A demanding career is trading. You will have a difficult time achieving consistent profits if you are a newbie trader. Although many people are drawn to trading, very few end up being successful traders. To pursue trading, one must be a certain type of person—someone who can overcome obstacles and keep going even when all appears lost. To persevere in the face of difficulty, beginning traders might employ the following three major strategies: Develop a spirit of resistance, devise a substitute system of rewards, and concentrate on the journey rather than the goal.
Traders frequently balance sentiments of inadequacy and incompetence against haughty, irrational overconfidence. When you operate in the field of trading, it is reasonable to think that you will experience far more losses than profits. It’s challenging to work in these circumstances. We are accustomed to receiving payment for a job well done, while new traders are more likely to put in lengthy hours for nothing but losses. Trading needs perseverance, particularly when faced with setbacks and what seems like never-ending failures. When faced with such situations, the confidence of the majority of individuals is badly rattled, and they frequently respond with arrogant overconfidence. They exaggerate their accomplishments to the point of becoming overly enthusiastic.
Profits are a clear and natural reward for our trading efforts, but they are not necessarily correlated with our level of effort. Your mood is probably going to fluctuate along with your account balance if you only think about the profits. Setting up a different reward schedule can provide you more regular incentives and enable you to keep going even when you’re on a losing streak. After putting in a certain amount of time, treat yourself (the end of each day, for example). Buy a great meal for yourself or engage in a fun activity. You’ll continually feel content with your career and stay with it if you give yourself a pat on the back for your efforts.
Finally, it is crucial to put the process before the outcome. Although the goal of trading is to make money, the irony is that if you only think about the results of your trades, you’ll put too much pressure on yourself and become overwhelmed. You’ll be more at ease and inventive while trading if you put more emphasis on intrinsic incentives as opposed to extrinsic ones. You may trade regularly and profitably by rewarding yourself for effort rather than results, focusing on the act of trading rather than earnings, and developing a fighting spirit.