1. Ask yourself do you really want to take trading as a profession
Do not get excited seeing Big Profit shown on Social media by fellow traders. Do not get excited when someone tell you i am having a system which has 80% success ratio. Well all these can be true but the Million Dollar Question, Do you have the right mindset to trade. Are you comfortable seeing Losses, Are You mentally tough.
Before you can develop persistence and eventually achieve success in the tough trading game, you need to first identify if this is truly what you want to do. If you are only doing this for the money then the odds of you making it through the learning process is very slim. You have to be ‘foolish’ enough through your initial losses to believe that you can rise to the top 5% of profitable traders.
Most traders learning curves are measured in years not weeks so trading is more like getting a degree than reading a book over the weekend.
2. Determine your motivation. Why do you want to be a trader?
Motivation comes from a deep reason why we want to achieve or have something. If you know why you’re doing what you’re doing, it gives you more energy to keep moving forward in learning and getting experience. If you are trading to make a quick buck, then you do not make that buck quickly you will join the quitters. If you are trading to have enough money to pay off your house in 5 years that will create the energy to drive you forward against the odds.
You can get through this first learning stage by writing down specifically all the things you want to have or accomplish through your trading. List all your desires and wants, all the rewards that will come through you not quitting the trading game. This is what will get you through if your heart is in it. You need a very big bucket of carrots waiting for you on the other side of trading success to get through the whips the market will hit you with while you are learning.
3. Outline Your Definite Action Step
Outlining your definite action step is necessary to know how you will be able to achieve what you want. You need to Learn and master your trading strategy , Prepare your trading plan. Imagine all kind of issues you can face during the course of trading. Having a proper trading goals and so on..
When you know how to get what you want, it makes it easier to achieve it. To know how, it pays to do some research and planning of what needs to be done on your part. Be specific on each step you need to take. Identify at least two ways and plans on how you can achieve your goals.
4. Keep the right mindset, believe that you are going to be a winning trader.
The road to trading success is not an easy one, in fact, it can be painful emotionally, mentally, and financially, if you do not know what you are doing, this is why only 5% succeed.
There will be countless times you will face losing trades and failures that if you are not committed to success in the long term, you’ll succumb to negative thoughts of failure and defeat and just quit.
In order to develop persistence and eventually succeed in your trading, always maintain a belief in yourself and your eventual success, regardless of your current account situation. Keep your thoughts focused on doing the homework needed to take you towards your goals. Avoid negative thoughts and feelings for it will ruin your concentration and persistence. Focus on where you are going and believe that only time stands between you and your trading goals. The power of this belief will surprise you.
5. Develop great discipline & habits
All your goal-setting and planning will go to waste if you aren’t able to develop discipline in following your trading plan and good habits in your daily trading routine.