The Right Attitudes to Adopt In Order to Succeed in Trading

Before I begin, I'm going to sound moralistic because I think it's essential to acquire a certain mentality before embarking on trading . It's an activity that requires patience , both in terms of learning and practice. 

If you were starting a new sport, you wouldn't be immediately ready to compete, it's the same here. 

All your results will depend on the tenacity you can demonstrate. If you're an enthusiastic and rigorous student, there's no reason not to succeed 🙂

Is it possible to make money easily?

Know that easy money does not exist . You can be lucky with money but in no case become rich without effort. If such methods exist, people much smarter than you and me have already appropriated them and locked access to them. 

In trading, we manage above all capital and we try to make it grow, it is a long-term job . We try not to damage this capital before even trying to make profits ! If you no longer have capital, you can no longer trade and therefore you can say goodbye to all future opportunities . 

Your personal investment takes precedence above all. A fairly large starting capital could allow you to live only from trading, but you still need to have the experience to do so. It is better to start small to get the hang of it. 

The bulk of your success comes above all from your personal investment and your willingness to learn and improve.

There's no point putting too much pressure on yourself , looking back at the past and the choices you didn't make. The future is right in front of you, that's where you have to look. Opportunities are endless , growth isn't. Don't envy those who win, and focus your efforts on yourself to be one of those people.

Ask yourself the right questions

Before you begin, it is important that you do some self-reflection. Ask yourself the following questions:

Why do you trade? To get rich, faith in your field, an appetite for numbers...

What do you want to accomplish? Financial goals, a thirst for knowledge...

When can you trade? The trading techniques you can adopt will depend on the time you're willing to invest in this activity. 

You don't trade on a smartphone haphazardly, on the advice of a friend... You have to give yourself a time frame dedicated to this activity and stick to it. If you started playing a sport, would you practice it all day? No, well, it's the same here.
What type of trader are you? Holder, Day Trader, ICOs...

From these answers you will be able to determine what type of trader you are (Daytrader, Swing Trader, Buy&Hold...) . I will develop these different approaches to trading in another chapter.

“You know nothing, Jon Snow”

If you are a beginner, you will enter a phase where you will have the impression of learning very quickly and knowing everything. 

This is the Dunning-Kruger effect : a beginner will often tend to overestimate his abilities because he has just accumulated a large amount of knowledge. 

It is only with time and by delving deeper into the subjects that you will realize that you only know the visible part of the iceberg and that learning is a perpetual restart. Stay humble, stay patient, trading is a skill like any other, it takes time before being fully acquired .

“Do I have the skills?”

If I offered you an iPhone for $1 with no strings attached, would you accept? I imagine so.

And if I offered you $500 for an apple, you would go get one from the grocer immediately, right? In this case, you have understood the logic of trading: buy when it is undervalued to resell when it is overvalued . 

There are several methods to evaluate an asset and technical analysis is one of them. I reassure you, you don't need to be an ENA graduate to understand these concepts and learn how to use them, I will explain everything to you step by step