Temperament Is Important
Just like with most things in life, certain career paths are better suited to certain temperaments. This is a very important “law of life” which should be considered by anyone looking to trade as a full-time career, or even as a side hustle. Some people are simply not cut out to be traders just as some are not cut out to be health care workers or business managers. This is something I find rather fascinating within the Crypto space. Just because individuals enjoy Crypto and know a fair amount about the space they automatically think that they will be able to trade effectively. How is this even possible without any knowledge, training, or practice? After all, strategies need to be developed and tested over time.
Practice Makes Perfect
Even after gaining a fair amount of knowledge and understanding a trader needs to spend time developing his skill. A lot more is learned out “in the field”. There is only so much a trader can grow without months and even years of practical experience. This is where mistakes are made and lessons are learned, sometimes extremely hard lessons. This all boils down to discipline. Persistence and determination to continue and develop over time is a discipline. In essence, discipline is a regular activity or exercise that is performed regardless of emotional influence or outcome. A disciplined trader simply continues, knowing that he will develop his skills over time. Many become excited by the prospect of trading but soon wane once they encounter resistance.
Success Is Guarded
Regardless of what you may want to believe, success resists you by default. Success has no intention of giving itself over to you and protects itself through challenges and difficulties. This generally works, as most will never realize meaningful success. Failure and financial loss will ultimately discourage the majority. Some will however push on. Everyone has a different path but you can’t escape paying your “school fees” and graduating from the “school of hard knocks”. Even the most successful traders have stories of how they incurred significant losses during their formative years. This is all part and parcel of becoming a relatively successful trader. Any trader who can consistently extract consistent returns from the market on an ongoing basis is successful in my eyes.
Another Form Of Discipline
Not only does one require the discipline to persist through challenging times and expensive lessons but also the discipline to follow the rules. Impulsive and undisciplined personalities will find it very difficult to succeed in the world of trading. As mentioned earlier, certain personality traits are better suited to certain fields. Disciplined and analytical thinkers often tend to take very well to the demands of trading markets. Abiding by the rules of your strategy and technical analysis is paramount if you wish to see results. Markets can be very irrational at times, which means that you need to provide the stability and discipline to the recipe because it definitely won’t come from the market.
At the end of the day, trading requires a level of dedication and you are not going to avoid that. This ultimately leaves potential traders with two options. Either, you embark on a journey to develop your trading skills, or you try your hand at trading bots. I don’t personally use bots but many report moderate gains by utilizing this particular tool. However, I have also heard negative reports. This is where decisions must be made and the rubber hits the road. Thanks for the visit and see you in the next one!