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Task 5 By Annick Potts

Task 5 By Annick Potts. The 7 Pillars Of Success. What you need to succeed in Binary Options Trading as well as in your life: 1 . Proper Preparation. 2. Hard Work 3. Patience. 4. Have A Detailed Plan. 5. Discipline. 6. Communication. 7. Review.

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Task 5 By Annick Potts

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  1. Task 5 By Annick Potts

  2. The 7 Pillars Of Success • What you need to succeed in Binary Options Trading as well as in your life: • 1. Proper Preparation. • 2. Hard Work • 3. Patience. • 4. Have A Detailed Plan. • 5. Discipline. • 6. Communication. • 7. Review. • On the following slides I will explain in detail what the 7 Pillars Of Success are.

  3. Proper Preparation: • Proper preparation is the first and most important of the 7 pillars of success. Proper preparation prevents poor performance. For me, being prepared for the trading session is doing my daily trading schedule by setting a routine and getting into the right mindset. • Making sure that I am absolutely 100% mentally ‘ON’ for the session is vital to trading successfully. That way I know that I am in the right state of mind to trade and accept whatever the market is offering me ( first 2 hours of the market opening- to put probability in our favour) • You must have your CALL and PUT trade plan sheets ready in front of you at all times and use them religiously. No trade plan, no trade. • You need to set your profit & loss goals for the session. Pre-determine your risks: How much money am I willing to put on each trade? How many trades will I take? After how many losses will I stop?

  4. Proper Preparation: • Pre-trade analysis: • Self-analysis-How am I feeling on a scale of 1-10? Am I well rested? Am I in any physical pain? Bathroom break before I start. Bottle of water next to me. How is my posture? Relaxation exercise. Eliminate distractions e.g mobile phone, T.V, facebook, other people- close door. • 5 minutes meditation. • Visualize 20 winning trades and 20 losing trades without any emotions. • Check forex factory for any announcements that might impact the session. • Analyze Call and Put trade plan sheets. • Once BOE trade analysis has been received, enter trade lines on MT4. • Enter support and resistance lines. • Wait like a Cheetah for 1-2 trades for the session. • Trade only 2% of capital. • “Before anything else, preparation is the key to success” • Alexander Graham Bell

  5. Hard Work: • Hard work means putting in the effort and time to learn the skills of your craft and APPLY them. • With hard work you will get the skills needed to get into the market at the optimum time. That way you are putting the odds in your favour. • A minimum of 30 minutes of personal development every single day : • To develop yourtrading skills. • To have the right mindset to learn how to deal with probabilities. • To be inspired and motivated. “ NOTHING EVER COMES TO ONE, THAT IS WORTH HAVING, EXCEPT AS A RESULT OF HARD WORK” Booker T. Washington.

  6. Hard Work: • Put a minimum of 30 minutes a day aside outside out of trading session for personal development. • Trading skills: Attend ‘trade with the trader’ and learn to focus on the process and not the results. • Develop the right mindset as trading is the hardest thing that anyone could do. Do the Money Zone course. • Spend time in the member’s area for example watching HPA and apply what you have learnt immediately. When you become a better person, you will become a better trader. • Anything you read, watch or listened to, learn and APPLY immediately.

  7. Patience: • According to the dictionary Patience is the ability to endure waiting, delay, or provocation without becoming annoyed or upset, or to persevere calmly when faced with difficulties. • Patience teaches us to trade ONLY when all the trade plan rules have been met. • Patience is one of the most important pillar because it teaches you to remain calm and disciplined, to wait however long it takes for the trade to unfold in front of you. • Look for cheetah trades only e.g trades that screams out ‘pick me I’m an easy trade’. Don’t chase a trade or look for trades that aren’t there. Be the cheetah. • “Patience is a necessary ingredient of genius” Benjamin Disraeli.

  8. Have A Detailed Plan: • It is imperative to have a detailed plan before entering the market. • Make sure that both the CALL and PUT trade plan sheets are printed out and in front of you before trading. • Have your trading goals for the session- how many trades will you take, after how many losses will you stop etc... • Complete your trade journal for every single trade taken at the end of the session or the day which includes entry time, expiry time, entry price, exit price, feelings before and after, mistakes, remedy etc... • Have detailed copies of all the trades taken including a printed copy of your chart. • “A goal without a plan is just a wish” Antoine De St-Exupery.

  9. Discipline: • Discipline is vital for success in trading. • You have to do the work- follow the trade plans and the 7 Pillars of Success religiously. • You have to have patience in both your learning and your trading. • You need to be disciplined to do your personal development every single day. • You must do what 95% of people NEVER will, so you can have what they will never have. • Only by being disciplined and following the trade plan and the 7 Pillars Of Success that you will become successful. • “Discipline is the bridge between goals and accomplishment”. Jim Rohn.

  10. Communication: • Learn to communicate with yourself, the most important person. You have to be harder on yourself than your mentor or your accountability partners are with you. • Communicate with your accountability partners as they are there to keep you accountable to what you say you are going to do via skype, mastermind group, emails, meetings etc... • It is also important to communicate, share and support like minded people who are on the same journey as you are in the accountability group. • Communicate with your trading mentor what you want to achieve so that they can help you achieve your goals. • If you have questions or are unsure, look for the answers first then if still unsure ask questions on the mastermind group or accountability partner or mentor. • “Your ability to communicate is an important tool in your pursuit of your goals” Les Brown

  11. Review: • This is the last pillar but not the least important. • You must review your trades daily, weekly and monthly for the mistakes you have made and for what you did well. • Make sure that you are trading at the start of a trading session and the appropriate pairs for the market. • You must review your critical focus areas for the week. 1-3 critical focus areas only(what are you going to achieve, learn and apply) and post on the mastermind group. ‘What you are held accountable for in the public arena tends to get done”. • Review your progress and achievement daily to make sure you are applying what you are learning and practising daily in both your trading and your personal development. • It is very important that you review your mistakes and puta process in place to eliminate them so that they never happen again. • “Learn from your mistakes and build on your successes” John C. Calhoun

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