The significance of persistence and perseverance to your trading success
In this article we point out the critical steps to achieving and sustaining these key criteria.
The significance of persistence and perseverance to your trading success
Trading and investing in the forex, futures, and stock market tests your character errors, personal difficulties, and weaknesses every step of the way, making it irrefutably the most formidable venture in the world.
You need to understand the importance of persistence and perseverance because they are fundamental to bringing your best to the trading platform and maintaining it. Think about how frequently you have found yourself in a severe dilemma and had to wonder which decision to take; if it will be the right decision, or if it will violate a rule and put you in a position whereby you find yourself doing what won't be right for you, or you find yourself in the right situation which brings out the best trader in you and helps you focus on what matters the most. Employing this kind of vibe can make all the difference in sticking with your trading rules and trading plan.
Persistence means "never giving up," while perseverance, on the other hand, means "pushing on despite hardships, oppositions, and setbacks." Don Bennett, a mountain climber, climbed Mt. Rainier, one of the world's highest mountains, in severe conditions that may have broken the average climber. Irrespective, Don kept moving to achieve what he had put his mind to do. When he was through, a reporter inquired how he had done it, and Don replied that he noted every move along the way on the mountain about a hundred times daily. The reporter, aware that every other person who attempted climbing had similar goals, inquired further on how he could do it with only one leg and Don replied, "One hop at a time." Using Don as an inspiration, this is proof that some people don't let setbacks or obstacles come in between them and obstruct something they want desperately.
In the late forties and fifties, Don Jackson, a black man, suffered dyslexia when professionals didn't know the meaning of the term, much less how to spell it. He was branded a retard in the special school systems he attended, but Don knew he was not a retard deep down. He had a spark within him, a desire to learn like everyone else. When he attempted to attend college, those who knew his history tried to discourage him from going because they thought they would spare him the humiliation, disappointment and hurt he would face. But this didn't stop Don.
Though Don found difficulties with reading because of his condition, he didn't relent. He pushed on and did very well in his remedial classes and eventually got admitted into college where he would go on to graduate and obtain a doctorate in education. Today, he works with youths that society decided to abandon. His persistence and perseverance helped him in achieving his goals. He wouldn't let anything come in his way of success, he never lost focus of his vision, and he created solutions to his issues. Through that vision, he stayed true to his commitment, was patient, and understood the significance of not giving up.
Below, we will analyze the five critical steps to achieving and sustaining strong levels of persistence and perseverance:
Firstly, refresh and re-energize your purpose daily. It empowers the emotion that supports you. You will always be reminded of what you will gain from your trading goals. Identify your objective for trading immediately if you haven't done that because this is the foundation for successful trading and investing in the financial market. It connects the "what matters most in your life" to "what matters most in the trade." This is what links your drive for remaining on a task to your trading process. The vision rouses your forte and pushes you towards your trading and investing goals.
Secondly, remember that the journey of a thousand miles begins with one step. Stay steadfast to this viewpoint by using this wholehearted statement as your own: "I can achieve anything I set my heart and mind to, nothing is impossible for me to achieve if I want it badly enough, and I am willing to pay the price. For no matter how much effort is involved, how long it takes, or how difficult it is, I can and will achieve." This self-confidence is necessary for keeping focused.
Thirdly, setbacks, losses and failures are only learning opportunities. The things that hurt the most teach you. Also, what doesn't kill you will only make you stronger. It is imperative to establish your trading vision on the idea that no one, even great achievers, is without mistakes, and have some point in their lives failed at something; this is what gives people the "experience" and "education." This is imperative to help manifest your trading goals.
Fourthly, enhance your market knowledge and skill set by identifying the mechanics that will help you establish a footing in the markets you have chosen to trade. This can also be termed "a results orientation." Try out different approaches, perspectives and paths.
Fifthly, try to make achieving your trading goals a fun experience. Make it into something that you want to do. Achieving your life goals shouldn't feel burdensome, like a loss, or anything unpleasant because it is what you want for you and your family. And this also applies to a career. As you gain more "process mastery" in your forex, futures, and stock trading, you will equally multiply the bliss of doing it well.
Let's identify five ways to deal with setbacks:
1. Try not to avert difficult situations such as beginning a trade without capital or trying to learn a new market despite the lack of time. You can create solutions to difficulties once you've looked at it from different angles if not, a small problem might grow into a much bigger one which could stunt your progress.
2. Learn self-responsibility and accountability. In successful forex, futures, and stock trading, you must know how to accept your mistakes and learn from them. Refrain from blaming others for your errors. If you have mentors, run to them. You can also be your mentor. If someone came to you for help in a trading situation, what would be your advice and answer to them?
3. You can't survive the trading arena as a trader and investor if you don't stick to your commitments. Keep working on and strengthening your abilities and your qualities of self-discipline. Those setbacks that cause the collapse of your obligations can often cause helplessness in select areas. Be your critic but don't be too hard on yourself; after all, it's still a learning experience.
4. They say in every disappointment, there's a blessing. Where you have drawbacks, there will be a silver lining or opportunity. Please make use of this as it may involve a new tactic.
5. Adopt a positive attitude and accept that every challenge comes with a solution. A problem is only considered a problem if you think you can't and won't find a solution. Henry Ford once said, "Whether you think you can or you think you can't, either way, you're right."
These are some ways you can strengthen your persistence and perseverance. To achieve anything in life, it takes strong determination, time, patience, and energy. Your initial vision fuels the drive to persist and persevere. Your vision and beliefs get even more evident, more realistic, and stronger once you inch closer to process mastery. In your continued achievement, your vision gives power to the goal of process mastery and vice versa. You develop more capacity with each victory. Just like a marathon race, perseverance is steadily growing your endurance and strength to move to the next phase. Between the vision and the goal, persistence, and perseverance mobilize a self-perpetuating twist of vision, belief, emotion, and reality, which will change your life and your trading process inside out. To achieve successful trading and investing, you will reach the point where opportunity meets preparation.
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