- What’s the right path in trading?
- How to stay on the right path in trading?
- Are you on the right path in trading?
What’s the right path in trading?
There’s always going to be a right path and a wrong path but if you want to increase the odds of you being a successful trader, then you need to make the decision to always stick with the right path.
Now, what is the right path in trading? Is it the profits? Is it being not just profitable but being consistently profitable?
You might think that it is but it’s not. This is just the end goal and there’s a path you need to follow that will lead you to it.
According to me, you are on the right path, firstly, if you know that uncertainty is the only certainty in trading and secondly if you are always at the top of your game.
What do I mean by uncertainty is the only certainty? It means that you can never make rules for the market and expect it to work according to that.
You can only make rules to how you are going to act when the market or the price moves in whatever manner it does.
The sooner you understand that you are just a drop of water in the ocean, the better trader you become.
Apart from this, you also need to be at your best game, always. This means that you should know exactly what you’re doing and what you should be doing.
It’s all about following the basic fundamentals of trading and doing everything to constantly hone your skills, keeping yourself accountable, and just being the best trader that you can be.
If you want to learn how to become a better trader then go through the blogs section and you’ll find lots of blog posts to read on that.
How to stay on the right path in trading?
This is the biggest question, isn’t it? Everyone knows “what it is” but they just don’t know “how to do it”.
In this part of the blog post, I’m not just going to tell you how to stay on the right path but I’m also going to cover some mistakes that traders make while they are on their journey.
1. Don’t let initial successes or failures affect you
You might have a couple of trades that fetched you a lot of money and on the other hand, you would’ve had trades that were just disasters.
But you need to stay unaffected from those and just carry on with what you are doing i.e. looking for more opportunities in the market.
I’ll tell you what will happen if you let your successes just to your head. You’ll start thinking that you’re the best, bigger than the market, and it just messes up with your mind.
This is when you start thinking that the market works according to you and you forget that uncertainty is the only certainty. And it just goes downhill from there.
On the other hand, if you let your losses get to you, then this will also affect your psychology and mindset a lot.
You’ll have all sorts of emotions affect you and cloud your judgment and I’m speaking from experience here, it just does bad and no good, trust me.
2. Knowing that learning never stops
No matter how much experience you’ve gained or how much time you’ve spent doing things, you’re never going to reach a point where you’ve learned it all or you know it all.
I have seen beginner traders do this and even experienced traders do this. They get a strategy, learn risk management, perfect their psychology and mindset, and they think the learning part is over for them.
Well, the learning just never stops and if you stop learning then you are going to miss out on a lot of things that would’ve helped you get to the goal and you’re just going to get off the right path.
If you stop learning then you’re just giving up the opportunity to become your better self and the better trader and isn’t that just the wrong path to trading?
Are you on the right path in trading?
I’m sure that after reading this blog post, you now have an idea as to what the right path is in trading and what you need to do to stay on it. So tell me, are you on the right path?
Is there anything else that you’d like to add to this blog post or is there a different perspective that you look at this topic with? Do let me know in the comments section below.
Don’t forget to share this blog post with others and let them also get the push they need to stay on the right path and reach their goal.