There is one thing that can get your virtually anything you want in life. It’s called persistence. That never say die attitude, the refusal to quit and the ability to continue to chip away until success finally arrives. Persist at something long enough and something tangible will likely result.
The learning experiences and the perseverance and persistence that’s required in trading is likely going to cost you some Money along the way. How you handle losing money will determine whether or not you persevere or you ultimately quit.
Trading is all about money and Mental Strength and you can’t make it in this business without both. But sadly many traders run out of money and mental strength before they finally make it. So it’s important you carefully manage both. Over trading drains mental strength and trading too much money drains your trading account.
Being clear, concise and decisive requires you to be mentally strong, and being able to continue to persevere requires your trading account to experience small draw downs as you learn and persist your way to success. So think about how often you trade, think carefully about your volume sizing and remember that perseverance will see you be successful but you need the money and mental strength to go the distance.
One trade at a time. Go get ’em!
About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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