Failure will never overtake me if my determination to succeed is strong enough.
Are you a novice trader who is deeply frustrated and ready to give up? You have read many of the trading books, followed all the trading "pundits," and worked tirelessly. Yet, despite all your efforts, your account is lagging badly. Save heart, your experience is common. When you start out, new traders are extremely excited. They dream of success and the recognition that huge profits will bring. Some indeed achieve early success, but many soon discover that achieving success consistently can be elusive. Many people are drawn to trading, but few can trade profitability and consistently. The winning trader is a special breed, a person who is highly motivated, but at the same time is realistic and able to persist in the face of adversity.
It is easy to stay motivated for a short time, if you think the payoff will be large and relatively immediate. Trading is a profession where you can go through long periods with little progress. Over the years, a great deal of money will be spent on commissions, losses, apparatus, and instructional materials. The would-be professional trader is not fazed by it all. He or she views the money spent on trading as similar to what any professional spends on college tuition. He or she believes that eventually, his or her time and effort will pay off. The winning trader is highly motivated. He or she admits that trading is a challenge and that success is far from assured. Despite this harsh reality, the winning trader persists until he or she achieves consistent profitability.
Reprint from the PrudentTrader archives (2005)