Success is a Marathon, NOT a Sprint
My journey as a Trader started from 2011, when I first heard about bitcoin and decided to invest in this unknown, merely on a whim of its future potential. Luckily for me that decision paid off superbly. I then made the transition to Forex in 2016, and start trading Full-Time 2years later. I can honestly say, I wouldn’t be where I am today without taking that clueless chance I saw as an opportunity.
Success as always stayed close to all of us, however, it’s sometimes cleverly disguised as useless opportunities or even an impossible task.
We’ve all heard the statement “anyone and everyone can be successful in trading”. You don’t need a college degree, you don’t need any formal education, nor do you need to know everything about trading.
If all of this is true, then why aren’t more people successful?
In my personal opinion, most people are successful in trading simply because of the unwillingness to do what successful people do. Instead, we make excuses and say, “we need to have a lot of money”, or “I just don’t have the time to spend on the charts” This couldn’t be further from the truth, as I’ve seen people achieve success starting from a trading account with only $50.00. In fact I personally know someone that started with $200.00 and grew that account to $13,000.00 in a little over 6months, they also juggled a regular 9-5 job and attended school during that time as well. Therefore I can with certainty; it can be done and you don’t need a lot of screen time, nor do you need a lot of money.
I‘d like to share with you some Traits of Successful Traders
Successful traders generally have a LOVE for trading. If you don’t love something, or have a passion for it, you will surely give up once the going gets tough. You don’t need to have this “love” before you start, in fact, most people start trading purely for the money that can be generated. However, once you start, you will eventually develop that love and passion for what you do.
We must be able to identify our strengths and weaknesses. This will require us to be open and honest to ourself about the type of person we are . Once you’ve have done this, use this information to your advantage. Trade to your strengths, and AVOID your weaknesses.
Develop or Adopt a Trading Style
Make it your own. There is no trader that’s successful that doesn’t have their own style of trading. While nothing in trading is new, we can create or copy a trading style from someone that has done it before, then personalize that trading style to fit us as individuals.
Plan and Prepare
Yes it’s that simple. If you fail to plan, you inadvertently plan to fail. Also there can be no plan in place without proper preparations. To achieve success in anything in life this is very critical. Trading is no different, each trading day, must follow a specific plan and we must make preparations on how to execute that trading plan.
Learning from mistakes We must be able to learn from our mistakes as traders or as human beings for that matter. Humans are prone to make mistakes, it’s how we have been able to evolve as a race. The problem is, many of us think we are doing this, however, we are merely fooling ourselves and trying to find excuses for our actions. This is probably the MOST important part of being a successful trader. If you can’t learn from your mistakes, you will keep repeating them over and over and over...well you get the point. Common mistakes most of us make while trying to gain success from trading.
(a) using YouTube as our main source of getting accurate trading information.
(b) subscribing to multiple social media platforms and forums about forex
(c) blowing an account several times doing the same thing and being okay with this.
(d) unwilling to follow a specific plan or strategy long enough to see its true success/failure rate. We chop and change between strategies the minute we find ourselves having a few consecutive losses, not knowing we may be blindly following Darby dream of making it Rich off GOLD, only to stop 3 feet from his success.
Are you stopping 3 feet from your Gold?
To become a successful trader will require us to be a better version of ourselves, there’s a lot more to trading than just looking at the charts and being able to tell whether it’s a good time to buy or to sell. Follow these guidelines and you’ll be well on your way to achieve your desire for success in Trading.
Wave FX Academy