Everyone knows that the main reward for becoming a successful trader’s money. But you will be rewarded with a lot more than just money if you become a successful trader, in fact, money is probably the less valuable rewards you will receive consistent success in the markets.
The most valuable awards to become a successful trader are less tangible. discovery of self, self-improvement, personal freedom and the real meaning of virtues like patience and discipline. These are things that will stay with you forever, and that will improve and enhance your life and your relationships with other people, much larger than just money can…
- what freedom feels really
In my view, the greater reward of being a successful trader is getting real personal freedom of employment and of the 9-to-5 rat race. Trading provides you with the tools and the opportunity to escape what I call modern “slavery.”
It won’t be easy, it cannot happen at all for you, but for me, I am extremely pleased that by learning to trade, we can potentially win our own freedom and escape the “matrix” that works constantly. Like it or not, in our society today, the game is money and you either play the game or you live a mediocre life, at best. I never been the type of person to settle for that or just accept that I had to spend my life working for a company and give them the best years of my life in return for money, and far less than what I was worth in reality.
So, for me, learn what true freedom feels is the most Grand Prize to become a good trader. All the money in the world doesn’t mean a thing if you don’t have any time to enjoy it and trade in the way that I do. swing trading with emphasis, allows me to have and enjoy the most valuable; time.
- how to evaluate the risk vs reward no matter what
If you get to the point of being a trader always successful, will also certainly be a master to determine the risk to reward any situation, service or product. The mindset of a successful trader is one that is constantly gauging risk and at the same time to find what could be the potential reward, to finally make a decision. It is of course necessary for trade, but it’s also a great skill to be able to use in any other situation in your life.
For example, suppose that you need to get a different car. If you are considering the purchase of a trader mentality, you will examine carefully the risk vs reward to buy a new car or a used car purchase. Through this process, you will probably come to the conclusion that the risk of losing about 11 percent of the value of a new car as soon as you drive off the lot, it is probably not worth the reward of having the car when you can probably find the same a little used car and actually get a discount of 11% on it. Not everyone thinks like that in all situations, but the successful negotiation will ingrain this type of thought in you, and it’s almost always a good thing.
- the true value and the meaning of patience and discipline
Everyone knows that patience and discipline are very important and precious virtues, but few people really understand how powerful they can be like the fact a successful professional. The only way to get to the point where you make money in the markets for a month, is being constantly patient and disciplined.
All this may sound cliché for you at this stage, but it’s only because it’s so true; patience and discipline you will make money more quickly than anything else when it comes to trading. I have written many articles explaining why this is true, then I won’t get it in all the details in today’s lesson. But, you need to realize that one of the biggest things you will learn by becoming a successful trader, what patience and discipline really mean, and how they are. After all, to become a successful trader, you must learn to be patient and disciplined in the face of the constant temptations (to trade too much and too take advantage), and not many people can do so consistently.
Commercial success will teach you how to control yourself in tempting situations focusing on reward long-term rather than anything good.
- how to develop and improve as a person
The process of becoming a successful trader and the things you need to accept and change within yourself to become one, will lead eventually to become a better version of yourself. You will not find a person lazy, messy, impatient and unruly, who is also a successful trader; This person does not exist. The final result, or maybe the “side effects” to become a successful trader, are that you have real freedom, you have mastered your own mind, you understand the reward of potential risk of any situation that you may find yourself and perhaps more important still, you were a better version of yourself.
- the power of simplicity
Finally, perhaps the thing the more transformative that I learned to become a successful trader, is the power of simplicity in the trade not only, but all areas of my life. My simple discovery was better when it came to my business, was probably turning you in my business career and therefore, in my life. Once I started to see the power of simplicity in the trade, I started to apply this same philosophy to other areas of my life, where I also reward results. In fact, I wrote a whole article on this so-called minimalist business approach, if you have not yet read, you should.
The key to the lesson today is to become a successful trader, you need to develop and systematically apply the type patterns and processes that will be not only make money on the market, but also make you become the best possible version of yourself.