- Why is it frustrating for beginners?
- How you can make your life easier
- Important thing you need to know
- Are you a frustrated beginner too?
Why it is frustrating for beginners?
Well, if it was that easy to get into trading, learn everything, and become successful, then wouldn’t everyone just drop everything else and just trade?
The reality is very different and it is what it is, trading can be excruciating at times, and especially in the beginning, it can get very frustrating.
But, why is it that traders get frustrated in the beginning? Is there something wrong? And where’s the wrong happening? Here’s why:
1. There’s a lot of competition and it is tough out there
Tell me, how many professional footballers are there in total? You may say that there are a couple of thousands of them, alright, I’ll take that answer.
Now tell me, how many kids start out with the dream of becoming professional footballers? That’s going to be a million at least if we just take a ballpark.
Do you understand the competition that’s there in just this field and you know what, trading is no different.
The financial market is huge and there are hundreds of thousands of traders fighting in the market day in and day out to earn their lunch. So the competition is immense.
Now, there are traders trading every day for the last decade and even more. So, there’s really tough competition out there.
When traders just starting out on their trading journey, this very fact of high competition and at the same time tough competition can be discouraging for them, and it can very much lead them to frustration.
I have seen beginners compare their results with those that are quite experienced and the contrasting difference just disheartens them, but you know what, there’s not the right thing to do.
Comparing ourselves with those that have spent years perfecting their skills, is just plain stupid and it is not going to do any good.
This is one of the biggest reasons why traders get frustrated at the beginning of their trading journey and end up quitting.
2. They often come in with the wrong mindset
Comparing one’s beginner results with those of the veterans is just aiming for the stars and the problem might just lie somewhere else.
Accept it or not, all of us, at one point in time, approached trading with the mindset of getting rich quickly and viewed trading as a goldmine.
Well, not anyone’s mistake other than those that purposely portray trading that way, just to sell their courses, books, signals, and whatnot.
I have said this time and again, having this mindset of getting rich quickly through trading, is the worst thing a trader can be guilty of.
Beginners often come in with this very mindset and what it does is that it takes them completely away from reality and it leads them to frustration.
To fuel this false reality that they have built, they’d start doing things the wrong way, and you only tell me, won’t this lead to chaos?
So this issue of having the wrong mindset is a very common problem in trading and it is better to get priorities right in the beginning only, rather than to suffer later on.
3. There’s so much to learn
I get it, there is so much that’s there to learn in trading, that at times, it just becomes daunting.
I mean even when I had started out, I got my hands on so much information, material, and stuff, that I just couldn’t figure out what I should learn and what I should skip.
It didn’t just happen with me, I saw the same things happening with my students and other beginners too, and this just leads them to that point of frustration.
If you are in the same boat, then I just want to tell you that it’s fine to get overwhelmed with this, but, you need to make sure that it doesn’t drive you crazy and you end up quitting.
I understand that until now I have just talked about the things that lead to frustration in beginners, but now, I’m going to tell you how exactly you can overcome these things, keep yourself sane, and carry on with your prosperous trading journey.
How you can make your life easier
See, if there are things that frustrate beginners, then there are also remedies for it.
Like it’s not that each and every trader that’s starting out, get frustrated in the process, there are things that they might be doing right to avoid that frustration in the beginning right.
Now, here’s how you can make your life easier when you’re just starting out on your trading journey:
1. Come in with an open mind
It is a basic human tendency to feel that we need to compete with others and in trading, lots of traders fail just because they want to beat the other guy, and they just compare their results with others.
This leads to bad competition, jealousy, inferiority complex, and sorts of other bad stuff.
That’s why you need to start your trading journey with a very open mind. Don’t come in with any preconceived expectations or notions and you’ll see that you will have a smooth journey throughout and not just in the beginning.
The reason why you need to do this is that trading is very dynamic and it will always surprise you. Again, this just doesn’t apply to your beginner’s phase but also when you enter that experienced phase.
2. Aim for the right things
If you’ve been reading this blog post properly then you will have understood that I am again going to talk about having the right mindset and expectations.
You need to understand that your mindset toward trading, is going to set the tone for your entire trading journey right from the beginning.
So, if you are aiming for the wrong things, your journey will just go in the wrong direction.
Now, I say that you should aim for the right things, but what does it mean?
Firstly, you should be aiming to sustain in this business with a long term vision rather than trying to get rich in the short term.
Secondly, don’t keep the money as the benchmark for your success rather, you should be aiming to improve your skills as a trader and working towards perfection in your trading actions.
There are other basics like managing risk, building the right system, etc. that you surely need to do too.
So, with all of this, you are only going to pull yourself out of that road to frustration and are going to put yourself on the road to success.
3. Get a mentor if possible
I know, getting a mentor may not be possible for everyone, but, if it is something within your reach, you should really consider getting one for yourself.
I’m not going to start out on all the advantages of getting a mentor, I’m sure you already know all of that, but I’ll tell you one thing, getting help from someone who has traveled the road you’re stuck on, and getting to learn from their experiences, is invaluable.
Even if you can’t afford or access a mentor, then maybe you could just find a trader buddy who can keep you accountable with everything that you do.
I have already told you how you can make life easier for you in the beginning, and if you could just get yourself, someone, who will make sure you don’t go down the wrong roads, then you are going to do your future self a huge favor.
Important thing you should know
I really feel that traders don’t really understand how important the initial part of their journey is. You can literally make or break your entire trading, just by the things that you do in the initial years.
All that you do when you’re just starting out, is going to be laying down the foundation for the rest of your journey.
Be it the things you learn, the habits your build, and even the experiences you gain, everything is going to matter in the long run.
That’s the very reason why I wanted to write this blog post so that you can understand the importance of the beginning phase of your trading journey.
I don’t want you to take things lightly and then only sit and regret it later on. I want you to take charge of your journey, right from the beginning, and trust me when I say this, you will thank me one day.
Are you a frustrated beginner too?
So tell me, are you also one of those beginners that have got frustrated already? If yes, then go read the blog post again and make sure that you follow the tips I’ve talked about.
If you aren’t one of those frustrated beginners, then you know what, you should share this blog post with other traders and make them like you too.
Feel free to ask me anything in the comments section below and I’ll get back to you at the earliest.