We all know that money is the main reward for people becoming a successful trader. However, if you become a successful trader, you will be got more than just money. Factually, it is very clear that money is arguably the least valuable reward that you will have from gaining consistent success in the markets.
As you can see, the most valuable rewards if becoming a successful trader are the less tangible ones; they are several things such as self-discovery, self-improvement, true personal freedom and the real meaning behind virtues as patience and discipline. These things will stick with you forever and as a result, this will take effect to improve and enhance your life and your relationships with other people as well. The benefits that you receive are much more than only Instamate .
1. What freedom actually can be felt like?
The single biggest reward of being a successful trader, in my viewpoint, is to obtain the true personal freedom from jobs and the 9 to 5 rat race, I think so. If wanting to escape from what I call modern-day ‘slavery’, you will see trading provides you with the tools and the ability to do that.
Frankly saying, it will be quite difficult because it may not happen at all for you. Nevertheless for me, I am very happy that we can earn potentially our own freedom and escape the ‘matrix’ that is working constantly by learning to trade. In today’s society, like it or not, it is clear that the game is money. And, you can have a choice of either playing the game or living a mediocre existence, at best. To say the truth, I was never the type of person settling for that or only accepting that I had to devote my whole life to work for some company and agree that they can take the best years of my life in return for money, and also far less than what I know that I was actually worth, indeed.
Therefore, in my opinion, the best reward of becoming a successful trader is to learn what true freedom feels like. We do see that all the money in the world fails to mean a thing if you don’t have any time to get an enjoyment of it. So, trading in the way I do that is swing trading known as a type of a focus on higher time frames and a ‘set and forget’ approach. This permits me to have and enjoy the most valuable commodity; that is time.
2. How can you evaluate the risk vs. reward of anything?
If having an aim to make it as the point of being a consistently successful trader, it is certain that you will also be a master of determining the risk to reward of any situation, service or product; it is a requirement you need to have. Let’s see the mindset of a successful trader is one that is gauging risk constantly and also simultaneously figuring out what the potential reward might be, then, they ultimately make a decision. This is necessary for trading, of course. It, however, is also a great skill to be able to use in just about any other situation happens in your life.
For instance, you need to get a different car to meet your needs. And, you consider what car you should choose. So, if thinking about the purchase from the mindset of a trader, you will consider carefully the risk vs. reward of buying a used car or buying a new car. With that whole process, probably, you will come to end that the risk of losing approximately 11% of a new car’s value as soon as you drive it off the lot, so, is probably not worth the reward of having the car as you can probably find the same car a little used and effectively get an 11% discount on it. In fact, not everyone thinks like this about every situation. However, with successful trading, it will ingrain this kind of thinking into you, and almost that’s always a very good thing for you to obtain.
3. About the true value and meaning of patience and discipline
As you know, patience and discipline are very important and valuable virtues. However, few people really understand just how powerful they can be like a successful trader does. You can see the only way in order to get to the point where you are making money in the markets over a period of months is by being consistently both patient and disciplined.
At this point, you can see this all might sound cliché to you. However, that’s only for the reason that it’s so true. It is clear that both patience and discipline will make you money faster than anything else as it comes to trading. So far, I’ve written so many articles to explain why this is true, thus, I won’t get into all of the details in the lesson of today. Nevertheless, one of the greatest things that you will learn by becoming a successful trader is what actually patience and discipline means and also how valuable they are, so you should realize that. Then, after all, in order to become a successful trader, it is a must that you have to learn to be patient and disciplined in the face of constant temptations to over-trade and to over-leverage, and not a lot of people can do that consistently, indeed.
Definitely, successful trading will instyou about how to control yourself in tempting situations by being concentrated on the long-term reward rather than what ‘feels’ good ‘right now’, so you should try to obtain that.
4. How to grow and improve as a person
The process to become a successful trader as well as the things that you have to accept and change inside of yourself in order to become one will ultimately lead you to become a better version of yourself, honestly. It can be said that you will not find a lazy, messy, impatient and undisciplined person being a successful trader for the reason that person fail to exist. The finally result, or may be the ‘side-effects’ of becoming a successful trader are you can master your own mind, you have true freedom, you understand the potential risk reward of any situation you may find yourself in, also, perhaps most importantly that you’ve become a better version of yourself.
5. The power of simplicity
At last, it is perhaps the most life-changing thing I learned becoming a successful trader is the strength of simplicity in not just about trading but all areas of my life, I myself find out that. With my discovery, it was simply better as it came to my trading. Probably, it was the turning point in my trading career and in my life, as a result. After I started to see the power of simplicity in trading, I began to apply that same philosophy to other areas of my life as well, for more detail, where I also got rewarding results. Actually, I have written the whole article on this called the minimalistic trading approach so, if haven’t read it yet; you should do that to get more useful information.
In today’s lesson, the key take away from it is that for become a successful trader, it is essential that you have to develop and consistently implement the type of habits and processes that will not only make you money in the market, however, also will make you become the best possible version of yourself as a result. Just check out my trading course, you will find that it is the best way to get a start of learning how to trade with these proper habits and processes. With all your effect, you will see how great you will obtain.