To Be A Successful Trader, First Act Like A Successful Person
Many beginning traders believe something along the lines of “Once I become a successful trader, then I will be (insert positive trait here)”. I am here to tell you that this thinking is not only hurtful to your trading but it is simply backwards.
You do not first become a successful trader and then become a successful or happy person. In fact, you must first be a successful person, even if you’re mostly faking it, in order to become a successful trader. You must first be able to follow-through with mindset shifts, proper belief systems about trading, different and better habits, goals and plans on how to achieve them BEFORE you will be able to attain consistent trading success. This is what we are going to talk about today…
“Fake it Till You Make It”
“Fake it till you make it”, they say. “OK”, you think to yourself, “but what does that actually mean and why must I do that? What does it actually look like and consist of for a beginning and (or) struggling trader trying to make a living trading the financial markets?”
I am here to tell you that it’s really pretty simple. The reason why you need to fake it until you make it, is because you simply cannot make it as a trader if you are not already in the proper trading mindset. Many traders believe once they start making some money then they will get their act together, but sadly this doesn’t work.
Please note, I am not referring to monetary success at this point. In fact, you can be in the right trading mindset even if you have very little or no money, or you can be in the wrong trading mindset even if you’re a doctor or a professional athlete or business owner who makes a ton of money. This is why I like to refer to trading as “the great equalizer”, because it really doesn’t matter how much money you have! This is good for you, if you don’t have lot to start with. All that truly matters is your understanding of the market, how to trade it and if you are in the proper mindset or not.
Of course, when I talk about “trading mindset”, I am also referring to everything that comes with that; proper daily trading routines that lead to proper trading habits, and of course these things are dependent on you having the discipline and self-control, patience and consistency to actually make them happen. Now, we are getting into the real “meat” of what truly separates the men from the boys in trading (most traders are not doing what I described in this paragraph, so they lose money over time).
What IS Success?
Most traders (or anyone) define success as obtaining a lot of money, and even if they deny that they will say something like “success is excelling in my profession” which of course includes money. Money is usually synonymous with success, in one way or another. Whilst this thinking is certainly not all bad or wrong, when it comes to trading, it’s a very slippery slope from “money is success” to “I will be successful when I’m making money trading”, but here is why that thinking is VERY dangerous for a trader…
In order to actually make consistent money over a long period of time as a trader, you have to first BE a successful person over a long period of time. Have you ever heard the saying “Success is where opportunity meets preparation”? Well, the most important part of that saying for a trader is “preparation”. You have to be PREPARED for success, it isn’t just something that magically happens after you start making money trading.
If you have no idea how to “be a successful person”, I suggest you read books, learn from others, read my articles and study my trading courses. There are plenty of self-help books out there, plenty of mentors you can learn from (myself included), the internet is full of self-help material. The point is, you need to get your mind straight and your habits and life straight before you can hope to make money trading. Trading success REQUIRES you to already have all of these other positive personality traits and habits in line, as PREREQUISITES, NOT AS OUTCOMES.
I wrote an article titled Trade Like a Baller, where I outline that if you want to be a professional trader you have to fake it and pretend or “act as if” you are one, until you manifest what you’re pretending. However, the word “pretend” is perhaps not helpful.. You will actually be thinking and behaving the same way as a professional trader, before you are actually making the money of a professional trader, if you hope to become one. The only difference should be, you have maybe $1,000 in your trading account instead of $100,000.
You have to set the wheels of trading success in motion before that success will materialize.
Why Isn’t Everyone Rich?
Why isn’t everyone “rich”? Why do less than 10% of traders succeed long-term? Quite frankly, it’s because these things are “hard” for most people to accomplish. What is easier, sitting on the couch binging Netflix or spending that time reading a book or taking a course to improve your knowledge and skill sets? What is easier, putting in the time and effort to study and build a trading routine around a trading plan (and actually sticking to it) or opening up your computer and just buying and selling because you “feel like it”? The answer is pretty clear, but the “easy” thing is usually not the right thing.
The truth of the matter is, most people who are born in any country with decent opportunities and who are born of sound mind and body, are not “rich”. Yet, nearly everyone wants to be. The reason the masses are not rich is because to get there, whether through trading the markets, owning a business or simply being the best at your job, requires an intensity and commitment to pursuing excellence that most people simply do not have the motivation to keep up.
For a trader, you must be committed to properly following your trading plan and ignoring the near constant urges and temptations to over-trade and over-leverage your account. However, sadly, most people can’t ignore the siren call of “get rich quick” and they give in, only to blow out their account as a result.
Consistent proper behavior, being addicted to the right things and the right feelings, this is what excellence is made of, in any field. Most people however, get addicted to negative feelings and negative behaviors. And while watching T.V. every night or playing video games are “fun”, they are sadly not going to lead you to greatness or success.
Not being able to overcome temptation and primal urges to over-trade, or spend too much time on leisure activities, is why most people are poor or middle to lower class. Note, I am NOT saying that these people are not happy, indeed, you can be happy with little or not money. But, we are concerned with making money trading, and I am telling you that you must change your thinking and behavior from a lazy, leisurely attitude to a more on-point, focused and disciplined one, or you won’t ever make it in the markets.
How organized is your office and your home? You might be thinking, “What does this have to do with trading”? Truly, it has everything to do with it.
You see, you cannot be a professional or successful trader if your life is not in-line in other areas. For your mind to be clear and calm enough to trade properly, you need to be an organized, disciplined person, and I believe that to my core. If you are someone with heaps of junk piled up and papers all over your office or house, I do not believe your mind is in the place it needs to be in to make consistent money trading.
You need to really act as if you’re a hedge fund manager, a “baller” or 20-year veteran of the markets. These people all had to change their energy and focus and get the “little things” in their life in-line in order to start their professional trading journeys, and you can do it too by following the points discussed in today’s lesson. You might also like to read a related article about setting up a forex trading room.
Please Leave A Comment Below With Your Thoughts On This Lesson…
If You Have Any Questions, Please Contact Me Here.
46 Comments Leave a Comment
Thanks for sharing best infomation.
Thank you for the article as a man thinketh so is his outcomes.
Nial, you are the single most powerful source of Forex-related inspiration and motivation to me! Thanks for another great article. I can see that a change of mindset that I require is farther-reaching than I thought. But that’s a good thing, and thanks for opening my eyes to another aspect of trading! Keep up the good work!
Because when you imagine winning and you lose, it shatters you just like it happens when you gamble. Read about the automated forex trading software, too, if you think you are going to use one. Understand how they work and how free ones are different from the premium ones. The more you learn to trade and follow the market updates, the more confident you become in your moves.
Thank you so much for the article.
Became a successful traders it’s most important to act as a successful person. Because if you are not think positive thoughts in your mind then you will never become a successful trader. Some rules to follow to become successful trader..
Love it! I like the positivity on this post since we dream to be successful and by claiming it that you will. It will motivate you more to plan and discipline yourself. Like what I said on my previous comments that I love what I’ve learned here and with fx leaders. I am now confident that this will work out.
This is a great post. It not only helps us understand the bigger picture, but also motivates in what can be a difficult thing to stay motivated for.
Another excellent from Nial Fuller. I regularly read your blog post. A warm hug to you and thanks for sharing.
Great Wisdom Nial Thank you very much
very helpful. thanks
Thanks, so inspire
I’m on it.
every word of your article enriches my thought process. you are a true mentor. Thanks Nial!!
You are the best at this no matter what they say, thanks Nial.
I always come here to feed my brain with some foodstuff and I always get it.Appreciate you Nial. Thank you.
you’re a great help for me, not for this single article but almost all of your articles and i have read most of it, God bless you Nial.
i think this is the plot i have been missing all along/thank you
Once more another powerfull lesson thank you once again for your time and afford to provide us this valuable lesson… GOD BLESS YOU
Thank u so much Mr Nial, u really moulding us to perfection. Thank u Sir
That’s by far one of the best article I’ve read. I keep on reading from beginning to end. Every word fall in its proper place. I was doubting about it, now I’m ever confident about it. Thanks Master Nial
Thank you so mush Nial i really learn a lot from you
Thank-you for sharing your wisdom and experience Nail … really a good lesson .. !
What can i say? One more excelent piece of knowledge. Thanks Nial. God bless you.
Thank u Nial
What a great motivation! Thanks Nial Fuller.
Great articles again. l have learnt a lot from Nial. Among other lessons, l now understand that forex trading is not a get rich quick scheme and that success does not come overnight. I started trading in 2016 and have gained lots of knowledge through reading your articles.
This article is simply outstanding, thank you Nail. Please can someone guide me on how i can download this article to my laptop in PDF format?
This article hit home for me and opened my eyes. Now to go and work on it. Cheers
It’s true, we can not master trading, or anything else for that matter, until we master our self and we can’t master our self until we know our self.
Love your article
Great lesson on getting the right attitude.
Have you got one on how to control anxiety and not lash out or blame others for our mistakes.
Well Said. I had spent years (10+) trying to be successful at trading and consistently blowing through my account and getting frustrated with myself and the market, until last year when after reading one of your blogs about trading I realized that I had been playing at it and not taking it seriously.
I needed to change my mindset and start thinking about trading as a professional trader and a business. I studied the market for weeks and chose one currency pair that would work for my trading style and am becoming an expert on it.
Thank you for your wisdom and persistent writings on developing proper trading habits and sticking to them. I owe my success in part to your teachings.
great lesson 2019 ,kind like you try to put every trader on the right track.
Nial, Trading is really sensitive and need all attention its desires.You have just released what other mentors outside can not reveal. Many thanks for your experience.
Thank you for this, Nial.
…you need to be an organized, disciplined person, and I believe that to my core.
Hey Nial, should I learn to play poker to understand how to manage money in the trading ?. Because I know there are many same things between poker and trading and we must notice that poker is not gambling.
Read “Zen the art of Poker”
Google it there is a PDF ebook you can download.
Simply replace the word poker with the word trading while reading it. Yes, Poker & Trading have very similar traits!
Learn to manage yourself….. then all else will be manageable.
well, everything is 100% true.
I can myself to testify It’s correct from the begining till the end.
always in the past I thought I know exactly what I need to becaome an excellent trader but…was always wrong.
my turning point came when I felt that “something” is wrong with what I have been doing all those years ….too many distructions caused me so many failures …I had to stop all my trading activities (after loosing too much money) and make “re-thinking” again to the way I need to handle my dream to be a self and independent trader.
Summarizing the above respond I can say just one thing . . . do exactly what Nial suggested , by that you save not only money but also your life.
goodluck to all
Thank you so much. this has helped a great deal.
Frankly speaking, of all your articles, this one is exceptional. Really sounds not related to forex trading, but it does. I wasn’t enjoying or getting it though. But the conclusion part made every thought done on me. The article became a matser piece afterall. Thanks a million Nial.
Great article Nial as always.
Brilliant buddy ???? ???? ✔ ????
???? A warm ????