We're coming into the last proper trading week of 2021 and we just wanted to share some info for anyone that might be new to day trading or struggling with their trading results!
The below video and summary should help set your mind on the right path to day trading success!
1) It takes 10,000 hours to master a topic.
For those of you who are new traders and who are struggling in your first few months, think about the following: Do the math, it takes time to master anything, and if it is gonna take you that long to become a master of day trading than the first few months should not be overvalued and not to much hope should be added on success, you need to accept the fact that slow and steady wins the race.
2) Successful (traders) people work very hard.
If you want to become a great trader you will have to put in the time. Just like almost every other successful person has had to do. (Be obsessed)
3) Every trader can change.
It is a proven fact to me that anyone can change, we can learn and unlearn things, we can form new habits and break old ones, it just comes down to motivation.
We all have personality traits that may have just been handed down to us. If we recognize this, then maybe we can change some of the ones that are not in our self interests when it comes to trading.
4) Everyone has the opportunity to become successful.
In any job you might be doing there are opportunities there, you just have to look for them, explore them. In day trading those opportunities are present every single day, in up trends, down trends and even ranges. The main skill a day trader has is the ability to trade what you see and always be proactive/reactive to the charts, never predictive.
New market themes come along every year and they are all opportunities for the person who seeks them.
Accept the fact that you have just as much opportunity as the other traders, and your mind will get motivated and help you to work further and better even when the inevitable losing periods come along.
5) Trading is meaningful work.
Here's the best definition about meaningful work:
“autonomy, complexity, and a connection between effort and reward.”
Traders have autonomy to choose the assets they trade, we also choose
our exact entry and exit points.
While success in Day Trading is complex, the way to remove that complexity is to work hard, because the harder you work the more you can make. Your upside is unlimited, and always will be! Good luck trading!