Entering the world of trading often sparks from success stories or enticing online narratives, setting up many for immediate failure. It's akin to watching a pro baseball player and expecting to turn pro yourself after a short stint in a recreational league.
The allure of trading lies in its low entry barriers, but this illusion often leads to unrealistic expectations. The truth? Mastering this career demands 5 to 10 years of commitment, far from the quick successes some envision.
Amid claims promising riches akin to a doctor's salary, the reality remains obscured. Trading isn't a shortcut; it requires dedication akin to the extensive years of schooling a doctor endures.
Success in trading demands acknowledging its high washout rate, surpassing 90% within 24 months. The temptation to try numerous strategies simultaneously leads many astray. Mastery necessitates focusing on one setup in one market—an approach contrary to the jack-of-all-trades mentality.
True risk management isn't about turning small sums into fortunes but about responsible account handling, risking only 1-2% per trade. Additionally, time limits set by traders often lead to failure; patience and a long-term perspective are crucial.
While money might lure many into trading, finding a deeper motivation is the key to enduring its challenges. Automation, overcoming personal hurdles, continual learning through books, and understanding the fallibility of both technical and fundamental analysis are pivotal in this journey.
There's no holy grail in trading—what works today might fail tomorrow. Yet, consistent strategies with favorable risk-reward ratios pave the way to success. Establishing hard stops, understanding the difference between trading and gambling, and seeking mentorship focused on personal growth are indispensable.
Ultimately, trust in one's edge, discernment in free platforms like Fintwit, and the readiness to seek guidance when needed are vital components of a successful trader's journey.
Remember, trading isn't a sprint; it's an enduring marathon requiring unwavering commitment, resilience, and a continual quest for improvement.#BTC #etf #RichardTeng #Blast #Onchain 