When you begin trading, the one thing you want most is a success. You are trying something new. Most traders first starting out feel unsure, a bit uneasy. You can also buy living room pictures online (also known as ‘wohnzimmer build' in the German language).
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It has been our experience here at trading educators, that many beginning traders never even consider failure as a possible outcome of their attempt at trading. In fact, it is often just the opposite.
Apart from being a bit apprehensive, most feel impervious to failure, if they think of it at all. I have never met a beginner who had to fight off catastrophic thoughts of what might happen if he blew out his account.
This is true even after reading (if he read it at all) the many warnings that trading is a high-risk occupation and there is a possibility that one can lose all of his money.
It is not until you experience your first loss or first series of losses that you begin to feel a sense of urgency and desperation; seeing your money rapidly disappearing before your eyes can be overwhelming and distracting. The impending or realized losses cause you to focus on the current set of trades, and you feel you have to succeed.
Interestingly, beginning traders, as well as many experienced traders we have met, exhibit a strong tendency to believe that all of their short-term objectives must immediately be met. But in the long run, it is actually better to hold a long-term perspective.
You find yourself "between a rock and hard place."
On one hand, you are urgent in your feelings that you must succeed. This sense of urgency causes you to put a lot of pressure on yourself. That pressure can cause you to make some serious mistakes when a trade is going against you.
On the other hand, you subconsciously know that trading can't be all that easy. You know from reading, studying, and hearing about other traders, that even though you are experiencing losses, if you are persistent, ultimately you will become a successful trader.
If you want to succeed in this business, you have to look at the big picture, and sometimes that big picture takes a lot longer to paint than you ever imagined when you first looked into becoming a trader.