I’ve failed monumentally as a trader for years, but now I am finally trading successfully. So people often ask me:
- How did you manage to turn your results around?
- What’s the one best piece of advice you can give me about trading?
If you’re a reader of this blog, you probably already know the answer to these questions. If not, essentially, here it is: Making money in trading is an inside job! It has always been.
And I’ve been able to turn my trading around because I’ve finally understood this –not superficially but at a deep experiential level.
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Let me explain…
If you think about it, being able to trade successfully isn’t just a matter of having a proven system. If it were, a lot more people would trade successfully. But we know this is not the case.
So this leaves us with two options…
- Market success is random –it’s like the lottery and nobody knows who’s going to be the lucky one.
- There is something deeper that most people don’t get right.
I’ve seen the second option play out over and over again. Most people don’t understand the nature of building wealth in the markets.
It’s not so much that they don’t know how to trade, don’t have a proven system, or even that they don’t understand the markets, rather it has more to do with the way they think –their way of thinking is limiting. And it also has to do with their lack of an inner life.
Basics skills like concentration, introspection, and emotional regulation are hardly ever taught.
You see, the way most of us are taught to think right from the beginning of our lives is limiting and rather linear. We are taught to strive for comfort and to survive while experiencing as little pain as possible.
We are taught that failure means that something is wrong with us, so we strive to escape the pain of being wrong by developing a passion for being right.
Naturally, when we start trading, we transpose that linear way of thinking onto the market. But as we find out, the market is more uncertain than our minds would like it to be. This is why it is so important to do our research and learn as much as we can before we sign up and actually start putting our money on the line. Polish speakers can learn about trading, specifically crypto trading, here https://www.kryptoportal.pl/trading/, which may help them decide whether they want to take the leap into this world or not.
Trading also involves various shades of possibilities which bring forth different feelings of ease or strain, and most people don’t know what to make of this.
We spend a good portion of our young lives at school memorizing stuff we won’t even remember in a handful of years. I mean, I don’t even remember half of the stuff I learned in high school. Not to mention grade school. Do you?
Yet, basics skills like concentration, introspection, and emotional regulation are hardly ever taught. And these are essential life skills that help one navigate the real world more efficiently —let alone the markets.
This is why, day after day, new people approach trading the same way and the majority ends up losing.
Ultimately, when they see others succeed, they automatically deduce that these people must have a one of a kind trading system. So they set themselves up on this never-ending holy grail trading system chase, always looking for an elusive solution outside of themselves when it’s always been here… inside.
Consistent profitability in trading begins with the way we think, and it certainly has to do with what we believe about money, failures, risk and, more importantly, it has to do with what we believe about ourselves.
If we don’t believe in ourselves, how can we ever succeed at our chosen craft? Of course, having the relevant skills and knowledge will also have a lot to do with it. For example, if you wanted to trade cryptocurrencies, you could either find a relevant site, or the best equipment like this bitmain antminer s9 bitcoin miner if you wanted to create your own, and then trade them to the relevant people. This is how money is made. If you begin trading without having the belief that you can achieve anything that you put your mind to, you will never make it to the top of your game.
Again, the secret to market success has always been the same: what’s going on in our head. While the masses believe that making money in the markets is strictly in the elusive holy grail trading system, the traders who get it right know that making money is really an inside job. It’s a cause and effect relationship.
That is why trading psychology is S O important. Because if you don’t understand that your behavior is based on what’s going on in your mind, which in turns shape the results you get, then you will never be able to understand success (or the lack thereof), and you will always attribute it to external factors.
Let’s set the record straight once and for all: Anyone can make it as a consistently profitable trader. I’ll be honest, talent helps, especially if you do discretionary trading, but it’s not a determining factor.
If patience, determination, self-acceptance, equanimity, and other qualities associated with successful trading can be taught and acquired one way or the other, then learning to trade effectively becomes less of a dream and more a reality.
What kind of person do you need to become to build the trading career you want? It isn’t all about your work skills or resume, although these things are important. In order to create a career you need to start somewhere, and starting with a great resume (perhaps written by resume writers like https://www.arcresumes.com/local/tennessee/) is where most people begin their trading careers.
Here’s my advice to you: Write a plan of action that will help you grow into this person. And start by telling yourself that success is dependent upon you, and only you!
And check out The Trading Psychology Mastery Course.
All in all, start spending more time working on your mindset. After you’ve figured out a proven system, it’ll make a world of difference to your bottom-line.