How to become Millionaire with Consistent Success in Trading

By | November 29, 2014

What is the difference between Sachin Tendulkar and Virendra Shewag, Both have class of their own, infact Shewag palying style is far better than Sachin instead of this Sachin is remembered as All time Greatest whereas Shewag has been forgotten by most of the Cricketing fraternity.

 

The Big Difference is Consistency.

This leads me to my next point; Difference between a trader and professional trader ,Consitency in profit is what is a “BIG BIG” diffrence between a trader and  a professional trader . As a trader you may be right in one or two trades and make big money but in next few trades you lose your profit and in wost case you lose your capital means you are not trading professional and you lack the most basic skill of professional trader “Consistency”.

Most of you know that is Arnold Schwarzenegger in the picture to the right, Arnold personifies the fact that consistency pays off physically, mentally and financially.

You’ve probably read about habits and how they are the “key” to success in trading and virtually everything else in life. However, I’m willing to bet you’ve found less information on HOW to go about obtaining these all-powerful habits. In today’s article , I’m going to give you a brief overview of the power of effective trading habits and then get into EXACTLY HOW TO OBTAIN THEM so that you can get on the track to profitable trading NOW with CONSISTENCY.

Growing a trading account is like growing muscle

Consistently going to the gym, and that means going even when you really don’t feel like going, will result in you being in better physical and mental shape. Consistently eating healthy foods will also result in you becoming a healthier person, both physically and mentally. For someone who is out of shape and has poor exercise and eating habits, it might be very difficult and uncomfortable for them to start consistently eating right and exercising, because they already have the very negative habit of being lazy and eating unhealthy junk food.

Similarly, if you consistently wake up early for your job or for school, you know that soon it becomes a habit.

Consistently learning and education yourself turns you into a more knowledgeable person who will probably make more money and be more successful than the person who chooses not to consistently educate themselves.

My point is simply this: Consistency in all aspects of our personal and professional lives ultimately ends up building habits, and habits are really what define each of us, aren’t they? To paraphrase one of my favorite all-time motivational speakers Napoleon Hill, “We are what we think about and do”. Whatever you consistently think about and do will become a habit, you have the power to decide if you form positive or negative habits by what you consistently think about and do.  If you consistently manage your risk correctly in the market and stick to your trading strategy and do not over-trade, you are going to develop some very positive and powerful trading habits that are going to result in you becoming a successful trader.

ANYTHING is possible through THE POWER OF CONSISTENCY.

Consistency builds habit

As author and business strategist Eric V. Holtzclaw said in his article titled Power of Consistency: 5 Rules:

“Until you have tried something new for a period of time and in a consistent manner, you can’t decide if it works or not. How do you measure effectiveness if what you are measuring isn’t performed consistently? I typically give new initiatives, processes, and organizational structures at least six months before judging them a success or failure. It’s often minor tweaking instead of major overhauls that make the difference.”

• Consistency in sticking to an effective trading method like price action, helps you master your trading strategy and gives you a real chance to see if your trading strategy is truly worth using or not. Switching between methods or trading when your edge is not truly present hurts your trading results over the long-run. How do you know if a trading strategy works if you don’t stick to it and give it enough time to play out? Give it at least six months of CONSISTENCY as Eric Holtzclaw. If you cannot muster the discipline and mental fortitude to follow a proven strategy like price action for at least 6 months consistently, you will have a hard time finding any success in the market.

What other aspects of Consistency a trader should consider will be discussed in next Article

8 thoughts on “How to become Millionaire with Consistent Success in Trading

  1. Bramesh Post author

    One reason why retail traders always lose is because of having unrealistic expectation.

    Rgds,
    Bramesh

  2. Subramanyam

    Great article sir I am having Rs.80,000 in my account can it grow to 10 lacs in 1 year period
    -V.Subramaniyam

  3. Arun Palav

    Great Sir, You are right. Power of Consistency require patience and discipline

  4. Tekkie Suresh

    A very deeply thought out article. Consistency comes from discipline. Often times processes and structures in good organisations brings in the discipline to enforce consistency. But for a small trader who is not accountable to anyone but himself or herself, such discipline is often times missing and so he or she becomes inconsistent with the strategies or trading rules learnt. People are willing o spend a fortune to sometimes acquire knowledge but this indiscipline makes them inconsistent. So the real question is how can a self made trader enforce discipline to be consistent?

  5. piyush

    sir very useful and thoughtful article for trader like us………. hats off

  6. Sharan

    Unfortunately I’m consistent on the losing side… Lost almost 7L… My capital reduced to 1.6L now…. Hopefully I’ll make by trading your chopad levels

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