Do you really, really, want to be a trader? There is no secret system, method, or guru that will make you a successful trader. Trading is work, trading is taking the hits, managing risk, and learning how to navigate the markets you trade. It is no different than any other profession, there is no quick money to be made in the practice of law, medicine, real estate, or business. It is the same process, you pay your tuition in time and money, you learn, you work, you grow, you persevere and if you work harder than the majority you eventually win.
Many dream of the ‘freedom’ of trading. Trading does not come with a steady paycheck, traders eat what they kill. Traders are not employees they are entrepreneurs they get paid last. You pay your broker first, you pay the traders on the winning side of your trades second, then you get paid with the profits that remain. While you can make as much money as your winning trades allow their are no guarantees that you will make any money. Whether you trade for a living, manage money professionally, or trade for capital appreciation you have to be able to take your losses and not give up.
The winning traders are not really that special, their secret is that they did what it took to be successful. They got the right mentors. They read the right books. They studied charts and systems. The trader’s that win are the ones that put their ego aside and concern themselves with what makes money in the markets. If you are willing to work harder than 90% of all traders to find what works in the markets and once you find that winning methodology to follow it then you will be in the 10% who are profitable. If the losing 90% of traders read only 3 trading books then you read 200, if most new traders study one trading method you study ten, If most new traders give up after the first 6 months you never give up. If you begin with the end in mind and are willing to pay the price to get where you want to go then only you can stop yourself.
What is the secret to being a successful trader? Work, passion, perseverance, and always making your best effort to travel in the direction of your goals.
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”
-Paul Tudor Jones