Thursday, February 5, 2015

You Can Enjoy Trading

“Traders produce success, trading systems do not!” – Dr. Van K. Tharp

Have you ever felt as I did when I was a novice? Sometimes trading turns out to be a far cry from our dreams. Painful results can seem to drag on endlessly, and it can be hard to see a way out or a way to endure. Needless to say, those who endured in the past now enjoy trading and the benefits that come from it. How can you enjoy trading?

Cultivate a Positive View of Trading
We can view trading as a means to an end. If you’re able to acquire what you need as a trader, then your trading is doing what it’s supposed to do.  Successful traders love the feeling they’ve after a long period of trading. They may’ve worked hard to achieve success and their work may’ve gone unnoticed by others – but they know they’ve accomplished something. That thing is a profit.  

Apply Yourself to Trading Mastery
Of course, you don’t become a skilled trader automatically, and not many people cherish engaging themselves in what they’ve not mastered. Maybe that’s the reason why many don’t like trading, for they simply haven’t put forth enough attempt to become good at it.

Focus on How Your Trading Activity Can Benefit Others
Avoid the trap of thinking only about how much money you can make for yourself, but think about how others also benefit from your trading. The world of trading is a unique ecosystem in which you, your family, the broker, the liquidity provider, etc. benefit and can’t do without one another. Think of how those who need help can be helped when you become a rich trader.

Truly, when we strive hard and reach a good level of competence in trading, we can provide for ourselves and our family and we can also help those who’re in need. So trading can make us experience the happiness of giving.

Go to Extra Mile
Rather than simply reaching a level of competence in trading, look for ways to become a super trader. No matter your level of expertise, there’ll always be room for improvement. Set quarterly or annual goals for yourself. Challenge yourself to trade better and with more maturity. When you do this, you’re more likely to enjoy trading. This is because you’re in control of your mindset and actions. You’re doing well because you want just that, not because you’re forced into doing that.

Keep Trading in Its Proper Place
Profitable speculation is admirable, yet we do well to remember that there’s more to life than speculation. Although it’s a noble idea to dedicate yourself to trading success, you need to think of other important things in life. What are these? These are your family and friends and other activities that matter to your spiritual and physical health.

Joe Ross, Van K. Tharp, Anne-Marie Baiynd (quoted below) and many others are examples of persons with balanced trading ethics. They’ve worked hard to achieve success in trading and they’ve left great impression on their clients because of the quality of their services. But in the end, when the job is done, they know how to leave trading behind temporarily and focus on their family and other things they cherish. And you know what? They’re among the happiest traders on this planet. 

Conclusion: When trading seems difficult as a result of a lack of expertise, who among us doesn’t need to work on our endurance? In order to face the ongoing challenges in the markets, we need the kind of determination, patience and inner peace that only conservative risk control and sane position sizing can give us. 

The piece below ends this article:

“Our success is not about how much knowledge we have, but how we make decisions when our senses are heightened by fear or anxiety.” – Anne-Marie Baiynd

Learn from the Generals of the Markets: Market Generals

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