Why do some people get great results while other’s don’t.
There are many variables that contribute to somebody’s success or lack thereof.
There are many strategies and methodologies that work and product consistent profit and account growth. But given that the biggest variable in trading is you. The person applying those strategies.
How than do we do our best to set ourselves up for success as a trader.
Firstly, we have to go into trading with the right mindset. Are we treating this as a hobby where we do our fundamental and technical analysis when it’s convenient or when we’re in the mood. Or do we develop the discipline to consistently be analyzing charts and looking at what’s going in the market. Use working out as an example. If all you do is workout when you feel like or go to the gym every once in a while what sort of results are you going to get? The short answer is none. Now somebody that goes to the gym or does physical activity consistently and habitually gets results. No difference in trading.
Malcolm Gladwell in his book “The Outliers” talks about to become a master at any craft. Whether it’s athletic, artistic or in this case trading takes 10 000 hours to become a master.
Go in with that expectation. You’re not gonna become a badass trader in a few weeks. You have to put the work and the time in. No shortcuts. No magic beans or silver bullets. Plain and simple you have to be willing to put in the work.
Secondly, once you’ve learned specific systems or strategies stick to them. Don’t go jumping from system to system. And if anybody tries selling you a 100% full proof win’s every time program. Kick them in the nuts and run. They are just trying to sell you something, get your hard earned money without giving anything is return.
Lastly, the game of trading is one of emotions and unless you’re a psychopath, hope and greed and fear of loss and all those other awesome emotions come into play. You can’t not become emotional. We’re emotional creatures. But you can embrace that fact and use that awareness of your emotions to mitigate and manage the impact they have.
When you boil it down learning how to become a consistently profitable trader and to create a recession proof income for you and your family is simple. There are way harder things our there like rocket science, curing cancer and solving a Rubik’s cube while simultaneously trying to beat the underwater pogo sticking record but at the end of the day it’s worth it.
Live Unchained,
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