1. Trading requires utmost dedication and education
Trading is just like any other craft, it needs to be refined for years and years, it is not something that you learn in a seminar and you will get it thru a light bulb moment.
I personally have attended several seminars and workshops, it does not guarantee 100% success, and honestly sometimes, it makes things even more complicated and sometimes makes you lose your path. The best thing to do is to make things simple by just focusing in one area or system, not jumping from one to another. Then once you have a planned system in place which works for you, you have to give in the hours since now you know what you are doing and how you are supposed to do it, rather than not knowing how to do things.
There will be many missed gatherings, events and parties, but when you are dedicated and working towards your goal, you will have to compromise some areas of your life, this isn’t a joke, it does really happen, but of course you have to prioritize and de-clutter to know what are the things that matter (ex: trading, family).
Many traders and professionals do not give this much importance- there are many non-trading related individuals who jump into trading from the medical field, engineering field, and Information technology field then wipe out everything they have saved for decades since they think it is easy, that they succeeded in their field so they can also succeed in trading. The reality is that not everyone gets to tell his or her own success story
Trading is just any other skill or endeavor that requires intense dedication to achieve great heights
2. Trading requires you to have focus since there are risks involved if you are not.
You will need to diligently create your trading plan, make market scenarios, document, and journal your trades regularly so that you can use them for actual trades, to review your mistakes so that you can perform better in the next trade encounter.
You will need to stick with your plan once you have created then and have unwavering commitment to do whatever it takes to reach your goal no matter how many times you’ve been knocked down.
3. You have to remove all noise to think clearly.
You have to purge yourself from the news media, forums, social media and any other sources of misinformation. Once you have removed yourself from all of those, then what? This is the time you have to pick up what is necessary, decluttering is very important in this field.
As the market is progressing, there is more data and information available out there. That is why you have to hand pick what will you read and listen to
4. Everyone has his or her own journey.
You should never compare your journey or progress from anyone even if think both of you are going thru the same situation. There are some traders, who are fully dedicated in their craft and have no other major responsibilities in their lives and you see them post 100% gains in a month, you should not be discouraged. Every single person has their own battles, let’s say you are a father or a mother who is single-handedly the bread winner of the household and does the chores at home, buys food to eat, pick up and drop your kids at school and when you get home from your tasks its 2 AM? Then next day you have to start at 6 AM? How can you compare yourself and your trading results from that person who is fully dedicated and has no errands? Alternatively, to a parent who is a full time trader and only picks up his children from school and has no tension of being a breadwinner and post 150% gains year to date without having much pressure?
People may say that a person has dozens of reasons but they do not know what is beneath, that is why everyone has their own journey. We all should respect what everyone is going thru.
However, one thing remains, does the person who is struggling making any efforts to succeed in trading? That is what matters and being self-aware of your situation, pin point the different aspects of your trading career, and make yourself better. This is the most important thing to do and not to complain. If you can seek help from those individuals who have gone thru the same situation, you are in.
5. Your personal life matches your trading life.
You have to clear your personal life, what I mean by clearing is to have a positive mindset, despite all the negativity around us- this can be done by meditation, contemplating and other ways which matches you. Then once it is clear, you will be able to make informed and well-planned decisions. So balance in your personal life and trading life, it will help you reach your full potential.
About the Author
Written by Jr. Mentor Hyperion (Alpha Centauri's Spark). Father. Trader.