67: The #1 Character Trait You NEED To Have If You Want To Be A Successful Trader!
- FREE Forex Trading Webinar!
So today I want to talk about a character trait that I have realized that you need for trading. Or really business in general. And it is funny that it never really occurred to me before a few days ago when talking with my son about entrepreneurship.
But before I go into that I wanted to tell you about a free webinar I am doing next week. So next week on March 7th at 12pm noon eastern time, I am going to be hosting a free forex trading webinar, and I want to invite you to it. This webinar is not going to be a pitch fest like every other webinar out there where they try and sell 400 products down your throat.
This is going to be pure content on exactly what you need to know in order to become a consistently profitable trader. Now this webinar is unlike any other webinar you have most likely attended in the past from other so called “gurus” out there, because it is literally designed to be like a miniature condensed master class.
I am going to be giving you actionable information that you can take from the webinar and immediately use it in your trading to make better trades and ultimately make more money.
And for those that register, you will quickly find out that it gets even better than just the webinar. I even give you a free mini class video on trading before the webinar even starts.
I am bringing all my best stuff to this webinar and I hope to see you on there. Now one thing though, space is limited and seats are filling up very fast. And no I am not just saying that either.
And there will also be a ton of time at the end of the webinar to ask all the questions you want answered.
Ok, so getting to the content of the podcast. As I was saying before, I realized from talking with my son, the #1 character trait you needed to have in order to become a successful trader or entrepreneur is…..wait for it…..wait for it……..
Yes persistence is the number one factor between those that are successful and those that are not. Everyone that has ever been successful as failed miserably over and over and fought through all the adversity UNTIL they became successful.
You never saw them give up. Ever!
In the trading world this can’t be truer. 90% of traders out there will give up on a system after just 5 loosing trades. Did you know that? The actual statistics are:
70 percent of traders will give up on a system after 2 loosing trades
80 percent will give up after 3 losses
90 percent after just 5 loosing trades.
They somehow think that it is the systems fault and then they proceed to go out and find a new system to trade. Learn the rules and immediately go out and trade with it. Of course, since they have no experience with the system up until this point they most likely loose the first few trades and then once again go out and find yet another system.
Now I am not saying that it may or may not be the system that is faulty. Hell, most of the systems and bots that I have seen being sold on the market are absolutely shit systems and would never be profitable no matter what trader was trading them.
And another stat here is that after 3 short months of traders trading, 70% of traders give up on trading altogether due to them repeatedly loosing trades. This is sad guys, and I mean really sad.
Let me remind all of you about what happened to me back in August 2015. Back in August 2015 I had lost 19 trades in a row. Yes you heard that correctly, 19.
That was the time of my worst trading ever. Before that I was extremely consistently profitable. But then I lost about 4-5 trades and I became very emotional about it all. I tossed my trading plan aside and said “F’ it, I am going to get my money back” and traded like a crazy emotional nutbag.
Loss after loss came. And damn if they came quickly and consistently. One right after the other. it was after I lost 19 trades and not wanting to hit 20 that I decided to stop trading for the rest of the month. Boy was I an idiot during that time.
Sure I had thoughts of quitting and never trading again. And I could have done it too. But I didn’t. Most other traders would have gone insane and stopped trading long before that. But I couldn’t stop. I knew this was for me. I knew it in my heart.
So after a few weeks of breathing and reassessing myself, I knew what I had to do. And that was to continue on, no matter what happened but this time I was going to stick with my plan no matter what.
The first trade I made after my little sabbatical was a win. I was so happy that I made a winning trade that I even had a little party. By myself I mean. Had some cake frosting and a soda (both which I never get to have). Yes I know what you are thinking, man he’s weird. lol Yes I am.
But now the story that I tell usually stops there. You know about the 19 loosing trades in a row, but you don’t know the rest of the story.
So after those 19 loosing trades and that one winner after I came back, the next 4 trades were again losers. Then a win and another 3 loosing trades. Inside I was slightly falling apart. But I knew I just had to stick with it no matter what happened. And then something magical happened, my wife came over, gave me a big hug and a kiss and told me that she knew I could do it and that I just needed a “magical” kiss from her and everything would be ok.
Well after that the next 9 trades I made were all winners. Then one loss and another 12 winners in a row. I had just made up every single penny I lost in those 19 trades and then some.
The point of all of this is to make you see that yes, I could have quit. And then get thrown into the statistics of people that quit trading. But I was determined to be in the statistics of people that become so successful that 100 years after my death people will still know my name. That is my goal.
If you want to be successful in ANYTHING that you do, you need to have that persistence to drive on through all the rough times no matter how tough it gets. That again is what separates the successful people from everyone else.
So you see, persistence literally is the #1 thing you need to have. And if you don’t have it already that is ok, you can develop it little by little, day by day. That is perfectly ok. Just make sure that you get it.
Links and Resources Mentioned in this Episode:
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Good Luck & Happy Trading!
Music by: Troyboi