No Worries, Market Will Pick The Winners
Have you ever wondered why we love trading the market so much? I don’t know what your personal answer to this question is, but I do have mine. I love it primarily because the market doesn’t care who you are or how you look like, all it cares about is being a fair place where traders can exchange values following a few set of rules. Like those or not, these rules are very much based upon the concept of freedom. Actually, nobody forces oneself to buy or sell anything. And I love it.
You may be wondering why I am so grateful about it. Here is the thing. In my life, I’ve spent quite a considerable amount of time working as an employee for a big company before switching gears and took the decision to start trading full time. Since then, I consider the market as being my only boss. And there is nothing better than having a fair boss.
Think about that: where else in the world can you have a boss that is giving you back how much you deserve at the very same second when you’ve done a great job without a glitch? Wherever else can you find a boss that doesn’t check how many hours per-day you work or how many vacation days per-year you take for yourself? If you have spent some time working as an employee as I did, I am sure that you’re going to agree with me when I affirm that this is simply priceless.
In other words, when being a trader you don’t have to worry at all about convincing anybody else that you’re really valuable. You can just get out there and show it to the world. Because in the end, only the market will pick the winners. And I can’t think of a different job than trading that is so extremely serious about meritocracy.
Focus on the short term to win on the long term
If you had the great fortune of having found this passion that turned into a full-time job at your first attempt, meaning without having to work for years before realizing what you’re good at and what you love to do, I have another great piece of advice coming up. Do not have any rush of making a huge amount money quickly. I mean, really. The risk is that not only that you won’t get it but that you’ll get knocked out of the trading game for good.
So, let’s put it this way. Always adjust your size based on the distance from your stop rather than being trapped by thinking about how much money you can potentially make in that one trade, so that you can manage to take the losses every time they happen. And guess what, they will continue to happen from time to time. Also, do not take into account commissions and fees when you’re building up your own process and skills to be successful, because it would screw up your long-term focus.
Finally, wait enough time to let your statistics that you have meticulously collected for every trade having the last word about when you should increase exposure. In conclusion, let’s focus on the short term to win on the long term so that traumatic events happening along the way won’t become chronical bad habits.
“Remember to dream big, think long-term, underachieve on a daily basis, and take baby steps. That is the key to long-term success.” – Robert Kiyosaki
See you in chat-room!