Many novice traders believe things like “once you become a successful trader, you will (insert positive trait here)”. My point here is that this way of thinking is not only detrimental to your trading, it is simply backwards.
Being a successful trader first does not make you a successful or happy person. In fact, to be a successful trader, even if most of it is bogus, you must first become a successful one. To be successful in stable trading, you must first be able to change your mindset, have the right trading belief system, different and better habits, goals and a plan to achieve them. Today we will talk about this…
“Cheat until you succeed”
“Cheat until you succeed,” they say. “Okay,” you think. “But what does that really mean? Why should we do it? For novice and/or struggling traders looking to make a living trading the financial markets, What is it really like and how is it structured?”
What I’m trying to say here is that it’s very easy. The reason you have to disguise yourself until you succeed is that you cannot be a successful trader if you do not already have the right trading mindset. Many traders believe that once they start making some money, they will do well after that, but unfortunately this does not work.
Note that we are not talking about financial success at this point. In fact, you can fall into the right trading mindset even if you have little or no money. And even if you’re a doctor, a professional athlete, or a business owner who makes a lot of money, you can fall into the wrong trading mindset. . This is why I like to call trading the “Great Equalizer”. Because it really doesn’t matter how much money you have. This is good if you have nothing to start with. All that really matters is your understanding of the market, how you trade, and whether you have the right mindset.
Of course, when I talk about the “trading mindset”, I also mean everything that comes with it. A good daily trading routine that leads to good trading habits, and of course, these things really depend on having the discipline and self-control, patience and consistency to make it happen. Now, we are getting closer to the real “essence” that truly distinguishes men from boys in trading (most traders do not do what is described in this paragraph and therefore suffer losses over time). .
What is Success?
Most traders (or anyone else) define success as making a lot of money, and even if they deny it, “Success is being good at what you do.” I say something like that, but this of course includes money. Money is usually synonymous with success in some way. There is certainly nothing wrong or wrong with this line of thinking, but when it comes to trading, it’s a very slippery slope from ‘money is success’ to ‘if you make money trading, you’re successful’. But here’s why that line of thinking is so. Very dangerous for traders…
In order to actually make money consistently over the long term as a trader, you first need to be successful over the long term. Have you heard the adage, “Success is where opportunity meets preparation”? Well, the most important part of this adage for traders is preparation. To be successful you must be ready. It doesn’t magically happen after you start making money trading.
If you don’t know how to “be successful,” I encourage you to read books, learn from others, read my articles, and study trading courses. There are plenty of self-help books out there, plenty of mentors to learn from (myself included), and the internet is full of self-help resources. The point is that before you can hope to make money trading, you need to set your mind right, your habits and your life. All of these other positive personality traits and habits must already be met in order to be successful in trading, not as a consequence but as a prerequisite..
I wrote an article titled “Trade Like a Baller” and if you want to be a professional trader, pretend it is and act like you are a professional trader until you know you are. or “behave”. However, the word “pretend” probably doesn’t help. If you want to become a professional trader, you will think and act like a professional trader before you actually start making money as a professional trader. The only difference is that he probably has $1,000 instead of $100,000 in his trading account.
The wheels of trading success must be put in motion before trading success can materialize.
Why isn’t everyone rich?
Why isn’t everyone “rich”? Why is he less than 10% of long term successful traders because frankly these things are “difficult” to achieve for most people. Is it easier to binge-watch Netflix on the couch or spend that time reading a book or taking a course to improve your knowledge and skill set? Is it easier to learn and build a trading routine based on a trading plan (and actually stick to it) or just open up your computer and buy and sell when you ‘feel like it’? The answer is pretty obvious, but “easy” is usually not the right thing to do.
In fact, most people born with decent opportunities and good physical and mental health are not “rich” in any country. But almost everyone wants it to be. The reason the masses are not wealthy is that getting there, whether through trading in the market, running a business, or simply being the best at what you do, requires passion and dedication to the pursuit of excellence. , because most people don’t have the motivation to keep it up. Up.
As a trader, you should focus on sticking to your trading plan properly and ignoring the near-constant urges and temptations to overtrade or over-leverage your account. But sadly, most people just can’t ignore the siren’s call to get rich quick and give in, resulting in bankruptcy of their accounts.
Consistent and appropriate behavior, preoccupation with the right things and the right feelings, this is what creates excellence in any field. However, most people become addicted to negative emotions and negative behaviors. And while watching TV and playing video games every night is “fun”, unfortunately, they don’t lead you to greatness or success.
Inability to resist the temptation or primal urge to overtrade, or spending too much time in leisure activities, is the reason most people move from poor or middle class to lower class. Please note, I’m not saying these people aren’t happy, in fact they can be happy with little or no money. But what we are concerned about is making money trading, and we must change our thinking and behavior from a lazy, laid-back attitude to a more focused, focused, and disciplined attitude, or not. and cannot succeed. market.
How organized is your office or home? You might ask, “What does this have to do with trading?” Really, it all has to do with it.
As you know, you cannot become a professional or successful trader if your life is not aligned with other areas. To be clear and cool enough to trade properly, you have to be an organized and disciplined person, and I truly believe that. If you’re a person with piles of junk and papers scattered all over your office and home, your mind is unlikely to be in the state it needs to be stable to make financial transactions.
You have to act like you’re a hedge fund manager, a “thrower,” or a 20-year veteran in the market. All of these people needed a shift in energy and focus and getting the “little things” of their lives on track to begin their professional trading journey. You can do that too if you follow the points I made in today’s lesson. Please also read related articles. Establishment of Forex Trading Room.
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