The biggest reasons that new traders do not make progress quicker and become more profitable faster is that they do not truly apply a strong work ethic to their trading education. Many of us when we were new just fiddled with trading. We would get excited and look at some quotes, and maybe talk to someone experienced casually about it. But the emotions would wane and the excitement would fade, the pressing responsibilities of family, bills, a job, and our hobbies would gobble up our time. Trading would be the last thing on our list not the first.
I truly believe it is better to get serious and put in the time to learn to trade or spend your precious time on something more important to you in your life. Just an hour a day will give you huge progress with 365 hours of study in one year. Two hours a day of homework for a year and you have clocked in 730 hours, at that point you will see some big progress. You have to identify what really works and spend your time mastering that defined method. Focus is crucial we have limited time to squander down rabbit holes. With the free material online with videos, social media, and the cheap used trading books from Amazon their is no excuse not to educate ourselves unless we just do not want to. If new traders just do not want to it would be much better to replace their trading studies with studying what they really do want to do. If you do not have the drive, passion, and perseverance to learn to trade successfully then you will not make it because until the day you break through and make it big it will seem like you are foolish spending all your time losing money.
“People say you have to have a lot of passion for what you’re doing and it’s totally true. And the reason is because it’s so hard that if you don’t, any rational person would give up. It’s really hard. And you have to do it over a sustained period of time. So if you don’t love it, if you’re not having fun doing it, you don’t really love it, you’re going to give up. And that’s what happens to most people, actually. If you really look at the ones that ended up being “successful” in the eyes of the society and the ones that didn’t, oftentimes it’s the ones [who] were successful loved what they did, so they could persevere when it got really tough. And the ones that didn’t love it quit because they’re sane, right? Who would want to put up with this stuff if you don’t love it? So it’s a lot of hard work and it’s a lot of worrying constantly and if you don’t love it, you’re going to fail.”
-Steve Jobs / D5 Conference: All Things Digital, May 30, 2007