You never know when the markets will do what you think they are supposed to do. Many times, like God, the market does not deny, it just delays. Serious traders weave protection against this delay into the fabric of their program. There is no greater rule to learn than that of money management. All the horror stories you have heard about commodity trading are true. Good people have been totally wiped out by doing the wrong thing. That wrong thing has never been the market, nor the fact the trader made a bad call. Indeed, every successful trader will have bad calls, losing trades. And lots of them

The wipeouts you have heard about, every single one of them, have come from placing too large a bet on a trade or holding on to a losing position too long. The sooner you learn to master your defeats, the sooner you will be on your way to amass the wealth possible in this business. It is your failures, not your successes that kill you in this business. Failures do not build character, they destroy your bank account. The foundation to all your success is in the preceding paragraph. Psychics may or may not be able to predict the market, value may or may not prevail. The world of speculation is about predicting the future and that is difficult at best. The fabled United States military complex, which had supposedly bankrolled the brightest of the bright, and thousands of intelligence officers, was not able to predict the fall of the Berlin wall' So how can you and I hope to do better? Our inability to see the future very well is proven yearly by such august sports magazines as Sports Illustrated. In 1997, their oracles predicted Penn State would be the number one football team, ranking Michigan number 18. By the end of the season, Michigan was number one and Penn State floundering. Washington was supposed to be number three, but was beaten by lowly Washington State, a team not mentioned in any top 20 list, that went on to win the Pac 10 championship and almost upset Michigan in the Rose Bowl'  

People who make their living looking into crystal balls are destined to eat a lot of broken glass. But take heart: although neither you nor I can divine the future, especially price action, we can learn to control our losses. That is a certainty, based on math, that will provide the building blocks for your successes. Each and every one of them. For years, I chased the prophets of profit, those financial soothsayers who claimed they, or their indicators, could reveal the future. Eventually, I realized that God does not want us to see the future. It is as simple as that. If we could see "out there," we could all be millionaires many times over. We would bet the ponies, spin the roulette wheel, and roll dice, except of course, no casino would back the other side of an unwinnable wager. Besides, how thoroughly boring life would become if we could know today how every day of our future would be. Who would want to live that way-- Where's the joy of discovery, the magic of the unknown, the thrill of victory, the challenge of overcoming limitations? If we were all be rich from our powers of foresight, who would work for us, grow wheat, raise cattle? There would be no phone company, no movies, and no television, as no one would need to work. Worse yet, who would hire us? 

 Like I said, God with infinite wisdom, does not want us to know much about the future and for sure very little about the future of futures.

Would-be speculators think this is a game of knowing the future, of knowing that which cannot be known. It is not. This is a game of developing strategies with winning advantages, getting the odds on your side, working those odds, and staying alert to any potential changes in the game including new players or new ideas and concepts. The word speculate comes from the Latin specular, meaning "to observe," as in spectacle (your glasses). We are not like gamblers, who enter a game they cannot win over time. All they can do is hope chance will run their way, not that of the house. We speculators observe how things should happen in the future, but because we know there are no guarantees, we protect our position with appropriate preservation of capital techniques, so we can win at our game. The art of speculation requires one part observation tossed together with one rather large dose of preservation. My Most Important Market Belief Based on my research and experience, I have developed a powerful and profitable belief system: I believe the current trade I am in will be a loser ... a big loser at that.

This may sound pretty negative to all you positive thinkers, but positive thinking can give way to thinking you will win-a surefire formula for buying and selling too many contracts and holding on too long. After all, if you are positive things will work out, you are certain to hold for a bounce or turn that never comes. I look at it this way, if you get all pumped up and glossed over with positive beliefs about your market success, your conviction will lead you to mismanage losing trades. That is why belief systems are so important to a trader. If your belief system tells you the current trade will be a winner-and it isn't-the need to confirm that belief in your mind will literally force you to let losses run, to stay with losers, something no successful trader ever does. An outrageously positive belief that the next trade or two will turn your account around or make a small fortune for you is most dangerous. Now let's look at my belief that the current trade I am in will be a loser, that I have no pact with God for success on this trade. Indeed, I genuinely believe the market is not precisely perfect. Keep in mind the data for this belief overwhelmingly supports it; 75 percent of mutual fund managers do not outperform the Dow, 80 percent of short-term traders lose their risk capital. On a personal note, many of my own trades do not make money, and I can positively guarantee many of yours will not succeed.

No major loss I have ever had, and I have had more than my fair share of them, has been the market's "fault." "They" were never out to get me. I got myself by believing my current trade would be a winner so I did not follow the rules of the game. I agree with those who say you are only as powerful as your belief system because that belief will give you the power of taking an action with more certainty and less hesitation. We act out what we believe: those mental beliefs are the scriptwriters for our play of life. Adopt my belief that the current trade will most likely not work out and you sure as heck will protect yourself with stops. You will control disasters, taking the first lifeboat possible instead of going down with a sinking ship. Adopt my belief that the current trade will most likely not work out and you sure as heck will not load up on a trade, banking on it to ball out all your problems. A tiny loss can wipe you out when you have taken a very large position or number of shares or contracts. Positive beliefs about future results cause us to take on undue risk. Doing that in a game where the odds are unfavorable to begin with is a sure invitation to disaster

 

 

Risk Management

Under the section My Most Important Market Belief, Larry writes.

“I have developed a powerful and profitable belief system: I believe the current trade I am in will be a loser . a big loser at that. This continues to be my most important market mantra. Winners we can handle, it’s the losses that kill you.”

This reminds him to stick with his stop-losses, not be complacent, and keep money management at the forefront of his mind.

He says.

“Loss control is still what separates winners from losers. In trading it takes only one trade that gets away from you to wipe out your bank account. Just one.”

 I believe the current trade I am in will be a loser and a big loser at that.

Your trading success starts the day you realize losing is normal

I will repeat everytime i log on to my metatrader 4, metatrader 5, tdameritrade and tradingview accounts

Daily repetition is the secret to living a good life. It's not rocket science, it is so simple you could reject it, it is so simple you could not pay attention to it.

I will do the daily repetition of repeating those two above sentences multiple times a day.

Hopefully that will lead to not blowing my accounts anymore and hopefully i will have some wins that will grow my account. We're are in march 2022. hopefully by january 2023 those two sentences will be buried deep in my subconscious through constant repetition and i will be a successful trader. something i've wanted since 2008 but i didn't know the value of repetition so i didn't repeat larry williams belief and it didn't become my belief

Larry Williams Continued.....

Would be speculators think trading is a game of ‘knowing’ the future, which cannot be known. Trading is a game of developing strategies with winning advantages, getting the odds on your side, working with the odds, and being alert to new ideas and concepts.

The word ‘speculate’ is derived from the Latin word specular, meaning ‘to observe’. We are not gamblers who enter a game which they cannot win over a long time. All they can do is – to hope that chance will run their way. My most important market belief, which based on my research and experience, I have developed a powerful and profitable belief system :

I believe the current trade that I am in will be a loser, a big loser at that. This may sound negative to positive thinkers, but positive thinking can give way to thinking you will win-a-surefire formula for buying and selling too many contracts and holding them for too long. After all, if you are positive things will work out, you are certain to hold for a bounce that never comes. I look at it this way, if you get all pumped up and all glossed over with positive beliefs about your market success, your conviction will lead you to mismanaging your trades. That is why belief systems are so important to a trader. If your belief system tells you the current trade is a winner, your mind will literally force you to let your losses run, to stay with the losers, something that no winning trader ever does. An outrageously positive belief that the next trade or two will turn your account around or make you a small fortune is the most dangerous. Now, if you start with the belief that the current trade is a loser, and there is no guaranteed success on this trade, you will be certain to cut your losses when the trade does not work in

No major loss I’ve ever had, (and I have had a fair share of them) has been the market’s fault. The market was never out to get me. I got myself by believing my current trade would be a winner, so I did not follow the stop loss.

You are only powerful as your belief system, because that belief will give you the power of taking action with more certainty and less hesitation. We act out what we believe. Our mental beliefs are the scriptwriters for our play of life and in trading.

If you adopt my belief that the current trade will not most likely work out, and you will be sure to protect yourself and your capital with stop loss. You will control disaster by taking the first lifeboat rather than going down with a sinking ship.

Adopt my belief, and you will be sure to not load up on a trade, banking on it, to take you out of your problem. A tiny loss can wipe you out if you have taken up a large position.

Positive or certain beliefs about the future can cause you to take undue risk. Doing that in trading, where the odds of success are not in your favor is a sure invitation to disaster.

repetition

what do you wanna talk about Samuel?
I've been focusing on reading and reading a few books. reading a few pages, 5 to 7 pages over and over again.
do you enjoy doing the repetition.
yeah I enjoy. but I realize it might take time for my dreams to come true
what do you mean?
like zig Ziglar said, repetition is the mother of learning. and I read that quote everyday. I have it as the background on my facebook page. so Everytime I log onto my facebook page I read that quote, repetition is the mother of learning. but it might take a couple years of repetition for me to get the information in the books and start applying it
is that a bad thing?
it's not a bad thing if you got money coming in
oh ok
but I can see why many people will give up
what will keep you from giving up
I've bought over fifty books on writing. I was looking for that one book that would get me to my dream but I was never persistent in reading the book but now I am
what changed?
the material I read wasn't sinking into my deeper mind. so it was of no use to me. if it doesn't sink into your deeper mind you're not going to apply it. and the only way it sticks into your deeper mind is through repetition.
you knew about repetition years ago. why didn't you put it into practice?
I don't know. I just didn't want to do the repetition or I knew about it but not deep down in my mind. cause if deep down in my mind I knew repetition was the mother of learning I would be doing the repetition. but I wasn't so I didn't believe It deep down in my subconscious.
but now you believe it
yeah now I believe it. I read the quote from zig Ziglar everyday. and I do the repetition with a few books that I read five to seven pages over and over again for three days then go to five to seven pages for the other three days of the week. I take sundays off.
do you really believe what you're doing will lead to success?
like zig Ziglar says repetition is the architect of accomplishment. I want the accomplishment of being a published author that's why I've bought all those books on writing but the accomplishments will not come without repetition.
do you think you'll keep on doing the repetitions for years and years.
depends
depends on what?
depends if money is not a problem
is money a problem for you
I don't wanna talk about that.

I'm doing repetition of reading the same couple pages of a few books

I've been doing the repetition of reading five pages of the secret of story by matt Bird over and over again. I feel like the information is going down into my deeper mind because of the repetition. hope i keep it up

I'm reading through the Breakthrough comedy writing system ebook. I'm going over it very slowly; reading and rereading the same couple pages over and over again. repetition is the mother of learning, the father of action which makes it the architect of accomplishment.

repetition of reading the same chapter in a book

Repetition is the mother of learning, the father of action, which makes it the architect of accomplishment.

Accomplishment is very easy. You just need years of repetition and you are guaranteed success.

what do you wanna do today samuel?
i've been doing lots of repetition with my reading
so what
i didn't use to to that before.
and what?
i used to want to finish reading a book on writing and get to the next book but now i realize my life is all about repetition. i repeatedly drink, eat, pee, shit, sleep, read mark 11:23, watch preachers preach on mark 11:23. so i think i should do the same with the books on writing
so you wanna read the same chapter of the book over and over again
yeah, not even the same chapter. the same 5 pages over and over again
then you'll never finish reading the book
but what i do read will sink down into my subconscious mind, which is the father of action
i think it's a good idea but you might not see results in three to four years.
as long i get my money every month i got nothing to worry about

Without repetition you don't learn

Repetition opens the front and back doors of my mind.  When I use repetition, I walk through the front door and deposit positive thoughts on the counter of my mind.  When other people use repetition, they sneak in the back door and deposit their unwanted messages.

the sun is doing it's repetition of coming up and down
i woke up and ate some bread. i did my repetition of eating. what did i eat 10 years ago today? i don't remember what i ate but i'm 100 percent sure that i ate something
yahoo, facebook, twitter and tv stations are doing their repetition of feeding mindless stories to the sheeples
repetition is how you build muscle
repetition is how you learn
so you have to repeat " i command 100,000,000 dollars to come to me. i command 100,000,000 dollar lotto jackpots to come to me"
you don't repeat that just once but hundreds if not thousands of times a day
turn off the mindless tv and the repetition of stories on facebook or dailymail.co.uk

do repetition of lottery visualizations
repetition of reading the same book on comedy writing

The tools available for you to use to develop abundant thinking — positive affirmations, vision boards, mind movies, motivational books, and the like — only ever work if you keep on applying them. They only work with repetition.

That’s why attracting abundance is a matter of repetition. In fact, isn’t that true for anything you want to learn in life? Whether it be a subject in school, a sport, dancing, singing, or anything else … the only way to become accomplished at it is through practice and repetition.

Affirmative Repetition

Persistent exposure to the same words, the same phrases, and the same ideas automatically rewires your brain and implants a new language into your mind, without you trying.

It's like getting a song stuck in your head, except it doesn't fade.

The formula is simple: the more repetition, the deeper the reprogramming.

Affirmative Repetition is a critical tool that your wealth reprogramming stick in your mind... and stay. Just like the catchy song you can't get out of your head.

As you move about your day, you will hear the same wealth principles on repeat, over and over again...

And your mind, especially your subconscious barriers, will be unable to stop them.