As I’ve delved deeper into trading, I’ve come to realize that the lifestyle is all-encompassing. To achieve consistency in this field, I’ve had to take extreme measures, which may seem hardcore to some. But if the statistics are true that 90% of new traders fail, then I’d rather be in the 10% who thrive. Dabbling with trading just isn’t enough, especially if you want to do it full-time.
Discipline is the foundation of success. Whenever I want to improve any aspect of my life, I know I need to make a sincere effort to change. And with that commitment to self-improvement comes the need for constant discipline. Breaking habits requires breaking the cycle or the triggers that cause them. I’m not perfect, and I still slip up. I’m a work in progress, and I know that much of it comes down to a lack of discipline and follow-through.
I’ve also noticed that my trades reflect my level of integrity. It’s not a coincidence. It’s easy to draw a line between them. When my positive momentum starts to wane, I know that I need to pay attention to the warning lights. Over time, I’ve become better at recognizing and obeying these internal signals. The desire to change has to be greater than the desire to remain the same.
Trading requires a 24/7 commitment. Every decision I make, from morning to night, has an impact on my trading. Going out late on a Wednesday night to party with friends, skipping meditation or exercise for the day – these seemingly small slip-ups can reverberate in unexpected ways down the road.
When I make concessions and compromises with “life stuff”, I tend to make concessions and compromises with my trading practices too. I make silly mistakes and break hard-fast rules that I put in place for myself. Excuses follow. All of this adds up to a slippery slope right towards the dreaded losing streak.
Sacrifices must be made. You can try to wiggle your way out of them, but sacrifices are a big part of the bedrock to a solid trader’s mentality. When your friends ask to go out on Wednesday, the only answer is “no”. When you want to backslide and rationalize why you deserve to have one more cigarette, the only answer is “no”.
In a nutshell, practically everything I do revolves around my devotion and focus on self-betterment. Every time I try to rid myself of a bad habit, I do it to be a better trader. Every notch up in intensity with my running and exercise is done with trading in mind. It’s all interconnected and all-encompassing. It all somehow ties in with your trading, I guarantee it. If you find yourself in a trading slump, check yourself out from a vantage point. Be honest and assess yourself on a deeper level. Have you been doing your best to improve your character? Or have you been complacent?
