|Trading Psychology How do we learn to conquer our fear and greed? Discuss the mental aspects of the game.|
|09-22-2016, 02:42 PM||#1|
| || |
The Best Time to Become a Trader
Someone in a West African country - a young man - had exhausted all means of getting a reliable livelihood, including hard manual labor. He resorted to commercial motorcycle riding. At least, he was able to get some money to feed his family.
One day, he’d a near fatal accident, and got confined to bed for weeks. I thought he’d never go back to commercial bike riding. I was wrong! Since he thought he’d no alternative, he went back to that job.
The young man went back to a job that nearly claimed his life because he’d no alternative; yet many quit trading because they lost negligible amount of money. People suffer ignominious defeat in other areas of their life and careers, and they don’t see any big deal in that. Nonetheless, they see a big deal in trading losses and they think there are better alternatives.
There are many people who tried to discourage me from trading when I started. These were people who were considered intelligent and successful in other fields, like religion, education, politics, etc.
For example, one respected religious man told me that he didn’t want to become a trader because he knew those who wanted to make heaven shouldn’t trade. What a totally wrong opinion about trading? That statement could discourage ignorant people from attaining their potential as traders. The man later sent me a personal email, asking me to remove him from my mailing list because he wasn’t a “businessman,” and he wasn’t interested in trading. I quickly removed him from my mailing list. He later blocked me on Facebook because he didn’t want to see some of my posts, which obviously related to trading.
I wasn’t deterred by his actions, for I knew his actions were also lined with envy. I knew he wasn’t the one to feed me or carry my responsibilities for me. He’d his own responsibilities and he’d even be glad if someone like me offered him some cash.
Years later, the same man was surprised that I’m still a trader, with a measure of success. I even sent him some money recently. He was grateful for the gift.
When Should You Become a Trader?
Now is the time for you to decide to become a trader. You chances of success are greater than you can imagine.
How can this be possible? I’ll reveal the secrets in my coming articles.
Most people come to trading as a last resort: When they’re completely down, when they’ve nothing to rely on and they’ve exhausted other possibilities. This is a wrong time to become a trader, since the financial pressure on you would make it impossible to trader with sane logic and rationality.
It’s better for you to become a trader when you’ve another sources of income. When you know that some initial challenges you encounter wouldn’t endanger your wellbeing (and perhaps, that of your family).
When you’re supported by your family, your life as a trader would become easier. Joe Ross, a trading veteran, once said his wife suggested that he write down what he knew about trading so that his children could learn in the event they ever wanted to take up trading. What he wrote at that time became his first book. Joe Ross clearly had support from his family. What a blessing!
Don’t Give Up Trying to Become a Successful Trader
Several years ago, when I encountered initial challenges in trading, I was tempted to give up. However, I was lucky to come across some things that encouraged me to keep on going. I knew I’d no better alternatives than trading. Now I’m happy to be a trader. I can only look forward to a brighter future.
Trading success is sweet, liberating and enriching. There are numerous known and unknown traders all over the world, who make decent profits on monthly and annual basis. They won’t exchange this wonderful privilege for anything! By not giving up trying to become a successful trader, you’ll soon experience the joy of financial freedom that comes with trading.
Conclusion: Many a good trader has survived the point at which chicken-hearted people quit, and has been rewarded. If we also imitate such determined traders, we’d survive whatever the hurdles we come across and we’ll enjoy rewards greater than what people think we can enjoy.
This article is ended with the quote below:
“Roald Amundsen says: Adventure is merely bad planning. I have talked about Amundsen before and focused in particular about how his success as an explorer was a function of his obsessive planning. What strikes me about people who are successful in very difficult fields is that they all share similar traits, attributes or philosophies. Much the same could be said about traders and trading/. If you are find trading an adventure or it is exciting/stressful then you are most likely doing it incorrectly.” – Chris Tate (Source: Tradinggame.com.au)
|Display Modes||Help Others By Rating This Thread|
|∧ Similar Threads|
|Thread||Thread Starter||Forum||Replies||Last Post|
|VertexFX Server Side EA - Time Trader||edakad||Forex Trading Laboratory||0||09-15-2015 09:42 AM|
|Wannabe Part Time Trader||gchouhan||Introduce Yourself||8||05-20-2013 05:28 AM|
|Daily Trading Routine of a Full-Time Futures Trader||TimRacette||Psychology||7||09-16-2011 07:36 AM|
|A Trading Pattern For The Impatient Or Time Sensitive Trader||atradersuniverse||Tech Analysis||2||07-21-2011 05:17 PM|
|Full Time Trader||forexhitman||General Discussion||21||11-08-2009 04:35 PM|