Making a Strong Commitment to Succeed
Jack tells his trading coach, "Just show me how to make big profits. I'm running out of time and money, and I just need to achieve financial success and get on with my life." Many would-be traders think this way. Trading coaches and instructors will tell you that of the masses that dabble in the trading profession, many don't want to put in the time and effort to master the markets. They are looking for a get-rich-quick scheme or they erroneously think trading is easy money. But making money in the markets can't be approached like a hobby. You can't take it lightly. Sure, you'll make a few wins occasionally, but in the long run, you'll end up losing more than you make. Some amateur traders don't care, and that's fine. They feed their account every month and see trading losses as the price they pay for entertainment, the same way visitors to Las Vegas gladly spend money on recreational gambling. But if you want to be a serious, active trader, you're in this business to make money, and that means making a solid commitment to achieving success.
Many would-be traders are afraid to take the profession seriously. They dream of making huge riches, but they aren't willing to put in the time and effort to make their dreams come true. They fear that if they took an honest look, they would see what they needed to do, think it was too hard, and give up in defeat. For example, they don't do some simple mathematics and figure out if they have adequate capital. An account of only a few thousand dollars isn't enough to make a living as a trader. Do you have enough capital to meet your financial objectives? You must save or raise adequate financial capital to trade seriously. You don't have it yet? That's all right. Get a second job and save up. Sufficient capital is vital. Make sure you have it. The issue of account size also applies to the professional trader. Professional traders must match their financial goals to their account size. You may need to raise more cash to make your trading business work. Instead of ignoring the issue, it's necessary to make the commitment to get the capital you need to make your chances of success realistic.
Trading capital isn't all you need. You also need the right equipment: adequate computing power and solid, reliable methods. Money can buy you the equipment, but trading skills? That's where you have to make the largest commitment. You'll have to study the markets, and appreciate the beauty in how they work. You must see them as exciting to the point that you would study market action even if they didn't have a dollar on the line. Most traders fail because they just don't love the study of the markets enough. They are motivated by the goal of making huge profits rather than the process of trading. Trading isn't a hobby or an easy way to pay the bills. It is a lifestyle, something you have a passion for. It may take years to master. Not everyone makes it within a few years, but that's all right. As long as you love what you're doing, you'll achieve success in the end.
Success in the trading business means that you must make a commitment. Don't avoid making it. If you find yourself procrastinating, rather than learning how to trade, you may just be going through the motions. If you are committed to trading, you'll find a way to make it. Perhaps, you may just start out paper trading or making small practice trades where you make a winning trade, but break even due to commissions. It's all right if your heart is in it. Spending money to learn to hone your trading skills is all right if you know that you are committed to mastering this field. But if you are just feeding your account to avoid facing the fact that you really don't want to trade, you're just wasting time and money. You're postponing your inevitable decision to give up. So get motivated. Get committed, and master the markets like a winning trader.