Why You Should Never Give Up On Trading

by | Pyschology

10

October, 2016

Trading isn’t easy.  Anyone who says otherwise is either trying to sell you something or hasn’t been trading long enough to have a credible opinion.  But mastering it can be quite rewarding – even if you have to blow out a few accounts to get there…

By now you’ve probably figured out that trading requires proper training, plenty of hands-on experience and a high level of consistency for it to work. It takes a lot of hard work, patience and even luck.

But once you’ve managed to navigate the pitfalls of the industry and have mastered it, you’ll find that trading yields significant rewards. Like all things, the more determined you are to succeed and the more effort you put into it, the more abundant the payoff.

Along the way though you’ll encounter quite a few people who tell you that you should give up.  But I am here to tell you that holding on to the dream with everything you have just might be the best thing you ever do for yourself. In fact, here are a few good reasons to never give up – and they have very little to do with financial gain…

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Reasons To Never Give Up

It offers professional independence

When it comes to a career, trading is probably the only one that provides freedom with the same income potential. You get to pick your own hours and work wherever you want to, while maximizing your potential to make money. Granted, you’ll have to keep up with the hours that different world markets work on, but you can take control of how things work and finally be your own boss.

Trading does require investment, so you’ll need to have the financial resources ready, but if you’re courageous enough to take the plunge and persistent enough to keep going, you will be successful.  The journey to success is just a lot longer that you think.

It helps you develop useful skills

In the event you do decide to give up, you will have developed a lot of useful skills in the process.  The longer you hang on, the more useful the skills you acquire.  Granted, many of those skills are not the kind you can easily convey on paper but if you’ve been trading for more than a year you already have some idea of what I’m talking about.

Trading is a complex business, so mastering it means mastering a number of general skills – all of which can be useful in other jobs and industries. You’ll learn things like how to analyze data, keep meticulous records, research on related and beneficial items, multitask, and read numbers, charts and graphs, among many others. These are all hard-skills but the really truly useful skills are the ones associated with mastering yourself – the skills developed from handling the psychological aspect of trading.

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“It will train you to always have ‘strong opinions, weakly held.”

It helps you develop a better sense of self

Getting into trading gives you a better understanding of yourself – you’ll quickly get to know what your strengths are and leverage them, or what your weaknesses are so you can address them or find ways to work around them. You’ll also learn how well you do in decision-making, how good your instincts and judgment are, and other characteristics you may not even know about yourself. Trading requires discipline and focus, which in turn lead to both personal and professional growth.

In other words, mastery of trading will make you more self aware than just about any job on the planet.

It keeps you grounded

Trading will train you to use empirical data and rely on hard evidence when making decisions, instead of using your emotions. This means you’ll learn to look at probabilities and use your common sense. Knowing how to work with empirical data that is incomplete to make decisions is a useful skill in a variety of industries and life situations.

It can have a positive effect on the rest of your life

In trading, everything you learn and master will have an affect on your daily life. Things like discipline and focus can spill over to aspects of your life, such as exercising regularly or eating healthy. Showing good judgment can help in handling personal conflicts, while knowing how to identify the best opportunities can be lucrative in other industries. Mastering trading boosts self-confidence as a whole, and when done right, can form the foundation for a long and profitable calling.

“If you can master this, you can master just about anything else.  It is quite possibly the most difficult job you’ll ever have.”

You can do this!

Photograph by Canstockphoto via www.canstockphoto.com

Now, maybe you got started in this profession for all the wrong reasons.  You might have thought that it was an easy to way make a million dollars.  Or maybe you had no choice because you were out of a job. But, hey, you’re still at it, right?  Why? Probably because the dream has changed.  The reasons for hanging in there have evolved.  Even though you’ve figured out how hard and long the road you’re on is going to be, you’ve decided that the end is probably worth it.

Yes, like all of us, you still want to make a million dollars every month if you could.  But it is no longer about that, right?  If you’ve gotten past the “I want to make a million dollars every month” stage and have grown to enjoy the markets, then you definitely should do everything you can to stick with it.

It’s going to be worth it when you come out the other side victorious!

That sense of accomplishment you will feel when you realize you’re making a living trading is going to unlike anything else you’ve felt before.

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