Recently I’ve read a couple of books of interest, one of which has really had an impact on how I think about things! Not just things to do with trading or making money but in how I live my life, form relationships with others and build towards my goals, its been such a hit with me I wanted to share with you…
It’s a very old book but if your willing to dismiss the odd part and have time I’d definitely give it a go. The title – ‘Think and Grow Rich‘ by Napoleon Hill.
The main thing I’ve taken from this book is the art of goal setting, their’s a lot to be said about goal setting although for me it hits the nail on the head. The main things being before you set out on achieving anything you should have several things in mind:
- What you want to achieve quite specifically
- When you want to achieve it by
- What it will look/feel like when you’ve achieved it
The next part is the repetition and motivation you then need to apply to such goal to make sure you see it through!
For example a goal like ‘I want to get rich trading Betfair‘ or ‘I want to trade for a living’. It’s a great thing to achieve although it’s not defined meaning it’s often the reason people attempt although do not succeed, plus a more positive spin on things helps. I know for a fact setting it out as suggested after reading this book and then constantly reminding myself of it anyone is far more likely to succeed, lets look at the last example again:
‘I want to trade for a living’ now becomes:
- I will make at least £250 in any ‘full session’ (saturday afternoon for example) from trading the pre-race horse racing markets as it outweighs my current income.
- I will achieve this one year from now ‘XX date’
- When I have achieved this I will know because I will already have more money spare, be consistently withdrawing from my account… etc.
Once you’ve written it down it has the potential to become really influential by repeating it morning and night. It’ll become almost impossible to ignore and not achieve… I have done things similar like this previously without actually realising what I was doing. I intend to do it even more now! It can be applied to literally anything if you desire it enough…
‘I want to understand the markets more’ might turn into ‘I will learn about Handicap races by reading everything I can about them and watching the markets by ‘XX date’. I will know when I have achieve this as I will be more confident trading them and profit 20% more’ I think you get the point by now…
I appreciate it’s a little off topic but I think this is pretty important when it comes to achieving more in the markets.