knows, it made a U-turn and the share price plunged. A paper profit turned into a paper loss. I held on the stocks for years and eventually gave it up at a big loss.
Some of you might have the same experience as me. Be proactive, let’s analyse this scenario and see what we can learn from this story.
We must Begin with the End in Mind. We must know our profit goal before opening a trade as that helps us trigger our action to take the profit when it hits our goal. Having a goal in mind helps to prevent greed and hope from taking over our soul. We must always maintain objectivity during our trading day.
If you have never set your profit goal when opening a new trade, please please please set your profit goal starting from today and experience the power of “Begin with the End in Mind“.
7 Habits of a Highly Effective Trader
- Be Proactive
- Begin with End in Mind
- First Thing First
- Think Win Win
- First Seek to Understand
- Synergize
- Sharpen The Saw
7 Habits of Highly Effective Trader - Begin with End in Mind
Welcome back to InvestMoneyLab, you can now join our Facebook Friend of InvestMoneyLab to get a FREE Book by T. Harv Eker Now! You can also receive latest profitable trading system and stock picks for free in future. Thanks for visiting!
