“Never, never, never give up.” – Sir Winston Churchill

Article focus: Be Persistent!
You Could be One Trade, One Day, One Week or One Month Away from Success

Without doubt the one thing that I would tell the beginning trader is to never give up. Never, never, never! This business of trading has so much to give once it is mastered. Trading is simple but it is not easy. It offers incredible freedom accompanied by monetary rewards. There is an old Chinese adage that states, “the smart man learns from his mistakes but the wise man learned from the mistakes of others. I succeeded because I never gave up! In fact, even when times were bad I knew that success was around the corner. However, there were a lot of corners almost like a never ending circle before I reach the promised land.

I have seen the same phenomenon in trading. On some graduate courses, the traders who do well from the beginning, those with a natural talent perhaps, are not always the best traders at the end of the course or over time. Likewise, traders who find trading difficult to begin with can easily be put off and give up; when they ought to do the opposite. Whether you are big and strong, naturally talented or not, the one key aspect that successful people have in common is that they persisted long enough to make  it!  JUST  KEEP  GOING!  Ahead  of  you,  every  brick  wall  you  might otherwise end up bashing your head against, is surmountable by following the advice of this book and the other traders and experts it points you to.

Persistence is probably the single most common quality of high achievers. I have worked with people who I may have thought had little chance of making it, but they stuck at it and proved me wrong!

How Long Do I Have to Wait Before I Make it?

Most people give up just when they are about to taste success.” – H. Ross Perot

How long do you have to keep going for before you make it? There is no single answer to this question. It will vary from person to person, dependent on skills, abilities, the time available, openness and willingness to learn, motivation and passion;  and  also,  to  a  degree,  on  a  little  good  fortune  in  terms  of  market conditions and events. It also depends on how you are defining ‘making it’. But, by having followed the strategies in this book, you will have given yourself the strongest chance of it happening sooner rather than later.

How to be Persistent at Trading

•      Understand that becoming an expert trader takes years, and set your goals and targets accordingly with a realistic approach.

•      Focus on your own performance and progress, and not that of others who  may  be  ahead  of  or  behind  you  on  the  learning  curve.  Every individual  trader  brings  unique  skills,  abilities  and  attitudes  to  the table and will progress at their own rate.

•      Establish compelling goals and strong motivations to provide you with the direction and fuel to keep you going.

•      Develop resilience. “This is no easy business, do not expect easy riches. You will need to work for success.  Markets will frustrate you, test you, try to beat you. Do not let them win.”