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Could Trading Make You A Living In These Uncertain Times?

Trading is one of the fastest ways to make money. If you can trade persistently profitably you will be in the top 5 percent of people, because an amazing 95 percent of traders fail. The main reason is not their trading system but their psychology. Unless you have the right trading mind set you will fail faster then you ever imagined possible.

I know from personal hard earned experience that the best trading system will not make you money if your psychology is not right. In the other hand a very mediocre system will make money.
in the hands of a skilled and disciplined trader who has the right mind set for trading.

So the message is clear: If you think that you want to make a successful living from trading you should work on your psychology first. This means that you want to make sure that you have what it takes to be a profitable trader and if your self analysis shows that you have not got it and you still believe that trading is for you fix your shortcomings.

Here are a number of questions you need to ask yourself:

What is your main reason for trading?
Do you have an inner desire to trade and are fascinated by the markets or are you just looking for a quick way to make a lot of money?
Can you be totally honest with yourself and do you know what total honesty requires?
Are your prone to procrastination?
How good are you following a system with discipline?
Can you stick with a strategy once you have made a plan?
How easily are you influenced by other people' opinions?
Are you willing to do what it is necessary to become a good trader and that includes investing in yourself before you start trading?
Is your family supportive of your trading ambitions?
Are you truly at peace with yourself?
Are you happy?
Can you work on your own?
Can you cope with losses, or draw downs?
Do you need to be right?
Are you patient?

The above are important questions you need to ask yourself before you open up a trading account and dive in hoping to find the answer to your financial woes with trading. I have traded on and off for many years and it took me several years to overcome many a block I had which stopped me from trading persistently profitably. One of the biggest hurdles for many wannabe trader is procrastination. Procrastination is just another form of fear.

But what is it really that you are fearing? Is it fear of failure, very likely or is it fear of commitment? In all probability you will be reacting to some old unresolved trauma without realising this.

Every emotion is inside you

We all have psychological blocks, but they may not necessarily stop us from achieving what we are after. Trading is extremely intense. Since you are trading a reflection of human existence, but on a graph, you will be inadvertently confronted with all your inner demons every time you trade.

Everyone has fear and greed residing inside them. You may think that greed is beyond you, but I can tell you that you are wrong. Every emotion good, bad or indifferent, is in every one of us. Most of these emotions will never come to the forefront of your conscious mind. However, that does not mean that they are not present. You are just very good at keeping them at bay and will have developed coping mechanisms throughout your life convincing your conscious mind that you have no problems with fear, anger, hesitation, resentment and so on.

Beware of electro magnetic radiation and geopathic stress

You should be very aware of this fact and also realise that the added pressure from geopathic stress and electro magnetic radiation from the electronic equipment you will be inevitably using when trading all add additional strain on your mental ability to remain calm and centred.

Unless you address the very significant issue of geopathic stress and electro magnetic field radiation this problem alone could decimate your account unnecessarily as you will be finding it difficult to focus for long periods and maintain high energy levels. This will potentially cause you challenges particularly in the early stages when you are still learning, not to mention the health hazards associated with geopathic stress and electro magnetic fields.

Happiness is a prerequisite to trading success

If you have ever watched Warren Buffet, you will know that he is a very well grounded and happy individual. There is not much that upsets him. Success comes easier to happy people. This is one of life's basic facts.

Take a look at your happiness levels? How happy are you? If you have relationship problems or are unhappy with yourself you will probably find a way to trade these issues without your conscious knowledge. I know I used to when I started trading. I know many excellent traders who have gone through difficult periods in their lives, like relationship break ups or other personal problems. Their trading results inevitably were affected.

Recognising that decreased happiness will affect your trading performance and seeking help to get back on track is a sign of strength and not, as many still believe, a sign of weakness.

Educate yourself, read books, attend a workshop, or an online course to ensure that you are psychologically in the best space possible for your new career. Education is an essential investment in your future.Anyone who wants to attain mastery in a competitive profession has a library of books, a coach and attends workshops to improve themselves; and so should you if you are serious about making a living from your trading.

Seed Newsvine

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