What I Learned after 10,000 Hours of Trading

What I Learned after 10,000 Hours of Trading
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Documenting My Journey

I’ve been trading for four years, documenting my journey from the start. Today, I want to share the seven most significant lessons I’ve learned throughout my trading journey. My aim is to help you avoid the mistakes I made, enabling you to become a profitable trader more quickly. The first lesson, perhaps the most crucial, is that trading is a hard way to make an easy living. It’s not a get-rich-quick scheme but rather a get-rich-slow scheme. Trading is a marathon, not a race. While the allure of quick wealth drew us to trading initially, the reality is that it takes years to master. Belief is paramount in trading. You must believe in yourself and your potential to become a successful trader. If you lack this belief, success becomes elusive. It’s essential to play the long game, acknowledging that consistent profits may not come quickly, but dedication and perseverance lead to eventual success.

I share glimpses of my public victories on Instagram, showcasing the lifestyle rewards. However, what’s unseen are the small, consistent wins, countless nights of studying, and the struggles faced on a daily basis. Believing in yourself is a key factor in navigating the challenges of trading. The second lesson is that losing can be beneficial. In the long term, losses are part of the trading business, and they should be treated as business expenses. Learning from losses is crucial, differentiating between good losses and bad losses. A good loss occurs when you follow your plan, and external factors cause the trade to go awry. Bad losses stem from emotional decisions and deviating from your plan. Embracing and learning from bad losses can be valuable lessons, shaping your trading psychology positively.

Trading is a Video Game

The third lesson is the analogy that trading is a video game. Drawing from personal experiences of being addicted to video games, the idea is to view life and trading as a game learned. Choosing what markets to trade is akin to selecting your player, getting better at trading levels up your player, and making money accumulates points. The ultimate goal is to achieve consistent profits and gain access to freedom, much like winning a game. This perspective can make the trading journey more engaging and enjoyable. The fourth lesson emphasizes the need to reclaim focus in a world filled with distractions. Distractions hinder success, and focusing on learning and trading is crucial. Reclaiming your focus involves eliminating distractions, especially during trading, to make the right decisions and progress in your journey.

The fifth lesson is that profits won’t make you happy. While the pursuit of wealth is common, it’s important to recognize that true fulfillment doesn’t solely come from profits. Working hard and achieving success in trading require more than financial gains. The journey itself, filled with challenges and growth, contributes to a sense of accomplishment. Money is a tool that enables a certain lifestyle, but finding purpose and fulfillment beyond profits is essential for long-term happiness.

Bank Account

When I had less than $100 in my bank account, I believed that more money would make me happy. However, upon making more money, my happiness didn’t significantly change. More money often equated to more problems. With increased income came more team members to manage, people depending on me, and additional responsibilities. I’ve experienced earning $1,000 per month, $50,000 per month, and even $100,000 per month combined from my trading and businesses. I realized that beyond $10,000 per month, additional income didn’t notably affect my happiness.

Making the first $10,000 per month is relatively easy, but sustaining that income consistently is the challenging part. The market has a way of humbling you and reminding you that you are not invincible. Loneliness is a common feeling in my life. I don’t frequently engage in parties, outings, or maintain a large social circle. My focus is on building and trading. I don’t currently have a girlfriend, not because I don’t enjoy such things, but because my complete focus is on my mission. I prioritize my purpose over temporary pleasures and vices.

In the pursuit of my goals, sacrifices have been made. I’ve sacrificed video games, partying, and dating multiple women. Despite these sacrifices, what truly makes me happy is creating videos for my audience. Knowing that I can positively impact and change lives worldwide brings a sense of purpose and meaning to my life. Money alone doesn’t bring fulfillment. Life is about helping others, providing value to the world, and changing people’s lives for the better.

Learning By Teaching

The sixth lesson is learning by teaching. I follow the principle that if you want to learn something, read about it; if you want to understand something, write about it; if you want to master something, teach it. Teaching has allowed me to simplify complex trading concepts and share them effectively. I started as an underdog, relating to the struggles of my audience. My journey was one of research, learning, and perfecting my trading strategy. Today, I share this knowledge and experience with others.

The seventh lesson emphasizes that trading is 80% psychology learned. Mark Douglas’s quote, “The consistency you seek is in your mind, not in the markets,” underscores the importance of mastering one’s psychology in trading. Despite this, many traders spend the majority of their time on analysis rather than working on their psychology. Trading discipline is highlighted as the most crucial skill for success. Following a trading plan, using stop-loss orders, learning from mistakes, and maintaining patience are among the key tips for mastering trading psychology.

In conclusion, the pursuit of happiness extends beyond financial gains. The focus should be on one’s purpose, helping others, and finding fulfillment in meaningful endeavors. The journey of trading involves sacrifices, discipline, and a strong psychological mindset. Trading, when approached with the right mindset and purpose, can be a rewarding and fulfilling journey.

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