In our recent traders roundtable discussion on the keys to trading success, we began with the idea of persistence. We all agreed that it was an essential element of trading success. Even when you are part of a trading mastermind, at the end of the day only you can make the decision to pull the trigger to make the trade. Only you are there to gather the results, good or bad and apply them to your own bottom-line.
Persistence is all about grit and determination. It is about pushing on through the obstacles that life and trading set in your way. It has everything to do with pursuit of your goals and dreams and it takes into account a realistic appraisal of just how difficult this profession is.
Everything in life that is worth achieving has a price that must be paid. In trading, part of that price is having to endure losing streaks, second-guessing,virtual roundtables bad fills, power outages, unfortunate timing, making the right decision for the right reason and watching the trade continue on to extraordinary profits without you. All of these events can suck the life out of you and make your experience bitter and tiresome.
I am reminded of every roadmarch I ever made with a heavy pack, early in the morning or late at night, in the heat and in the cold. Every step was painful and even a career of experience didn’t make the next one any easier to take. But that was the price we paid for being elite infantry. There are no shortcuts and part of your strength in the crucial moment comes from the accumulation of the tiny victories you earned along the way.
So one of the things you have to look for as you master the trading craft, are the little nuggets of satisfaction and accomplishment that you find from trading professionally, in doing the right thing, in the quiet of your own office, with no one around to see it. These little satisfactions accumulate and give you the energy that it takes to get through the tough times. So be on the lookout for the little victories, you’ll need them later.