Being a full-time trader & running a coaching program for the last three years, I met hundreds of struggling traders from different parts of the globe.
Guess why the majority of them could not make it? What was the main reason for their bad luck?
It wasn't their trading strategy, nor their technical analysis. The source of their failure was the expectations. Trying different trading strategies, following the signals of different signal providers, these traders expected quick gains and exponential account growth. They were actually in a state of a constant search of a holy grail, of a magic wand that will open Pandora's box to them.
Just a single losing trade made them skeptical while the first losing streak made them drop the strategy and return back to the search.
They keep spending thousands of dollars on trading strategies promising them close to 100% win rate.
There is this common mantra, the stereotype about a pro trader: a guy with 4 screens making a quick buck on each and every market rally, driving Lambo, and living in a mansion.
Unfortunately, the reality is different. Ahead you will encounter loneliness, losses, pain, and disapproval. The road to success in this game is long and dangerous. Get ready to see the skepticism in the eyes of your relatives and friends. Many years and tons of money must be spent in order to make it.
But even mastering the system, becoming a consistently profitable trader you will not constantly beat the market. Your wins will just slightly outperform your losses giving you the means for living.
If you are ready for that if you are courageous enough to start and to proceed no matter what, you are already one step ahead of the majority. Be prepared to work hard and practice much, set a correct goal, and sacrifice your presence for the sake of an independent and prosperous future.
Are you ready?
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I agree with you Vasily,
discipline is the most important thing in trading. If you followed your trading plan but still lost money... you still won.
You won a psychological battle, and this should be celebrated.
Over time consistent actions beget consistent results!
The most important thing when trading is about having a Trading Plan. When you have a Trading Plan, you are not trading randomly. If you suffer a loss when you're trading based on your trading plan, you can make adjustment to your trading plan, adapt and improve it. And since you already have a trading plan, the next things is to have discipline. And with that, combining trading plan with discipline, you'll start to learn to control your emotion. As long as you're trading, you'll always be plagued by fear and greed. But trading plan and discipline will be able to help curb that.
Finally, it's to keep trying and improve and never give up.
Hard work does not guarantee success, but no SUSTAINABLE SUCCESS comes without any hard work.
Love your post! People who never trade before will think it's super easy to make money, but as a traders/investors we all know it is much more than that. Thank you for putting out great thoughts about this topic!