Becoming a consistent winner
Many novice traders underestimate how long it takes to become consistently profitable. They assume they can trade profitably in a matter of months, whereas veteran traders will tell you that such consistently profitable trading may take several years. And it's difficult to achieve. It requires great effort and persistence to become a steady winner, yet many aspiring traders think only minimal effort is needed. For example, they may think they can trade profitably by treating trading as a game rather than as a serious business. They over-estimate their ability level. They over-confidently think that they have skills and abilities that they do not yet have. Don't ever underestimate the tendency to be overconfident. Conquer the tendency to trade beyond your skills by cultivating a sense of healthy skepticism regarding your trading skills and your trading strategies. Be realistic about what you can actually achieve.
In the end, it's important not to get your hopes up too high. Don’t be like so many who have failed, who want to reach nirvana through their trading. Wannabe traders think they'll make more profits than they can realistically see, or they believe that when they achieve huge profits, all of their life’s problems will be solved. There’s nothing wrong with imagining what you will do with all the money you think you’ll make trading. But realize that it is going to take time. Realize also, that should you actually succeed in becoming a steadily winning trader, that you will still be you. Trading does not necessarily bring the recognition and respect you've been searching for all your life. Vast riches, passionate love, and the deep respect of others rarely materialize from becoming a consistently winning trader. And even if they do, you won’t be satisfied. It is a weakness of human nature called greed that will not let you be happy with what you’ve achieved. Motivating yourself by fantasizing of the potential rewards of trading will likely cause you to fail in the end. The only way you'll achieve profitability is by setting realistic goals based on realistic expectations. You must accept the fact that trading is just plain hard work. You'll have to put in a great effort to achieve success. With enough persistence, hard work, and determination, however, you will build up the skills you need to become a consistently profitable trader.