Today's Quote: “One important key to success is self-confidence. An important key to self-confidence is preparation.” Arthur Ashe

There are some unique things about the business of trading. Yes it is a business. It is perhaps one of the tougher businesses out there. It is unique because the market has the built in ability to prey on everyone’s weaknesses at the same time.

Take for example the entry requirements. If a person wants to go into business for himself, they will usually require much money to get started. If they do not have it, they must apply for loans and go through a rigorous process. They must have a business plan, and obtain countless approvals and permits from government agencies, banks, and local authorities. Even for a small business.

To open a trading account you do need some money, but a fairly small attainable amount. Beyond that, you need the ability to fill out an account application. With those 2 things, you can be trading in a couple days. This naturally has a tendency to draw in many people who feel they can make the ‘quick buck’ with little capital or experience. Many of you realize that the market will likely chew up these people. It is not a place to ‘learn as you go’. Yet, because of the entry requirements, many give it a try.

Many feel that this will not apply to "them", because they have been successful people in their prior endeavors. Those who have the money to open an account have usually had some degree of success in their life. They are people who feel they can learn and do anything if they try hard enough. They are usually highly confident people, who don’t know how to lose. Unfortunately, the market likes to torment these people also.

Trading is different. What was confidence in a prior life (a good thing) is now stubbornness in trading (a bad thing). They feel they can learn what ever is needed to be a successful trader. The only problem is; they may not know what to study. Psychology steps in as a requirement most have never needed to deal with. They are used to managing other people, not themselves. Getting an education in strategies and disciplines in the market is the answer. It is the beginning all need to consider to make it in this business.