Everyone can achieve inner greatness. The key is to set goals. And while that may seem obvious, there are very few people out there who understand how to do this properly. For that reason, I’ve created a five-step process called C.H.A.M.P.
Video: Market coach Doug Hirschhorn, PhD, discusses what it takes for traders and any other professional to achieve greatness.

C is Controllable. No one can control everything that happens to them, but you can set goals that are entirely within your control. That said, money goals are not what I’m talking about here.

H is Hard. Goals should not be easy. Rather, they should challenge and push you to the next level.

A is Accountable. You either have to answer to yourself or allow someone else to hold you accountable.

M is Measurable. Make sure you’re able to quantify your progress along the way. It’s the best way to keep your eye on where you’re going.

P is Positive. Your approach should be positive. Think about what to do and avoid telling yourself what not to do.

By following this simple, five-step process, you can find your internal level of greatness in whatever you do.

Think better, invest smarter. Click here to view the online video of this post.

To become Great at anything, including trading, you have to have three things:

1. A passion for what you do.
2. An unwavering internal confidence.
3. Great risk management, or 1 and 2 won’t matter.

The recent financial struggles of two formerly great athletes are a reminder that risk management is vitally important, no matter how much money you have.

First is former Cleveland Browns quarterback, Bernie Kosar. Kosar is smart, talented, hard working, generous and an over-achiever. Now in his mid 40s, he is divorced, his body is falling apart and he recently filed for bankruptcy. Bernie may be broke, but he’s not broken. Why? Because he’s a winner and he knows it. Kosar says adjusting to regular life is hard, making money is not. Kosar worked hard in the past to win and will do the same again to get back on top.

And then, there’s Lenny Dykstra. The guy’s nickname is nails, and no one played professional baseball harder. But Lenny’s been hammered by extremely poor risk management and had to file for bankruptcy. Is he a genius? Probably not. But he is an entrepreneur and a winner — after all, Dykstra did start a car wash franchise and sell it for tens of millions of dollars.

The lesson: You can have passion and internal confidence in abundance, but without great risk management, failure is the likely outcome.

Think better, invest smarter. Click here to view the video associated with this post.