3 Expectations When You Become A Profitable Trader
I think it’s about time we talk about something other than the struggle of learning how to trade right? Let’s talk about what to expect when you finally become profitable because that is the goal you are working towards.
When people first think of becoming profitable, they might think of it being like switch or a tap/faucet. You’re bleeding money one day, and then BOOM! Just like that, it’s raining men. I mean money.
While that can happen for some people who were making deadly mistakes in their trading, such as not taking losses or not using a stop loss!
But for most people, it will be like a volume fader. At first, there will be no sound. Then slowly, as you gain experience and knowledge, the volume gets louder and louder. Now it’s party time! Or is it?
AND THEN WHAT?
Well, even when you do become profitable, the learning never stops as a trader. Although the anxiety, stress, and frustration will be much MUCH LESS than what you feel while on the journey to profitability.
The learning doesn’t stop. New things happen in the market every day, and small changes in your trading may be required as the years go by. As you keep learning, your profits will keep growing.
I want you to imagine an axe. When you first start, it is blunt. You have no trading knowledge and no edge, so the axe is useless.
As you learn and groom yourself to become a profitable trader, you sharpen that axe. The more you continue learning (which is a conscious choice, by the way), the sharper and more useful the axe becomes!
Let Time Work
Once you have become consistently profitable, you must continue to execute your edge to see the fruits. You can’t become consistently profitable and then stop what you’re doing. Keep mining the markets and extracting your profits.
I think this can be a rewarding part of learning how to trade profitably. Here is this skill that you’ve nurtured, and you can now make money from anywhere in the world. This can also be the boring part if you let it, which brings me to my next point.
Many traders are so busy trying to climb the mountain and get to the top that they don’t realize one day, they will reach the top. Once they achieve their goal, the race will change from an uphill battle to a balancing act at the top.
If any of you have read the book the alchemist, you might understand what I’m saying. If you haven’t, the author speaks about having a legend (a purpose) and that legends will change throughout your life. Once you conquer trading, another mountain will emerge whether you want to teach trading to others, manage funds, or even do something completely different.
ARE WE THERE YET?
Trading might become boring once you become consistently profitable, and that’s not a bad thing. You’ve “Won” and if throughout your life you notice that once something becomes easy for you, you lose interest. Becoming a consistently profitable trader might force to do something else with your time.
Everyone is different. Some will keep learning and sharpening their axes, while others will be content when it is sharp enough. The choice is yours.
You might be asking yourself, does it have to get boring? Because you’re a daredevil adventurer extraordinaire! Well, the answer is no! It doesn’t have to get boring. You can constantly challenge yourself.
Set targets and goals that you want to reach within your trading. Trade with more risk (on a smaller separate account). Try and make more money with less risk. Learn another strategy altogether. Your trading journey doesn’t have to stop at profitability. You can take it as far as your imagination goes.
Don’t bet the farm
Don’t lose your shirt
Cut the L
Keep the W