"Success is more a matter of proper mental preparation than having a good trading system".

Norman Hallett knows. For over twenty years, he was a trader and grew to understand the importance of having the proper trading mentality. As a matter of fact, he realized that proper mind-set is so important for traders that he started up www.directyourmind.com. On his website and course offerings, he teaches traders of all ilk how to "put on a proper trading head".

Some of the pearls of wisdom he promotes are:

• Successful option traders set goals. Trading and investment goals should be specific, realistic, measurable and attainable. Moreover, trading and investment goals should be tracked and evaluated on a regular basis.
• Successful option traders specialize. It's better for an option trader to know a few things well than to know a little about a lot. Becoming an "expert" on a few companies, commodities or other investment vehicles really helps a trader understand the small innuendos that can help make the difference between a winning or losing option trade. Many option traders develop several trading systems specific to the stock, option, commodity, etc. For the novice option trader, it's a splendid idea to focus on just a few types of investment products and strategies and learn everything possible about them.
• Successful option traders take losses in stride: Norman is right when he says that nobody likes to lose but option traders need to under-stand that losing is part of winning. If an option trader is disciplined and pulls the trigger when the system calls for it, the trader will be trading with the head and not the heart. Traders understand it's a game of probabilities and money management. Losses will happen.

• Successful option traders are prepared and stay focused: A successful option trader is like a well conditioned athlete. They need to be rested, eat well and be sharp every trading day. Many option traders pick a specific time to do their trading. They pounce when their targets are hit, set up stop-loss instructions and walk out the door. Before placing an option trade, "vision" the way it should unfold and when reality follows the vision, be ready to act. Come prepared and have your strategy clearly defined before it happens..
• Successful option traders stay detached: An option trader needs to be totally objective and keep emotions out of trading. That's the purpose of having a clearly defined option trading process. Establish a system and implement it the same way- every trade. No exceptions.
• Successful option traders are independent thinkers: Norman warns that following the advice of brokers or "experts" can be a mistake. Experienced option traders learn to trust their system. If the system isn't working right, they stop trading and fix the system.

Too much emphasis is placed on technical information and analysis. Not enough emphasis is given to having the proper mental preparation. In fact, many experienced traders, such as Norman Hallett, strongly believe that success is much more a matter of proper mental preparation than having a good trading system. Option traders and investors need to give this topic serious study; more-over, learning how to stay detached and objective may very well be one of the most important lessons for success in life.

To learn more about options, take advantage of Options University to give you the education on everything you need to know about options-from basic to master