It is widely known that trading is difficult, but, to my mind, there is a misunderstanding as to why. It is not difficult because it is hard to read the markets, analyze what’s moving, and build a set of rules to take advantage of whatever is perceived as opportunities. It is difficult because it is hard to develop an aptitude to weather the ups and downs of this profession.
I’ve been a trader since late 2006. I run my trading business full-time and that is how I make my living. I’ve learned more in the past 10 years than I have at any other point in my life, and I expect the lessons, the mistakes, the failures, and the successes (all intimately intertwined) to continue.
There are a couple of questions that I didn’t get to answer fairly well during the Q&A session of my presentation at the Tradersfest event organized by Rayner at tradingwithrayner.com. So I thought I’d address that here, and, think out loud for a few minutes.
I receive a lot of emails these days, from people from different walks of life who are either starting their journey as traders or who have been at it for a couple of years without having experienced any kind of major success. And so, the question that I often get is this…
What are the top mental skills I need to possess to thrive in this field?”
For a lot of people, the key to achieving durable success in the markets has to do with hard work, focus, persistence, courage… but I’m here to tell that these are all by-products of something else — something much more powerful that we can all develop. It is this very special something that is essential for building any new skill. In fact, it is a critical factor in trading success and in any other performance-based field.