Trading is not easy. As in a casino or a lottery, the odds are always stacked in the house’s favour and against you. But if you give in to hopelessness, you will never become a successful trader. We always have two choices: give up, or take action and do whatever it takes to win.
Depending on your personal background, there are countless obstacles that can stop you from making a profit. For example, unless you (or your family) are extremely wealthy, you need to find a way to build up capital so you can actually earn enough to support yourself and survive in an ever-changing market. Nobody is born a good trader and, as with every other profession, you have to learn how to become one. You need to find good training and spend time learning to trade properly. Knowledge alone, however, does not guarantee success. You have to hone your skills through real experience. There is also a psychological side of trading that cannot be ignored: learning to accept risk, accept losses and get over disappointment quickly.
Do you think the list of obstacles is too long? It may be long, but positive, action-oriented people do not care how long the list is; they spend every waking moment trying to find ways to shorten it. In his book A Strategy for Daily Living, trading psychology expert Dr. Ari Kiev notes: “A successful life is not measured by chance or luck, but by a succession of days spent living for and pursuing a worthwhile goal.” He also points out that you can work toward your goal every day, day after day, and eventually even the most elusive goal can be achieved. You may make more progress on some days than on others, but what matters most is that you never give up and that you spend every day working toward your goal.
Many traders make the mistake of thinking they need to succeed overnight. When they trade week after week, month after month, without hitting the profit targets they set, they become discouraged. Instead, they should remember that nobody learns to trade overnight. You need time and the right conditions. For example, it is much easier to learn to trade stocks in a bull market than in a falling market.
Do whatever you can to make steady progress toward your goal. Learn about trading strategies. Paper trade (on a demo account) or trade with a small amount of capital at first to get a feel for the market. Whatever you do, be persistent and do not give up. Always take positive action and look for solutions to problems. If you stay in the market long enough, you can come to understand it and become a winner.
Happy Trading!
Technical Analysis course – CMT Level 1
Green Chart designed this course specifically for candidates who want to study and prepare for the CMT Level I exam in Vietnam. The 28-session programme covers theory, practice questions and mock exams. Students also receive free course materials, question banks and mock exams for their exam preparation, plus free lifetime retakes of the course.
Find out more about the course here.
