Trading Success – A Hyped Truth Or Achievable Goal?

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  • 24 Jan 2023
Trading Success – A Hyped Truth Or Achievable Goal?

Do you want to trade the markets and make money? You're not alone; it's a dream shared by many. Yet, is it one that can succeed, or is trading success an unattainable dream? One of the hardest things about becoming a successful trader is actually making it a reality. You're at square one when you start, surrounded by traders and programs that all seem to talk a big game. In this guide, we are going to explore whether trading success can be obtained in an honest and forthright manner.

The Truth about New Traders

When most people first get started in online marketing, one of the first things they do is start looking for the very best “systems” that will allow them to make money on autopilot. After a while, you start to realise that despite what the “guru” says about their program being unique and proven to work, it's nothing more than a rehashed version of another system. These folks don't have patience. They want things done now, not after putting in hundreds of hours of hard work to create a solid base.

These are the main reasons why most people fail.

  • Burnout Passion is essential to success in trading. If you have no passion for the markets, it's not worth your time. I've seen many people try to learn to trade, only to become disillusioned with the process and quit altogether.
  • Following Others It's a jungle out there. A wild, uncharted one, teeming with trading strategies and investing do's and don'ts. But when it comes to learning how to diversify your investment portfolio, do not blindly follow other investors’ portfolios. You need to learn what works for you and what doesn't.
  • Zero Planning Unless you create a trading business strategy, you will not understand how to enjoy the best benefits from your trades. You must admit when your method is ineffective so that you can make the required changes.

How to make it work?

Now, let’s say you have the passion. You have the knowledge. You have the plan. But before you start trading and putting your plan in motion, think again: do you have the mental toughness to stay on track when you're experiencing failures? Trading takes time and discipline. If you don’t have emotional control and self-discipline, you will likely fail as traders have failed in the past. This is not because they didn’t have the right strategy or some secret weapon, they failed because they lack psychological discipline. Stock traders are human. Even the greats we idolise, including billionaire Warren Buffett, have made mistakes. In fact, Buffett made an after-tax loss of around 444 million USD by dawdling on 415 million Tesco Stocks. Now before you go owning up to your own trades or mistakes from the past, don't worry - pretty much everyone has suffered their own personal setbacks in their investment careers. The key is whether or not one learns from these missteps and uses them as lessons for future successes.

Conclusion

Ultimately, success as a trader will come down to how you approach the profession. If you are ready to put in the effort, you are sure to be among the 6% who love their careers as professional traders.

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