Trading is the most difficult profession in the world, especially if you’re trading for a living. If it was always easy, everyone would be doing it and making millions sitting comfortably in their offices.
No matter how simple, powerful, and proven a great trading system is, there are always going to be times when your market will test you, your patience, judgemental skills. These is no Easy money out there. You will need to fight with FII’s,DII’s, Algos. Prop Traders to make money.
It’s no secret that MOST of the greatest traders throughout history blow of their account, almost lost everything before they became millionaires and billionaires. Everyone from Nicolas Darvas to Richard Dennis to Paul Tudor Jones have had moments where their accounts dwindled to the brink of despair and these traders had to ask themselves, “Can I go on or should I throw in the towel and move on to something else?”
Trading, is all about perseverance.
How driven are you?
How focused are you?
What are you willing to go through in order to succeed?
Throughout the Nay/June, the market has been frustrating to Trend traders due to its choppiness. But when the trending move came it made sure traders were rewarded handsomely also.
This is nothing new, of course. Trend traders have been dealing with these choppy periods for more than 100 years and the data continues to show that, in the long run, the frustration endured during choppy markets is well worth it due to the huge rewards achieved during a trending market.
Of course, knowing this fact doesn’t always make it easier when you’re dealing with a roller-coaster market and getting stopped out of “by the book” trades.
But this is where we separate the successes from the failures. Most people will let their frustration get the best of them. They’ll throw in the towel and conclude that trading is just too difficult of a path to wealth.
But a few traders will persevere.
People like Nicolas Darvas, who endured nearly seven years of devastating setbacks when first trying to conquer Wall Street, will continue the game because they’re determined to win it. They won’t give up because they’ve seen how other traders traded their way to millions and, in some cases, billions. They’ll conclude, “If they can do it, why not me?”
That is the mentality it takes to achieve anything great in life.
When the going gets tough and the market gets rocky, I think it’s a good idea to reevaluate your goals.
Why do you want to be a trader? Why are you determined to win at this game?
To be Continued