Friday, October 1, 2010

Beware of dream stealers!

Achieving (some degree of) success in trading is one of the most difficult tasks one can try to accomplish, there are so many different variables to deal with that sometimes it looks to be impossible to master it!

And yet, believe it or not, some of the biggest barriers you'll have to overcome during the so-called learning curve are not within the trading itself, or the moment when you are there at the heat of the battle trying to bank some coins, but afterwards when you are with your wife/husband, and/or when you go to social gatherings such as family parties or any other event when people who know nothing about the markets will test your patience.

Most people like to have all the possible safety in life but they don't want to risk anything, so they will not move out of their comfort zone and try to go for their wildest dreams, if they have any, but still they will try to convince other people that their dreams are not possible to be fulfilled...

So when you hear things like: - "I don't understand why you don't give it up, you have been trying it for so long without any success."

or something like this: - "A friend of mine said only the insiders know when to buy/sell a stock..."

or even: - "I remember last week you said Euro would go up, but actually it went strongly downwards, did you lose money on it?"

...and many other bullshit you'll hear over and over again that will block you psychologically, making you postpone being successful in the markets, only if you let them!

The closer that person is related to you the more you have to be careful with what he/she will say to you because that will stay somewhere inside your mind (psychologists will be able to explain that much better than me) and it will block you out exactly on that moment when you are watching the markets looking for an opportunity to jump in and when you see it, you WILL NOT be able to pull the trigger!! ...so you just watch it and let it go, making you very angry and then you take any trade just to do something as a revenge and end up losing again... Have you ever seen this picture?

So, be aware of those things next time one of your friends say something that you don't like and just trash it, or try to replace it in your mind with good thoughts, like: "...next time I see my edge I'll jump in, no matter what!" Don't let an innocent phrase ruin your plans.

What this people probably don't know (or maybe they'd not be willing to pay their dues) is that if you want to shine in any field you have to put in 10,000 hours of practice in that field before you can totally master it, as Malcolm Gladwell says in his book "Outliers". Anyone will be able to achieve success in any field if he/she is ready to dedicate that kind of time to it.

Remember this: "You are only truly limited by the limitations that you put on yourself"

One of the big secrets of successful traders is being optimistic and keeping a positive mindset when trading the markets.

Keep up what you're doing right long enough, protect your account from big drawdowns (take small losses) and fight until the last drop of blood! Don't let ANYONE steal your dreams! You can do it, if you REALLY want to!

Happy trading!

6 comments:

  1. what a great post! just saw your interview on Misstrade, and it one was one of the best ones I've seen yet!

    Cheers,
    AS

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  2. Thanks a bunch for this post! I'm exactly at one such hurdle right now, not as much because of the others' attitude but because I can't put enough time in trading (small kids and other family commitments) -- and although I want it REALLY badly I seem to be stuck in a sort of no man's land (eternal overall BE) and not able to make any progress... Must find a way out, I know I will -- but it's great to find some encouragement at times like this, so thanks again!

    Good luck and good health,
    @ruxwells

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  3. AS, thank you for your comments, much appreciated!

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  4. Sandra, you've already gone half way when you do what you love, keep on doing it, learn everyday and you'll soon see the rainbow. ;-)

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  5. It's really good to read this kind of post from a trader that didn't give up and found the profitable way of trading.
    I think I'm in the same case of Sandra... work + first baby + supporting wife while she goes to university.
    And because I feel I'm in my turning point of my trading career I decided to wake up 4am everyday to dedicate time to it.
    Thanks Renato... following now here

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  6. Emo, thank you for your comments. You can get anywhere you want in trading, just have your target fixed and go for it with patience and perseverance you'll get there for sure. Good luck.

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