As I wrote in the last blog trading is a performance field and in any performance field people spend less time on actually performing than on practicing that performance. And unfortunately some people think that on-the-job training will be enough. But the reality shows them that their accounts aren’t always able to survive their learning curves.
There is a myth that lack of self-discipline is the main cause of failure. However, if a trader blows away his/her account it doesn’t mean that he/she is deficient in discipline. But it may probably mean that he/she hasn’t had enough practice to find the right markets and the right trading style. Self - discipline is essential for trading success, but there are also other things that affect success even more than discipline. It takes intensive practice, use of talents, skills and also opportunities to successfully act upon market patterns.
However instead of challenging the above-mentioned myth it is better to do the following:
There is a myth that lack of self-discipline is the main cause of failure. However, if a trader blows away his/her account it doesn’t mean that he/she is deficient in discipline. But it may probably mean that he/she hasn’t had enough practice to find the right markets and the right trading style. Self - discipline is essential for trading success, but there are also other things that affect success even more than discipline. It takes intensive practice, use of talents, skills and also opportunities to successfully act upon market patterns.
However instead of challenging the above-mentioned myth it is better to do the following:
- Find a performance field (niche) that takes maximum benefit of your talents, skills and also interests;
- Practice your skills in a realistic ‘environment’ (using demo account) to prepare yourself for the challenges of actual performance;
- Continually review your performance to identify the weaknesses and strengths to learn how to use your strengths to treat your weaknesses.