The first step to being a successful trader is acting like a successful person
You must first be able to follow through some changes in your ways of doing things to become a successful trader. In this article, we discuss this particular issue.
The first step to being a successful trader is acting like a successful person
A lot of new forex, futures, and stock traders delude themselves to think once they start making money from trading and become successful traders, they'll suddenly become new people. We are here to inform you that such a mode of reasoning is exceptionally backward and detrimental to your trading.
The right order is first to become a successful person, then move on to being a successful trader and investor even if you have to pretend for a while before it becomes your reality. You must first be able to follow through some changes in your ways of doing things, develop better habits, and have a change in mindset to become a successful trader and investor. In this article, we are going to discuss this particular issue on how you need to become a successful person before you can hope to become a consistently profitable forex, futures, stock trader.
"Fake it till you make it"
When you hear about faking it till you make it and you say okay, have you stopped actually to think about what it really means? What does it look like while faking it? Why should you commit yourself to do this? What does it involve for a new forex, futures, and stock trader trying to make ends meet?
It is a simple thing to do, and it is also quite important because, as a trader and investor, you cannot have any success except you are in the right mental space. You must also have been able to implement the correct principles and behaviors. Some people believe that they will automatically be able to get their shit together when they start making money, which is totally false and doesn't generate results.
You should be aware that we are not talking about financial success at this point. The fact is you can have the right trading mindset with zero money, and you can have the wrong mindset even when you are a professional in other fields with tons of cash to spare. We always like to refer to trading in the financial market as the grand scale of all equalizer because it brings everyone to the same level. This is quite important, especially when you do not have so much capital to start trading with. All that would eventually matter is the type of mindset you have and how well you understand the forex, futures, and stock market.
Indeed, you realize when we say trading mindset, we are also referring to all the habits that come with it: For instance, like having a proper daily/weekly/ monthly trading routine, that eventually gives rise to great trading habits, which you can only get through discipline coupled with consistency and self-control.
Now we are getting into what actually differentiates a consistently profitable forex, futures, and stock trader from a novice in trading because the fact is most traders are not doing any of these, which results in loss most times.
How do we as an online trading academy define success
Most forex, futures, and stock traders and humans generally will equate success with making a lot of money. If they are trying to seem modest, they might say something like success is excelling in my career, which still revolves around making money. Money is usually synonymous with success to most people. It might not be awful to relate money to success in so many ways, but in trading and investing, it can be a dangerous curve. New traders and investors can go from thinking “money is success” to thinking, “I will only become successful when I start making money trading”. This is a very hazardous mindset for a trader and investor because of a couple of reasons.
Before you can start being a consistently profitable trader and investor, you must have been able to imbibe the mindset associated with being a successful person for an extended period of time. "Success is when opportunity meets preparation" is a trendy saying, and it merely means you have to prepare for success actively. This is also very much applicable in trading because it will not magically happen when you start making money as a forex, futures, and stock trader; it is something you would have to strive towards consciously.
If you have zero clues on how to actually be a successful person, you can read books or read articles from our online trading academy. There are numerous resources and plenty of self-help materials on the internet. The most important thing is the willingness to learn.
The primary lesson here is the fact that you need to get your mind in the right shape and get your habits in the right lane before you can begin to hope to make money from trading and investing in the forex, futures, and stock market. You need to have these things on lockdown to be a consistently profitable trader, and they won't come as a result of money.
If you really desire to be a professional forex, futures, and stock trader, you have to exhibit the characteristics of one even if you are yet to attain that level and fake it till you make it. You actually need to think and behave as a full-time professional trader would before you start making money as full-time traders do. The only difference between you and a full-time futures, forex, and stock trader should be how much you have in your trading account and how much risk you take per single trade. You have to start the process of trading and investing before you actually start seeing results.
Why everyone isn't rich
You might be wondering why most people end up failing at trading in the financial market. The simple reason is that these things are hard to practice, and around only 10% to 20% of traders push through enough to be successful.
The fact is that it is easier to binge-watch Netflix than to sit and watch a live trading session to improve your skills. Which do you think is the more comfortable option between actually imbibing the needed discipline to stick to a trading plan and follow it through or just winging it and trading as you feel like? The answer is clear, but the most natural path is usually not the most rewarding path.
The simple fact is that almost every human desire to be rich, yet only a very small percentage are actually rich. The fact is that to be rich, you need to have mastery of whatever career you have chosen, and most people lack the intensity, motivation, or discipline it takes to stop being mediocre.
To be successful as a forex, futures, and stock trader, you must be committed and disciplined to follow your Supply and Demand trading strategy through and resist the ever-constant urge to either over-trade or over-leverage your account. The sad reality is that most people are not disciplined enough to overcome the temptation, and they end up blowing their accounts before they even get a chance to start.
Being consistent with the right behaviors and building a daily habit of doing things properly is what excellence is made of. The average person, however, gets addicted to bad, sloppy behavior and go for what is easy. The truth is that a lot of the bad behaviors might be fun, but they do not lead to success at the end of the day.
Not being equipped to deal with temptations productively is why a very large percentage of the human population is either poor or in the middle class. We are not trying to imply that these are sad people because you can be very happy with little or no money. We are discussing making money trading in the financial market, and achieving that you would need to evolve from being lazy and unfocused to a disciplined and focused individual.
How organized and well-arranged is your personal space? You might wonder what relationship this has with futures, forex, and stock trading, and we are here to inform you that it has everything to do with trading and investing in the financial market.
We, as an online trading academy do not believe that you can transform into becoming a consistently profitable trader and investor by being disorganized and all over the place. You need to have a specific routine. You can't be a person with no control over their personal space if you want to be a successful forex, futures, and stock trader. Disorganized surroundings will affect the state of your mind and will prevent productivity.
You need to act like you are a successful well-groomed trader and investor, like the boss manager you are trying to become. All the people you look up to had to get their act together and make changes where necessary to get to where they are today. They had to make the necessary adjustments in their personal and professional lives as well, and you can start this by implementing what we talked about in today's lesson.
If you want to learn more about professional trading and investing across multiple asset classes such as forex, futures, and stocks, please sign up here for free at our online trading academy www.onlinetradingcampus.com and get access to a free three-hour introductory course.
Author Bio: Bernd Skorupinski teaches the undiluted truth about trading and investing at Online Trading Campus and takes you through what it takes to be a consistently successful trader. His favorite moment as a trading mentor is the way peoples’ eyes light up with excitement and confidence when they understand how Supply and Demand trading strategy works and how it can help win in the trading arena. He believes in building core values and discipline that ensures his students do not succumb to the pressures and temptations of the market. He very much believes in following plans and strategy through. If you want to know more about the author Bernd Skorupinski please read here