Many people believe your success is resulted by how much money you have, or whether you went to school for many years or have 20 years expierence in the Industry but in reality none of this gurantees your success or is needed for it. If you want to become successful at trading you must begin to think you can be, and actually believe in it like you already are successful.
Whether you are trading to get more ahead financially, or to create a better life for you or your family, whatever it may be you must believe that it is possible to do so, and I say this because you will have times throughout this were you make a bad trade or have a bad week, and start doubting yourself or start to think that trading isnt for you anymore. 80% of all traders quit whithin there first 2 years so your job is make sure you don't ever quit. So if in doubt my advice would be remembering why you started in the first place.
The hardest part to trading is starting, and if you are just starting out accept that you are at the bottom and begin moving up, make the decision not to try at this but to commit and start putting in the work. When you actually start doing things you will create more success for yourself and have more motivation to keep learning more. Every time you learn something new you will begin to feel more confident in yourself.
Now I know this doesn't tell you how to make the money or give you a strategy that will change your trading success overnight but that is the problem, when you're so focused on expecting things to happen so fast it ends up holding you back no matter how bad you want it, but if you focus on building your skills you will begin to see results in unexpected ways.
Now for some of you the problem might not be from you not putting in the work or having the motivation to learn, it might be from not knowing what to learn or what to put your time into learning. This is where a lot of people begin to feel stuck because they try to learn everything and all the strategies in the book which is impossible. They're are hundreds of different strategies and ways to make money trading so the key is to figure out what strategy you know and understand best, and master it. You have the ability to test out different stratgies without using your own money with paper accounts so use that to figure out what works and what doesnt for you. Just like in life how everyone is different same goes for trading, everyone has their own strategies, methods, and opinions so you have to find what works for you and not listen to what people tell you.
Everything stated above is to give you the foundation to build from, before you can become successful you must first learn the mindset that is needed to become successful.
How Do You Find What Works For You and What Doesnt?
By practicing with paper accounts, one of most undervalued trading tools. What this lets you do is practice different strategies without using your own money so the idea of finding out what works and what doesn't is limitless. Some examples of strategies to try out so you have an idea of what I'm talking about. Buying stocks before there earnings come out and holding them for a month or two after if they beat expectations, or buying stocks that are at there 52-week low and holding them for a week or two, etc. The idea is to keep trying new things until you find what works for you. Trading does not need to be this complicated or confusing thing, it can be simple if you choose to limit what you pay attention to.
Free Paper Trading Tools
There is only one way you can fail at this, and that is if you Quit.
80% of all traders quit within their first two years trading, be the other 20%. There is no doubt in my mind that the reason 80% of all traders fail is because of their own emotion. Not because they don't know the right strategy or because they aren't smart enough, It's their own nerves making it hard to see and think clearly.
An example of trading with emotion goes like this.