“I knew that
it was a golden opportunity and that I had screwed it up. I swore to learn
everything I could to achieve complete mastery in this field [trading].”
There are crucial factors that contribute to the trader’s permanent
success in the markets. You probably know some of them; but the one which is
mentioned in this article may come as a surprise to you. Without it, you can’t
last long in the markets.
A support system is defined as the sources of encouragement, inspiration,
and knowledge that enable you to continue your career as a trader in spite of
the challenges you come across along the way.
Support system also comes in forms of social trading, signals
strategies, funds management, trading rooms, courses/education, forums, books,
role models/mentors, etc.
Personally, I need to confess that some of the examples mentioned in the
paragraph above were responsible for moving me ahead when I reached a roadblock
in my journey as a trader. I was contemplating giving up when I came across
some people who’re now my direct and indirect mentors. I came across some books
and articles. I came across some generals of the markets and I saw their
long-term performances. I came across the secrets of success and the reasons
why a large percentage of people find trading difficult. I thought to myself,
“Man, if these guys can make it, why can’t I?” I was determined never to give
up, and I’ve not regretted that decision.
People who’ve given up trading mayn’t realize the benefits and
opportunities they’ve thrown away in ignorance. We can’t get inspired by
fatalists.
Indeed, some who’ve given up mightn’t have done so if they’d access to
support system or made use of it. While there are some whose mission is to
discourage people from trading (since they themselves don’t know, or are
unwilling, to know what it takes to be a profitable trader), there are some
people whose mission is to encourage people and help them become the best
traders they can.
Support system is copious: all around you. Why can’t you make use of it?
When you start facing the reality of the markets, there are those who’re ready
to make you employ trading principles that ensure your victory. You won’t miss
you way.
Psychology is important in trading, and so is support system. They
sometimes go hand in hand. Certain traders have been lucky enough to have
triumphant pros as their masters who take their hands and lead them to safety
on the battlefield. When you’ve someone who’s successful and who’s ready to
show you the way, your learning curve would be sped up, providing that you’re
willing to be obedient.
For you to succeed in trading you
need support and encouragement – not discouragement – from your folks, mate and
buddies. Whether you learned the art of trading by trial and error or you were
shown the way from the beginning, this thing matters more than you think. With
support system, attainment of success may be less difficult than we imagine.
Actually, our goal is to make
average gains that are bigger than average losses over the time; not only to
appear like a smart professional or impress people with our knowledge. To
achieve this, we make use of rational methodologies that make us survive the
vagaries of the markets, since we don’t gamble.
The quote at the beginning of this
article is from Bruce Bower. Another quote from him ends the article:
“If you don’t have a consistent methodology, then you
will end frustrated with trading. As glib as it sounds, the solution is to
trade better. Focus on defining a methodology that works for you and to keep
your risk limited… In the process, you will learn to trust your system and your
emotions will naturally calm down.”
