HOW TO BE THE 1% 🤔💫🤩

Our culture is obsessed with the rich, famous, and successful people, yet what is left behind is both the hard work and sacrifices of those who «made it»
And millions of those who failed miserably en route to fame and became nothing.

There are multiple theories on and philosophical systems, that reflect on success, but ill bring out the key points:🔑

➡️ Genetics, upbringing, and connections determine 70% of the outcome.

Oh yes, as much as we don’t like to think about it, it is genetics that determines our capacity for sports, singing, our intelligence, speed of reaction, etc.

For example, musical talent is determined by the specific structures in the brain, and some people have those from birth, and some people do not.
These structures might differ by a factor of 10.000 from person to person, even though the brain size would be the same.
So you might spend 20 years in musical training and be good, but you will never be a Mozart without those structures in your brain.

Training and upbringing, In turn, affect whether you will be able to use these Brain structures, as well as the society in which you were born, determines if your talents will be useful or not.
One might be born a genius mathematician, but if he did not get good training, or if he was born in the dark ages, his talent would have been wasted.

One's family and social circle affect which connections will the person have in adult life, and it is for better or worse but cronyism and nepotism as still widespread, And the connected ones, even without being super bright, usually outdo those that aren’t.

➡️ Pareto 20/80 Rule, or risky business VS the safe one.

Almost everything in life follows the Pareto Rule, which says that 20% of your effort brings you 80% of the result.
There is another interpretation too: 20% of people will have 80% of all success in the given industry.
This rule applies best and in its extremes to the high-end risky businesses with ultra-high failure rates paired with the ultra-high payoff.

These industries are Acting, Music, Sports, and Trading!
As you can see, in acting, which is the extreme case, 1% of the actors make 80% of the Income generated by the industry. The same goes for music and sports where the select few make the big buck, and those that aspired but failed, barely make a living. Compare this to being an engineer or a doctor. The failure rate is much lower, which lowers the risk of entering the profession, but the highest potential income is lower too!

This applies to Trading too, as once you’ve learned how to be consistently profitable, the sky is the limit. There is no difference in the cost of labor or time spent on making a trade with the risk of 100$ and making a trade with the risk of 100.000$
Of course, at some point, your trades will get so big, that YOU will start moving the market trying to enter the trade, but that’s a story for another day.

➡️ Your power of will, determination, patience, and readiness for sacrifice.

Trading is a unique industry, where ANYONE can succeed, without needing a diploma, connections, or looks.

In essence, trading at its core is about pattern recognition. You discover a pattern, learn to find it on the chart, and then find a way to use this knowledge to extract monetary gains by playing this pattern with the probability being on your side. That's it. That easy.

Then why is it, that 99.9% of those who try trading, ultimately fail?

In my years of trading, I’ve noticed a pattern:💡

A- GET RICH FAST attitude
B- Do not spend time educating themselves
C- Do not treat Trading like a business
D- Lack of Patience
E- Can not follow rules

⚠️People think that forex is a Magic Money Tree, just stretch forth your hand, and you will drown in gold…

In reality, however, learning to trade will take YEARS, will cost you a fortune and no one will guarantee you success.

HERE IS MY ADVICE TO THE NEW TRADERS: 🤓

🎯 HAVE THE RIGHT MINDSET
1)Prepare for failure, disappointment, and tears
2)Realize that you will train for YEARS
3)Learn to fight and not to give up

🎯 GET GOOD HABITS:
1) We ARE our habits, so recognize what is good for you, and make it a habit
2)Staying in good health is underestimated, while in reality, your physical condition has a direct effect on your mind.
3)Work on your mistakes. You will never learn If you do not access your previous work critically.
4)Make a plan for a week, then break it into daily tasks. Do it for a month and that will become a habit.

🎯 MANAGE YOUR FINANCES WELL
1) Learning to trade is expensive and time-consuming, so make sure you have an income.
2)Learn basic financial literacy and spend less than you make. Easy right? But if you lose an account that cushion will help.
3)Do NOT quit your job the moment you became profitable. This sounds obvious, but the market will test you multiple times, and unless you’ve got enough savings to last for 1 YEAR without working, ditching a stable source of income will not only make you vulnerable but will also affect you mentally which will negatively affect your trading.

📈FOLLOW these steps and you will increase your chances of success in trading by a factor of 10!

PLEASE LIKE AND COMMENT TO GIVE ME A BOOST!