One of the most basic human emotions dictating at least one decision each day is our confidence in a known outcome. This can be as simple as knowing that the sun will come up tomorrow or that the train you take to work will arrive on time (in many of our cities, of course, this is a forlorn hope!).
Without this basic premise, however, our lives would descend into chaos, as we could not make a reliable or informed decision because we would continually be second-guessing all choices confronting us. So how does this affect trading A colleague of mine disturbs traders by making the statement that “if the markets were certain then there would be no markets.” This can shake the confidence of some. If every market reacted in the same way every time then, at the simplistic level, that market would be either very easy to trade or, taking a more complex view, that market would break down as it could not exist in this way and any certainty would vanish.
Whenever I saw a Cricketer playing in the field or Tennis player playing, the temptation to play like them was tremendous.
If you see any Great Sportsman playing and compare yourself to them you will observe You are lacking in co-ordination, stamina, technique, strategies and above all few tricks of the game that only comes from being exposed to the game regularly, sincerely and with full dedication.
When you come into trading arena, it is mesmerizing to watch the professionals execute trades effortlessly and seem to understand the market turns fairly well and getting a lot of admiration, adulation along the way.
You, in your enthusiasm and in earnest desire to duplicate their success, jump in to the world of “trading” just as you get tempted to play like Sachin Tendulkar and end result just as you cannot become Sachin without learning the tricks of the game in the similar manner you cannot become a Successful professional trader and will eventually lose your hard earned capital and will blame market to take your money.
To become a Successful trader you need to Spend hours, days, months & years to master this game of trading. There are so many study materials available in this site. Explore them. Apply them as in a test laboratory without employing your money. It requires tremendous amount of patience to hold back yourself from jumping into this mesmerizing world of trading where only “success stories” are talked about.
Gaining knowledge brings you only half way or I would say to the starting block. To select & execute your trades, use your head. Once executed, keep the “brains” out and follow your trading plan.
Do it with small amount and grow in confidence.
Why study so much when there is mechanical trading available? If you have an in-built discipline as that of a Military man, you will follow those simple rules. If not, you need to study to understand the markets and find , during the course of your experience.
Having spent many years in the market, I do not know where the market is headed for “sure” but that does not stop me from applying my studies and creating a trading plan on how will i react to situations.
There is money in the market to be mined regularly if you can stick to your plan, with discipline and controlling your emotions.
SO Only HOLY GRAIL to be Successful Trader is HARD WORK