They say persistence can make up for many things.
If you’re persistent in improving your trading, it’s possible to overcome many trading problems, such as:
- Ignoring your own rules
- Poorly executed trades
- Overcomplicated strategies
- Rudimentary trading mistakes
- Taking profits too early
- Staying in a losing trade for too long
So how persistent are you with your trading? Are you both, consistent and persistent in your approach?
Or do you:
- Jump ship when things get a little bit tough and you have a string of losing trades?
- Stick with your strategy or do you jump from one to another?
- Have a routine to help you prepare for the trading day or do you do things just on the fly?
- Have a set of criteria to define your entry, exit and stop for all your trades?
- Have a trading plan you follow or do you create new criteria for your trades as you watch the market?
- Consistently evaluate your trades?
- Consistently keep records of your trades and review those records?
Are you consistent and persistent in your trading?
Persistence may well be one of the most powerful success trait you can develop, not only in trading but also in life.
If you don’t persist it means you quit, and if you quit then you never get what you want out of trading or from life.
The traders that ultimately achieve their goals are those that have tried something again and again; they kept at it.
Trading Success: Fine Tune, Tweak
They fine-tuned their strategy, tested and tweaked until it worked for them. Or maybe these traders tried something different, a new strategy. They tried until they found what worked for them and got to where they wanted to go.
They knew where they wanted to go. They persisted and kept working on it until they reached their goals. Chances are they’ve had failures and made mistakes along their way to the top. But they yet persisted and pressed on.
So don’t be fooled when you see a successful trader, one much further along the road to success. Rarely do you find one who achieved instant, overnight trading success.
Trading Success: Overcome Challenges
What you’ll find is they’ve all had their challenges. They had to try many different things until they found the unique combo that worked for them.
In the end, it was their persistence that allowed them to continue forward and get to where they are right now.
Persistence never ends; you’re never done.
With each new level of accomplishment, new challenges appear. Ultimately, it’s your ability to persist that will move you toward your goals.
Persistence is not something you’re born with. It’s a skill to be developed. And without it, it’s all too easy to give up when the going gets tough!
Persistence allows you to bounce back from losing trades and power through losing streaks that every trader has.
That’s why you must develop and strengthen your persistence muscle, always!
Trading Success: Prepare Your Mind
And prepare your mind for the realities of trading, because markets and trading can be difficult and frustrating at times. And for most traders, it’s a solo ride.
Be prepared for the roadblocks you’ll encounter along the way. Know you have the persistence to move through them, go around or jump over them.
First, decide where you want to go and what you want to accomplish with your trading. Then commit to persist.
Do whatever it takes and as long as it takes until you reach your goals.
“Persistence is to the character of man as carbon is to steel.” Napoleon Hill