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Compatibility. Does your wish to excel in online investing follow naturally from those skills and talents that you already possess? If not, is it an area in which you have a realistic possibility of learning at a high level, given your natural limitations? Are your temperament and personality compatible with the skills and talents necessary to perform at a high level? If others are involved in your trading situation, can you work with them well enough to do the job you desire at a high level? |
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Dedication. How much does it matter to you whether you excel or not? Are you willing to practice your trading skills as much as is required to reach a high level of proficiency? Are you, within reason, willing to sacrifice certain pleasures and diversions if necessary? Are you willing to hang in there without quitting even after repeated failures in falling short of your goals? Will you have what it takes to handle the loss of a chunk of your capital as part of the price of learning? Can you afford it? |
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Motivation. Are you sufficiently motivated to not allow yourself to be distracted by other interests? Are you, without being driven, strongly pulled toward reaching success? What makes it so important for you to excel in the online trading arena? What are your true motivations for caring about it? Do you have any ulterior motives that you don't like to admit? |
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Commitment. Is reaching excellence as an online trader a short-term goal for you? Or are you willing to be committed over the long term, refining your skills even after you reach your desired level of competence? What will you do when your attention is captured by another, equally interesting area to pursue? How much are you willing to dedicate of your life to truly becoming an expert over time? How much are you willing to change your habits if necessary? For example, are you willing to wake up at 5:30 A.M. PST each morning to prepare for the opening of the market at 6:30 A.M.? |
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Satisfaction. Do you derive satisfaction from incremental steps toward your goal of trading excellence? Do you know how to break your goal into various steps, each with a subgoal that brings you some enjoyment, pleasure, self-respect, and sense of well-being? Is there anything else you'd rather be doing than this particular chosen area of striving? Are you able to make it a dance toward excellence rather than a struggle that is all consuming? Do you really enjoy the life of the passionate online investor and trader? Is your enjoyment worth the price of the stress involved? |
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