Along these 3 years period, I have a number of students of my own and there are people and friends who believe that I am already doing this exceptionally well and ready to take it on full time.
The fact though, it is not as sweet and easy as my original plan. I did make big profit at times but at the same time, I did encounter big losses as well during these past 3 years. All in all, I am more on the breakeven side rather than significantly profitable.
Though technically I may be a better trader compared to 3 years ago, but financially, I still need a little more time to be on the freedom site, meaning that I still have to be in my day-job office from 8 to 5 weekly. The security to take this on full time is yet to exist though fundamentally I feel ready to take it on full time basis.
Anyway, as usual there are reasons for me to write this article. The points below are those reasons that I would like to reiterate to my fellow traders, especially those who just started.
1. Anything can happen in this market. Don't be overconfident with your analysis. You can't be right/wrong 100% of the time. That's for sure.
2. Don't fight the market. Surely they are stronger than you. If you're wrong, just ESCAPE.
3. Money management is the key to profit and survival. Without it, your account is just like a time-bomb. You only need ONE MISTAKE to burn everything. ONE MISTAKE... that's it.
4. You need a good system that has the cutting edge for you to win trades most of the time. Find it yourself. There are various systems out there. Only one thing to remember, there is no PERFECT system.
5. You need to stick to your trading plan. Self control is the key.
6. You need to be accountable on every trade decision. Don't blame your spouse if you make bad trades.
7. You need to stay out from the market once in a while and enjoy your life by doing something else, especially on the weekend.
8. Invest on knowledge as well as tools for you to trade. Learn, undertsand and respect the market. I don't see people making millions by buying a USD96 system and trading from a single notebook all the time. Proper knowledge and trading station are vital for consistent trade results.
9. You need to make a thorough analysis prior to making your trade decision. You and anyone else could be wrong in one way or another. No one's perfect.
10. Above all... you need to have PATIENCE and DISCIPLINE in order to become a successful trader.
Remember guys, trading is a game that has the odds against you almost all of the time. The brokers are like casinos that make money regardless of whether you make money or not. So be smart when playing this game. Being emotional will only kill you...
Hence, though I do not consider myself as a gambler by trading, I still believe that in order to make money in this market... You have to strive to become the top 10% of traders in the world.
Being ordinary or average is not an option. Like in any game or sports, average players do not make the headlines, fortunes or money in anything that they do. Though it is easy to say that trading is just as simple as clicking the BUY or SELL button on your trading station, the fact is... it is not that easy when it comes to dealing with real money.
Emotion, greed and fear can easily creep into your decision without you even realizing it. So be aware of these trading virus every time you sit in front of your trading screens.
So fellow traders... in short, I just want to say that like all the successful traders out there, you too can be successful but you must have the guts to:
- Learn, Learn and Learn... there is no shortcut...
- Take losses when you're wrong.
- Have strong patience and discipline to stay, survive and prosper in the long run...
Nothing comes easy for sure... but at the same time, nothing is impossible too...
Have A Nice Day!
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