3 Ways Traders Can Prepare For Success
Coming into trading with only the desire to make money, often results in not making any.
I didn't make a dime for 4 years till my lucky day came.
Before it, like most traders, I gambled my way into the game with little to no knowledge. I started off with free information. (Youtube and Babypips were my buddies.)
After gathering data from them for 2 weeks, I felt I'm ready, then funded my first trading account. Luckily, I doubled the account on my first day but blew it the next. It was awful but I repeated the process for 3 months till I gave up.
However, I got back a month later. Because I was still hooked by the idea of making money wherever I am. Though at the same time feeling stressed, anxious, and depressed to see my hopes and dreams out of reach, I had faith.
That I carried with me throughout the years, until one day, I found out what was holding me back: a short-term mindset.
Which is what I'll show you how to escape from before it's too late.
**Thus Begin By Thinking In Years Than Months**
Ignoring this advice will be costly. It will cost you your time, money, and mental health. You don't want that.
But you get that by being a short-term thinker. Which is a person who focuses on the now, with little regard for the future. Someone who focuses on short-term results at the expense of long-term interests. A trader who focuses on making money instead of focusing on the 3 stages of becoming a trader:
1. Learning to trade.
2. Becoming a trader.
3. Full-time (profitable) trader.
It's almost impossible to reach stage 3. Yet it is possible when you begin the journey like a long-term thinker. Which is a trader who envisions, plans, and works toward the future. While ignoring the monetary side to focus on the skill (that will serve you till you meet bro, Jesus).
Like what all medical students do.
From the get-go, they know it will take them 6-7 years to become professional doctors. Being aware of this allows them to focus on the stages of becoming doctors. (But lucky for them, they make money along the way through student loans.)
So, coming into trading with an idea that it will likely take you 5 years to become a consistently profitable trader, will assure that. Because it will keep you grounded, focused, consistent, and patient with the process. And that will allow you to enjoy it while growing fast.
With that said, let me show you how you to prepare for trading success below:
1. Create a long-term vision.
A clear vision with a plan will save you from falling into traps that will delay your progress. It will allow you to navigate through the dark cave till you reach the light. But that's only possible when you have a torch and a compass.
Powerful questions and a plan of action.
Questions help you to discover the path. A plan helps you walk the path. Thus to find out if trading is the right path, ask yourself:
- Why do I want to become a trader?
I know you are in it for the money (like I used to be), but that mindset will prevent you from getting it. So take your time answering this question. Don't rush because whatever answer you get will determine your success or failure!
Once you're satisfied with your answer, start planning out your journey by...
2. Setting Objectives
In simple terms, an objective is a measurable step you take to achieve a vision.
For a trader who's in the first stage of "learning to trade" while working a 9-5 job, the vision could be to become a full time professional trader. And the objective could be to buy a trading course from a mentor you perceive as legit, then study and practice till you reach the 3rd level.
To discover that objective, the reason behind it, and how to achieve it, you need to ask yourself:
- What do you need to do?
- Why do you need to do it?
- How you’re going to do it?
After figuring out all that, move on to the next step, which is...
3. Keeping your job
Do not quit your job before becoming a profitable trader. It will save you from unnecessary mental and emotional pain that are caused by forcing profitable trades to pay bills.
That’s a bad approach to trading. It always delivers opposite results that will definitely make you stressed, anxious, depressed, and unsuccessful.
You need not worry about money along your journey, so you can focus on the process of becoming an elite trader.
I’ve made that mistake and it cost me too damn much. So, keep your job to save up at least 2 years of monthly expenses that will get covered once you’ve decided to become a full time trader, and save for a 6 to 7-figure prop firm trading account to manage once you’ve resigned from your job.
Follow the above steps and witness the fruits of being a long-term thinker who focuses on the processes instead of results.
I didn't make a dime for 4 years till my lucky day came.
Before it, like most traders, I gambled my way into the game with little to no knowledge. I started off with free information. (Youtube and Babypips were my buddies.)
After gathering data from them for 2 weeks, I felt I'm ready, then funded my first trading account. Luckily, I doubled the account on my first day but blew it the next. It was awful but I repeated the process for 3 months till I gave up.
However, I got back a month later. Because I was still hooked by the idea of making money wherever I am. Though at the same time feeling stressed, anxious, and depressed to see my hopes and dreams out of reach, I had faith.
That I carried with me throughout the years, until one day, I found out what was holding me back: a short-term mindset.
Which is what I'll show you how to escape from before it's too late.
**Thus Begin By Thinking In Years Than Months**
Ignoring this advice will be costly. It will cost you your time, money, and mental health. You don't want that.
But you get that by being a short-term thinker. Which is a person who focuses on the now, with little regard for the future. Someone who focuses on short-term results at the expense of long-term interests. A trader who focuses on making money instead of focusing on the 3 stages of becoming a trader:
1. Learning to trade.
2. Becoming a trader.
3. Full-time (profitable) trader.
It's almost impossible to reach stage 3. Yet it is possible when you begin the journey like a long-term thinker. Which is a trader who envisions, plans, and works toward the future. While ignoring the monetary side to focus on the skill (that will serve you till you meet bro, Jesus).
Like what all medical students do.
From the get-go, they know it will take them 6-7 years to become professional doctors. Being aware of this allows them to focus on the stages of becoming doctors. (But lucky for them, they make money along the way through student loans.)
So, coming into trading with an idea that it will likely take you 5 years to become a consistently profitable trader, will assure that. Because it will keep you grounded, focused, consistent, and patient with the process. And that will allow you to enjoy it while growing fast.
With that said, let me show you how you to prepare for trading success below:
1. Create a long-term vision.
A clear vision with a plan will save you from falling into traps that will delay your progress. It will allow you to navigate through the dark cave till you reach the light. But that's only possible when you have a torch and a compass.
Powerful questions and a plan of action.
Questions help you to discover the path. A plan helps you walk the path. Thus to find out if trading is the right path, ask yourself:
- Why do I want to become a trader?
I know you are in it for the money (like I used to be), but that mindset will prevent you from getting it. So take your time answering this question. Don't rush because whatever answer you get will determine your success or failure!
Once you're satisfied with your answer, start planning out your journey by...
2. Setting Objectives
In simple terms, an objective is a measurable step you take to achieve a vision.
For a trader who's in the first stage of "learning to trade" while working a 9-5 job, the vision could be to become a full time professional trader. And the objective could be to buy a trading course from a mentor you perceive as legit, then study and practice till you reach the 3rd level.
To discover that objective, the reason behind it, and how to achieve it, you need to ask yourself:
- What do you need to do?
- Why do you need to do it?
- How you’re going to do it?
After figuring out all that, move on to the next step, which is...
3. Keeping your job
Do not quit your job before becoming a profitable trader. It will save you from unnecessary mental and emotional pain that are caused by forcing profitable trades to pay bills.
That’s a bad approach to trading. It always delivers opposite results that will definitely make you stressed, anxious, depressed, and unsuccessful.
You need not worry about money along your journey, so you can focus on the process of becoming an elite trader.
I’ve made that mistake and it cost me too damn much. So, keep your job to save up at least 2 years of monthly expenses that will get covered once you’ve decided to become a full time trader, and save for a 6 to 7-figure prop firm trading account to manage once you’ve resigned from your job.
Follow the above steps and witness the fruits of being a long-term thinker who focuses on the processes instead of results.
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