Trade to Win: Proven Strategies to Make Money

Chapter 18. Psychology and Discipline: The Winner's Edge

In 1989, Stephen Covey wrote his mega-seller, The Seven Habits of Highly Effective People (Free Press, 1989). Since that time, Covey has gained the respect of leaders and managers from all walks of life. Through his books and his institute, he has taught thousands of people how to become more effective in managing and living both their business and personal lives. Reading about the seven habits will probably not have a lasting impact on anyone. However, taking action and using the seven habits will make a difference. One of my friends, Mike Dow, was the mayor of Mobile, Alabama, for 16 years. Shortly after being elected, he attended one of Covey's courses. When he came home from the institute, he worked diligently to put the principles that he had learned into practice. Mike says that the information he learned from that course changed his life. Mike is known throughout the community as a man who gets things done. He did not learn a theory or read about some ideas and put them on a shelf. He put the ideas into practice and he got results. The more he practiced the seven habits, the more ingrained they became in his routine. After all of these years, I think he is a walking example of those principles. Mike put the principles into practice. He disciplined himself to carry out the principles and rules that he had learned.

As with the seven habits, it will do you no good to read trading strategies if you do not exercise control ...