25 Steps To Becoming A Successful Trader
You buying books, go to seminars, get your education on Youtube.
You begin to trade, you blow up an account or two, then realize you need more knowledge.
You buy more books, attend more seminars, watch more Youtube videos.
You begin to trade again, you try different asset classes, different markets and different trading methodologies.
You experience more drastic drawdowns, start to doubt yourself and lose confidence.
You start looking for answers on CNBC.
You go back into the market and your trading account continues to dwindle.
You buy more books, attend more seminars, watch more Youtube videos.
You go back into the market and start to see a little progress.
You gain confidence, a little too much confidence and the Market humbles you.
You realize you aren’t going to make a lot a money in a little bit of time.
You realize trading successfully is about persistency and consistency.
You get serious and start focusing on one trading methodology that fits your personality.
You start to have some success, but realize something is missing.
You realize you need to put your trading methodology on paper within a trading plan.
You refine your trading plan.
You start to have more success, the confidence starts to come back, but you remain humble.
You refine your training plan again and realize this game is all psychology.
You still don’t take every set-up that meets your trading plan, but your results are getting better.
You continue to trade, no longer chase price, no longer revenge trade and become more proficient and comfortable with your trading methodology and rules.
You feel the long hours, the grind and the consistency is starting to pay off because your equity curve levels off and starts point upwards.
You realize your success in trading is up to you and only you realize trading dig up things about you, you didn’t even know.
You master your methodology and your trading rules and are now making money consistently.
You increase your position size and are now making more money then you thought was possible.
You live the life you always dreamed of, but it’s somewhat boring and unfulfilling, so you start giving back and sharing your trading experiences with other new traders who have the same aspirations you had at the beginning of your trading journey.
Developing your trading skills is process, not a race, but a never ending marathon. Having the proper mindset, attitude and psychological makeup is initially crucial as you trek up the mountain, destination, 5% Successful Traders mountain top. Along the way to the top, you will encounter, mudslides, avalanches, mountain lions, but once you make it to the top, you will discover that successful trading starts and ends with the thing between your two ears.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
Interesting timeline but seems so relevant. I think I’m somewhere between 13-17. Thanks!
Good stuff, I would say I'm in that ball park as well, but I still listen to CNBC, so I can keep a pulse of what the novice traders are doing.
I do too but laugh so much on how they have become more like cheerleaders rather that anything else more useful.
Biggest improvement in my investing and trading came from 3 things
Nice post. It is indeed a journey - 6 years of intensively doing what you describe.
Yeah, I wish I had done what you suggested many years ago, but even our journey as individual traders are different. The key is that we all survive and reach the our destination, regardless of the path.
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Nice, accurate post.
Thanks @workin2005
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Any suggestion on what resources (Books, channel, and subcriptions ) to follow to reduce the legwork?
Trading in the zone by Michael Douglas the best book I ever read. Also check out Rande Howell and Chart With Traders on youtube.
And Most stop after point 2.
Well but it’s possible to learn from other people’s mistakes. Don’t necessarily have to blow up an account. Understanding risk management is the most important thing. You can have the worst trading strategy and not screwing up completely with the right risk management
Well said, any strategy will work with proper risk management.
Well said bro.