From the archives
I was just talking to another trader who was having trouble pulling the trigger. Assuming you have taken the necessary steps; having the money to lose, having a plan, can maintain discipline, and willingness to learn about yourself, the market, and the relationship between the two. The next step is to do it, those things give you a chance. What you do with that chance is dependent on you and your ability to absorb and react to feedback. A few things to think about.
Don’t worry about perfect.
The easiest way to fail the first time is trying to be perfect. Your goal in the beginning is understand how different the experience is from how you imagined it. Start with reasonable expectations and over time shift to unreasonable expectations.
Seeing others do it.
At the beginning you believe you will be successful. After your expectations for success are not met, your belief fades. Surround yourself with as many people who have been successful. Seeing is believing. You will begin to notice some of the little things that they doing. The difference between good and great, I have found, is in those little things.
Ego does not work well in situations where temporary set backs are inevitable. Get over yourself and do it now. Ego should be used like salt, in moderation.
Just a moment in time.
Chances are if you fail, you will have another chance. In that moment, it is nearly impossible to have that perspective. You have a choice in how you define failure. You also have a choice in what you do with that failure. You have a choice. It will define you if you do not define it.
Letting one mistake become two.
It is not connected. One trades outcome does not have to be connected to the next trade. (I say it does not have to be because of opportunity cost, if you are short you cannot be long at that same price.) One trade does not determine the success or failure of your career. The outcome of a trade can change the trajectory of your day or career but that is why discipline and self evaluation is important.
There are no guarantees in trading, but give yourself a chance.
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