Not everyone can succeed in the stock market and financial markets!
One of the attractions of many mentors, brokers, partners, etc. is that everyone can succeed in the stock market, it is enough if they join our right path. Dear traders and future traders, there really is no greater stupidity than this. How would this sound to you: Everyone can succeed as a surgeon, or everyone can succeed as a lawyer, just go to our school. The thing is, unfortunately, that most people simply do not have the right assumptions about trading. Typically, the first person interested in trading is how much he can earn per month if he invests 1000 euros. And secondly, he is interested in how it should be taxed and how to avoid it. This is an absolutely wrong, wrong question and the very first assumption that trading will not be what will support him in the future, but it can remain with him as a hobby for many years. I am one of those mentors who meet more with an experienced group of traders and correct mistakes caused by incorrect initial guidance, drawing freely available information, etc., but I quite often also work with complete beginners, so I have a good overview of this group of people as well. Unfortunately, not everyone can succeed in the financial markets, and this applies equally to crypto-currency enthusiasts, and any new enthusiasts of any new market that currently becomes fashionable. To succeed in the markets, hard work is not enough and the right path is not enough either, it requires certain qualities and traits that each of us does not have, or it takes a cocktail mix mixed from the right path, luck and hard work, which surely no one likes to hear. Luck is often a factor standing with different people. However, we have to reckon with the fact that luck does not and will not stand by us. We must therefore have the right path, hard work and also certain character traits to be able to succeed! So what qualities should someone have who will be supported by trading in the future? They are: 1. purposefulness, 2. persistence, 3. a positive attitude towards risk, 4. the ability to listen to the advice of more experienced people, 5. humility (can be learned), 6. the ability to endure both difficult and good periods neutrally (can be learned), 7. entrepreneurial spirit, 8. basic financial literacy (can be learned), 9. basic technological knowledge (can be learned), 10. critical and logical thinking at a good level, 11. the ability to learn from one’s own and others‘ mistakes, 12. the ability to stand up after falling to the bottom. In my opinion, these are the basic characteristics that are necessary for successful trading. However, I also have good management, it is not necessary to have all these qualities, many of them can be learned over time and some can be completely omitted, but your journey to the goal will be longer. For example, if you have endless stamina and the ability to keep getting back up after falling to the bottom, it might be enough in the end! And what are the most common mistakes that unsuccessful traders make? They focus too much on where the market will go and if it goes elsewhere than they expect, they look for a reason why. It is the last point they have to deal with. They are impatient, they want profits on a daily basis, preferably on a monthly basis, and then they force themselves to make more unnecessary mistakes, the market simply does not give opportunities every month, and certainly not every day. It is already very liquid nowadays. I can’t bear losses, absolutely everyone goes through this, people try to find a system without losses, but I can’t find one, there must always be some losses, even if they trade with three-way arbitrage, it will happen that the loss will occur if the broker is not paid, etc. There will always be bad and good periods, the problem is always that even an experienced person jumps to something new in a bad period. And he’s going to screw it up again. They don’t have a system, and even if they do, they can’t stick to it, they don’t even have a plan A, let alone a plan B and a plan C. And the market almost always does something completely different from what one imagines. They choose the most difficult trading methods, such as ID trading or scalping. It is something that is very tempting and beneficial for the broker, but on the other hand, it is very expensive, time-consuming and emotionally demanding and thus prone to a huge number of mistakes, profitable trading cannot tolerate almost any mistakes.