Does everyone fail in trading?
Just as I have mentioned in the title of this blog post, 90% of traders that get into this business of trading, don’t see any success and they fail.
But you know what, there is a similar stat on businesses too and according to it, 90% of the businesses that people start, never take off, and it eventually shuts down.
But, does that discourage people from starting a business? No, it does not, then I don’t see any point in getting discouraged by the same stat on trading.
There’s one more stat that says that 50% of the traders quit in the first year of trading. This makes sense as trading is difficult and there’s no denying that.
But look, there’s still that 10% that make it to the top in this business and these are the ones that get through the initial difficult phase and get to the top.
So no, trading isn’t a business where everyone fails and you shouldn’t see it as something that’s not worth doing or even trying out.
If you do things the right way and keep going no matter what happens, you will see yourself succeeding at some point.
Why is trading difficult?
Some people might say that trading is so easy as all that we traders do is click some keys on the keyboard, buy and sell, and profits appear out of magic in our accounts.
But, if you have even a bit of experience with trading, then you will know that trading can be so grueling at times and so mentally taxing, that it drains literally everything.
Trading will require you to be at your best, at all times. You cannot expect to take it easy and still get through. The moment you drop your guard, be ready to take a hit.
Another reason why trading is difficult is that we traders are humans, and we have our psychology.
At times, this psychology of ours plays games with us and it becomes difficult to be in control of it.
I have even observed one thing that, people just can’t follow a simple routine day in and day out.
I mean, if I tell you to do the same thing, every single day then you might get bored after a couple of weeks and do something else.
Trading is just like that. You build a routine or a plan, and you do the same things every time. Those that are able to control their urges to do something different are the ones that make it to the top.
It is for this reason that some people say that trading is so boring, but let me tell you that no matter how boring trading might seem to you, it is very much worth it, and I’ll tell you why.
Is trading worth it?
I guess this is the million dollar question that everyone asks and everyone wants the answer to.
I have been trading for quite some time now and I can say this with lots of confidence that trading is very much worth it.
There’s a caveat, of course, you need to work very hard and do the right things if you want to make it worth it for you. If you do that, then it might just be one of the best businesses that you can be a part of.
So I’ll consolidate the entire trading industry into 3 points and those will tell you why exactly trading is worth it and those are also some reasons why I got into trading and why most of the traders out there get into trading too.
1. You are your own boss
You will hear lots of traders say that they got into trading because they did not want to work a job and wanted to be their own boss.
Yes, that’s right, in trading, you are not really working under someone else, or you aren’t employed by a company. But this is not what I’m referring to, entirely.
When I say you are your own boss, I mean that you take all the decisions yourself and you have all the authority in the world to do that.
You are going to take the trades on your own, you can decide which trade is worth taking and which isn’t, you can decide how much to risk, you can decide which market to trade, and can set your timings.
I am referring to the freedom that you will have as a trader. For some, this is awesome while for some it might not really be so good as they need someone to guide them and to tell them what to do.
If you need someone to guide you, then you either become so well prepared that you become completely autonomous or you get a mentor if you can.
2. The business of trading is very scalable
Today you can start trading with a $1,000 account, next year you can jump it up to $10,000, the year after that you can trade with $100,000, and you can keep increasing your account size as and when you can.
This is what I mean by trading being scalable. You can increase the size of your account, which increases the size of your trades, and in the end, your profits increase.
There are many businesses out there that can work only with a particular capital and it cannot be scaled, but this isn’t the thing with trading.
I have literally seen traders start out with a couple of thousand dollars in their account and they are now trading hundreds of thousands of dollars.
For them, literally, nothing has changed, except the size of their account. They trade with the same setups and systems, but now, with a bigger size.
This is one important aspect that makes trading worth it. You literally have no ceiling and you can become as big as you want, all you have to do is to know the right stuff and keep doing it day in day out.
3. It makes you a better person
This point is a bit different from the first two points that I’ve talked about.
So I’m sure you’ll know that trading requires a different level of mindset and psychology, and if you, as a trader, don’t have this part sorted, then you will have a hard time.
It is very difficult to get into that zone you know. As I told you earlier, people just can’t do the same things every day, even if they know it can make them money.
Once you get into trading and you start working towards becoming a better trader, you learn lots of things about yourself.
You also start developing vital skills like patience, resilience, quick thinking, and you also start staying calm and working efficiently under pressure.
These things not only make you a better trader, but you improve as a human being too. You will see that all these make your life apart from trading, way better.
Now I won’t be able to properly explain this to you as it’s something that you’ll understand only when it happens with you.
But I can tell you from my experience that, I have become a better person in my personal life when I started becoming a better trader.
What do you think?
So tell me, what do you think, does trading seem like something that’s worth it to you? Tell me the reasons too?
Do you agree with the reasons I have talked about in this blog post to convey why trading is worth it? What else can you add to it?
I want you to share this blog post with everyone you know and let them also see that trading is certainly something they can get into and it can be a life changer for them.
Feel free to ask me any questions or anything, in the comments section below, and I’ll get to it at the earliest.