Besides this stock pick I gave you the other day HERE that just keeps spiking and is now up 30%+ from my initial buy alert in the $1.50s and my bestselling book available for download FOR FREE HERE, the way I have created 2 millionaires now (see video of them), I want to share this great guest blog post from a student of mine who has been studying what it takes to be really successful:
Download the key points of this post as PDF.
Tim and his most successful students are all mentally strong. A lot of people seem to focus on physical health, but mental health is just as important. People that are mentally strong stay focused, work hard, remain optimistic and never stop growing or learning. As you can see, this is a very strong and much needed trait for those that want to be successful when trading stocks. It isn’t something that you are necessarily born with and it can definitely be acquired, so that is why I am taking some pieces of information from a recent Forbes article to tell you the 13 things that mentally strong people avoid doing.
The article begins by pointing out how important mental health is, just as I did in my intro:
“For all the time executives spend concerned about physical strength and health, when it comes down to it, mental strength can mean even more. Particularly for entrepreneurs, numerous articles talk about critical characteristics of mental strength—tenacity, ‘grit,’ optimism, and an unfailing ability as Forbes contributor David Williams says, to ‘fail up.’”
Notice that it says mental health is most important for entrepreneurs. When you sign up for a newsletter onand begin trading, you are essentially an entrepreneur. The article then goes on to point to 13 things that those whom are mentally strong do not do. Here they are:
- Feel sorry for themselves. This is a complete waste of time. Don’t focus on someone else getting more recognition than you or hitting a big break. Use those instances to push yourself to work harder and move forward. Mentally strong people realize that life is not fair, and there isn’t anything you can do about it.
- Giving away power. Do not, I repeat, do not let other people have the power to make you feel belittled or inferior. You are ultimately in control of your emotions, not some subordinate.
- Avoid change. Do not be afraid of a change. Just like when working out, if you do the same thing over and over again, you can’t expect different results. You will be stagnant. Sure, running a mile a day is good cardiovascular health, but don’t expect to get toned arms by simply doing that. To have a well-rounded and successful life, you have to change things up sometimes. The article says “An environment of change and even uncertainty can energize a mentally strong person and bring out their best,” and I completely agree. Go out of your comfort zone! That’s what I did when I signed up for Tim’s challenge, and it was one of the best decisions I have ever made.
- Worry about things that are out of your control. You can’t often find mentally strong people whining about things such as bad traffic, the long line at Starbucks, or their favorite food being out of stock at the local grocery store. Why? They can’t control this. No matter what they do, it will not change the traffic backup or the fact that there are 10 people in front of them at Starbucks. These people will recognize that the one thing they can always control is their own response and attitude.
- Worry about pleasing others. I am completely guilty of this one. I have mixed reviews though. Obviously you want to please your boss and other higher ups, but the article says that mentally strong people strive to be fair and compassionate when appropriate (like with your boss) but is not afraid to voice their opinion when needed. This can lead to confrontation, but they are ready to withstand that possibility and it with grace.
- Dread taking a calculated risk. It is very hard to move up in life without taking calculated risks. Notice that this doesn’t say take stupid risks, it says take calculated risks. Just like when Tim enters a new trade, he calculates the risk to reward ratio and acts appropriately.
- Dwell on the past. Learn from the past, but do not dwell on it. It has happened and you cannot change it, you can only change the future. Mentally strong people will “invest the majority of their energy in creating an optimal present and future.”
- Make the same mistakes. Learning from mistakes is a huge part of growing and becoming more successful in your life. The article points out that insanity is “when we take the same actions again and again while hoping for a different and better outcome than we’ve gotten before.” The mentally strong person accepts responsibility, uses it as a learning opportunity, and moves on.
- Resent other’s success. A lot of people will be jealous of Tim, but they don’t realize how hard he works behind the scenes. Chances are that other people with great success have also worked extremely hard to get where they are. It takes a mentally strong person to be genuinely happy for these individuals. They are also willing to put in hard work for their own chances at success.
- Give up after failure. Thomas Edison, the guy that created the light bulb, made more than 1,000 attempts before getting it right. Could you imagine trying something 1,000 different ways before getting it the way you want!? Most people these days seem to give up after just a couple of tries (sometimes just one). Again, you can learn from your failures. Edison said (according to the internet, so not 100% sure on accuracy) “I have not failed. I’ve just found 1,000 ways that won’t work.”
- Fear being alone. Mentally strong enjoy and are productive during their time alone. They aren’t dependent on others to make them happy.
- Feel that they world owes them something. People tend to try to convince themselves that others are in their debt, when really you need to rely on your own merits to move forward and achieve your goals.
- Expect results immediately. Last but not least, don’t expect to become successful right away. Tim didn’t turn his $13K into more than $1M overnight, so you can’t expect your great ideas or stock portfolio to become a huge success right away.
I want to leave you with this final quote, “Good things come to those who believe, better things come to those who are patient and the best things come to those who don’t give up.