In Which Rogue Traderette Tells It Like It Is
Just yesterday I had an email from a would-be trader who was keen to get started in the markets. On the one hand, I adore seeing people taking their first steps in trading, but on the other hand I feel like scaring them away because I know just what they have ahead of them.
The fact is, if most new traders knew in advance what would be required of them to succeed, most simply wouldn’t bother.
If you ask newbie traders what they have ahead of them in their trading journey, generally say (if they’re honest) – “a reasonably fast way to get rich and impress my neighbours”.
If you asked me, I would say it goes like this.
Excitement. Exhilaration. Confusion. Devastation. Nausea. Determination. Disappointment. Doubt. Flash-backs to Devastation. Determination. Education. Glimmer of Hope. More Disappointment. More Flash-backs. More Doubt. Determination. Hard Work. Commitment. Confidence.
It’s a bit of a roller-coaster, right? From the outside, trading looks easy. From the inside, it’s possibly the most difficult endeavour you can undertake. Most people quit right after the nausea sets in, and for those that manage to stick it out, there is still a long and rocky road ahead.
So, my advice for newbies? Make sure it’s the road you want to travel, because while the odd win might come easily, long-term success is not for the faint-hearted.