You’ve heard it time and time again: long-term trading success requires a solid commitment. We’ve all witnessed the unfavourable effects of those who lack commitment in other professions as well as trading. When a person is not dedicated, they waver, put things off, give up easily, and never seem to accomplish their goals. Whether it’s finishing college, starting a business, or obtaining a big promotion, achieving key life goals demands a strong dedication. Trading, however, seems to be a little different because it might be challenging for many people to commit fully. There are several valid explanations for this. It is beneficial to become aware of them and accept them.
Trading is unique from many other professions in that the work one puts in is not always immediately and clearly rewarded. In the majority of occupations, there is little doubt that the amount of time you invest in honing a skill and putting it to use will pay off. For instance, a mason building a wall would know for sure that laying brick after brick, hour after hour, will result in the wall’s completion (The wall may look unattractive if the mason is poorly skilled, but the wall will get finished, nevertheless). The relationship between effort and result is a direct one-to-one one.
However, even putting in countless hours of work, traders may still fail when it comes to trading. Trading requires a certain level of competence before returns, or profits, are reliable. Whether one has the talent to learn the skills is immediately evident to teachers and gatekeepers, and one is stopped from even trying to master the career (this may be true of other occupations). One may never make a dollar trading unless they reach a high level of proficiency. The likelihood that one’s time and effort may not pay off right away or at all makes it challenging to foster a strong commitment to trading.
How can one handle this situation? There are many approaches. First, realise that developing the abilities necessary to become a successful trader may take some time. Don’t believe that you HAVE to become profitable right away. Second, remember that “practise makes perfect,” as the saying goes. Give yourself time to acquire the necessary abilities. It’s important to practise, enjoy the learning process, and wait patiently to develop the essential skills, just like with other activity that involves skill-building, like playing music or sports.
Put your objectives in perspective third. Before deciding to trade full-time to earn your entire income, you might need to first set modest goals, such as mastering “paper” trading or successfully trading tiny positions. If trading is your passion and you like it, the concept that you need to put in the time to hone these abilities shouldn’t deter you. You might succeed as a professional trader, or you might have to settle with being a skilled amateur.
Being consistently lucrative at trading is difficult to do, which prevents one from committing fully. Many seasoned traders caution newcomers against expecting to become successful immediately because it is difficult, unrealistic, and demoralising.
It’s best to proceed incrementally. Educate yourself, hone your talents, and then progressively expand your position. Trading is so challenging over the long run, even seasoned traders admit, that they just take it “one day at a time” or “one deal at a time.” It’s simpler to create commitment if you focus on achieving modest goals initially before aiming for bigger ones. You can increase your long-term commitment to trading by heeding this advice.