Still not hit the success button?
Suffering from an inferiority complex?
Market got you down?
Is it over for you?
Which brings us to the more important question : Do you believe in YOU?
Wrong English, I know, I know. Sometimes I misuse the language for effect. The effect is more important to me than how silly I look because of bad grammar.
Ok, so you want to succeed, make it big in the markets, blah blah blah.
You obviously can’t last out if you don’t believe in yourself. Markets are draining, and tend to suck the living blood out of one’s body, so one needs to last. Market forces exhaust the system. It’s something about them, something electronic. This something consumes your stamina. So, no two ways, you need to last out. 20, 30, 40 years maybe…
I’m not saying it’s going to take you that long to succeed. For all I know you’re the next Jesse Livermore in a few years. Getting there is one thing, but staying there is another. Consistency. Maintaining success for many years in a row. That’s big. Something like that can be, and probably is, a trader’s lifetime goal.
It all starts with belief.
First, weave a safety net around you. This involves the creation of a regular source of income to sustain your family’s basic needs. Such income needs to be independent of the market, any market. Your trading is not really begging you to earn your basic income. It can well do without that extra pressure. A comfortable slot for your trading to be in is when it can generate additional and bonus income for you. That’s the sweet-spot, and you want to be in it, with a comfortable safety net around you, free to trade the markets with no extra pressure.
Then, create a reliable system to trade the markets.
This can even take many years. I mean, some of us take seven odd years to recognize their basic risk-profile. Good, at least we are recognizing our risk-profile, because everything else is going to be built up on top of that.
As your system starts to perform, your belief in yourself gets stronger. Good going, stranger, now do humanity a favour and support others who are struggling to find themselves. In any way you can. It’s good Karma, and will help you further on your own path.
Then, you hit it big-time, your system catches some huge market swings, and you are there.
Now, other things start happening. Success brings with it its own entourage.
Remain on the ground, please. That’s how you are going to last out. Keep trading. Hitting the magic spot is not enough, you need to milk it as long as possible. Your new status of “successful” will bring many to your doorstep. The crowd wants to acquire the magic formula from you. People want your time. Deal with it, buddy. In a manner that still keeps you performing in the Zone, trade after trade. Also, in a manner that keeps you from hurting anybody’s feelings. I know, thin line, difficult to do, but you don’t additionally want the remnant emotional baggage of hurting people to affect your trading.
Apart from fame, there are other members in the entourage of success, and I’m just classifying them ad-hoc under the header “extra-curricular activities”. Yup, these will come your way. That’s part of being successful and famous. Well, do what you want, you’re a grown-up, nobody’s going to tell you where to draw the line. All one can say is, that if any extra-curricular baggage starts seeping into your trading, you’re going down Sir. Period.
Oh, where did it all start? Belief, right. Look where it can get you.
So come on, get up from your drawdown. Drawdowns happen. They are part of the learning process. The earlier they happen, the better it is for you. Now, you probably won’t let them happen when the stakes are big. When a future drawdown looms, you are prepared, and nip it in the bud. You don’t let it grow into an ulcer. That’s what your earlier drawdowns have taught you.
So get up and give it another shot.
All it takes is a bit of belief.