5 Things You’ll Learn Becoming a Successful Trader
Everyone knows the main reward of becoming a successful trader is money. But you will be rewarded with a lot more than just money if you become a successful trader, in fact, money is arguably the least valuable reward you will receive from achieving consistent success in the markets.
The most valuable rewards of becoming a successful trader are the less tangible ones; self-discovery, self-improvement, true personal freedom and the real meaning behind virtues like patience and discipline. These are the things that will stick with you forever and that will improve and enhance your life as well as your relationships with other people, much more so than just money alone can…
1. What freedom actually feels like
In my opinion, the single biggest reward of being a successful trader is obtaining true personal freedom from jobs and the 9 to 5 rat race. Trading provides you with the tools and the ability to escape what I call modern-day ‘slavery’.
It won’t be easy, it may not happen at all for you, but for me, I am extremely happy that by learning to trade, we can potentially earn our own freedom and escape the ‘matrix’ that is working constantly. Like it or not, in today’s society, the game is money, and you either play the game or you live a mediocre existence, at best. I was never the type of person to settle for that or to just accept I had to spend my whole life working for some company and give them the best years of my life in return for money, and far less than what I was actually worth.
So, for me, learning what true freedom feels like is the greatest reward of becoming a successful trader. All the money in the world doesn’t mean a thing if you don’t have any time to enjoy it, and trading the way that I do; swing trading with a focus on higher time frames and a ‘set and forget’ approach, allows me to have and enjoy the most valuable commodity; time.
2. How to evaluate the risk vs. reward of anything
If you make it to the point of being a consistently successful trader, you will also most certainly be a master of determining the risk to reward of any situation, service or product. The mindset of a successful trader is one that is constantly gauging risk and simultaneously figuring out what the potential reward might be, to ultimately make a decision. This of course is necessary for trading, but it’s also a great skill to be able to employ in just about any other situation in your life.
For example, let’s say you need to get a different car. If you are thinking about the purchase from the mindset of a trader, you will carefully consider the risk vs. reward of buying a new car or buying a used car. Through that process, you will probably come to the conclusion that the risk of losing approximately 11% of a new car’s value as soon as you drive it off the lot, is probably not worth the reward of having the car when you can probably find the same car a little used and effectively get a 11% discount on it. Not everyone thinks like this about every situation, but successful trading will ingrain this type of thinking into you, and that’s almost always a very good thing.
3. The true value and meaning of patience and discipline
Everyone knows that patience and discipline are very important and valuable virtues, but few people truly understand just how powerful they can be like a successful trader does. The only way to get to the point where you are making money in the markets over a period of months, is by being consistently patient and disciplined.
This all might sound cliché to you at this point, but that’s only because it’s so true; patience and discipline will make you money faster than anything else when it comes to trading. I’ve written numerous articles explaining why this is true, so I won’t get into all of the details in today’s lesson. But, you should realize that one of the greatest things you will learn by becoming a successful trader, is what patience and discipline actually means and how valuable they are. After all, to become a successful trader, you must learn to be patient and disciplined in the face of constant temptations (to over-trade and to over-leverage), and not many people can do that consistently.
Successful trading will teach you how to control yourself in tempting situations by being focused on the long-term reward rather than what ‘feels’ good ‘right now’.
4. How to grow and improve as a person
The process of becoming a successful trader and the things you have to accept and change inside of yourself to become one, will ultimately lead to you become a better version of yourself. You will not find a lazy, messy, impatient and undisciplined person who is also a successful trader; that person does not exist. The end result, or perhaps the ‘side-effects’ of becoming a successful trader, are that you have true freedom, you have mastered your own mind, you understand the potential risk reward of any situation you may find yourself in and perhaps most importantly, you’ve become a better version of yourself.
5. The power of simplicity
Finally, perhaps the most life-changing thing that I learned becoming a successful trader, is the power of simplicity in not just trading, but all areas of my life. My discovery that simple was better when it came to my trading, was probably thee turning point in my trading career and as a result, in my life. Once I began to see the power of simplicity in trading, I started to apply that same philosophy to other areas of my life as well, where I also got rewarding results. I actually have written an entire article on this called the minimalistic trading approach, if you haven’t read it yet, you should.
The key take away from today’s lesson is that in order to become a successful trader, you need to develop and consistently implement the type of habits and processes that will not only make you money in the market, but will also make you become the best possible version of yourself. You should check out my trading course because it is the best way to start learning how to trade with these proper habits and processes.
22 Comments Leave a Comment
It’s very true Nial. It is a very excellent post. On the freedom aspect, I totally agree with you as I used to depend on these signal providers. Sometimes I would not sleep just waiting for an email to receive the signal. Because of you, I trade on my own whenever I feel like. Thanks your lessons.
Great post your information about trading is fantastic it’s very useful for me. Thank you for share
Nail you are the best , you make thing simple to understand and fun to read and hard to forget
thanks for taking your times and share this inf with us.. I love and enjoy your website, I can said you are one of the best teacher on the internet..
Thanks for providing us with such a wonderful article Nail it is so useful may God bless you.
HI Mr. NIAL
You Sir and your support and teaching for learning how to trade are a God´s gift to us human learners. Thank you so much and god bless you.
By the way, do you have a glossary for your teachings? i am battling right now with the concept of breakout. Simple right? No so fast Sir- New concept and subtleties, subtleness, understatedness, of the word in the light of your teachings. Like you say in your conferences, I am human too.
Thanks Nial,to add on that,I’ve discovered a very simple price action strategy in 2012.Because I was not discipline l’ve discard it,but when I check its performance now,I must be my own boss.The reason why most traders fail is that they want profits now.To all struggling traders take this note:Carefully and thoroughly calculate your risk/reward ratio,don’t take a risk you are not comfortable with. Don’t expect profits in a matter of few days, a month or more is good. Don’t trade in a small timeframe less than an hour,4hour or more is good. Use blank charts,not even a single indicator.Stick to your plan.That’s it.The great enemy in this industry is yourself (your emotions). I have a simple price action(tried & tested) willing to share.Thanks.
Great article Nial
Thanks to mr. Fuller, I am seeing good results in my trading. Mr. Fuller is a man with a very big heart for putting his content up for free in an easy to understand format. He is for real!
I’ve never read such kind of sharings in the net before. All that You share is pure TRUE things!
Thanks Nial. Let God blesses You!
Thanks for this great article and insights as always !!! After 5 years of trading, I can honestly say trading has been the most challenging, rewarding and life-changing journey I have ever taken. All the up and downs, failures, errors and trials have grown me and transformed me tremendously not just as a trader but also as a person. I am forever grateful for having taken on this path and being on this incredible journey !!!
This is very prudent insight, thank you for sharing. I will refer to this article often on my journey of trading. By the way, can your Forex trading principles be successfully applied to the e-Mini S&P? Have a great day.
“Turtle trader” Curtis Faith divorced with his wife because he decided to cut losses. Of course it happened because trading affects all his life exactly like in your article.
Who knows if it’s good or bad… :)
Perfect article. Thank you !
Great article from a great pundit. Nothing can be truer than the truth itself. I am joyful belonging to this community. Thank coach Nial.
Thanks Nial, I love reading your articles. It made me realize so many things not just about trading but about life itself!!!
hey mate,you are genius,unique,an awesomesauce coach.thanks nial
very good article
Great article Nial, truly.
There is nothing such as fantastic/ amazing profit system in this world. Acquiring simplicity & discipline in this market will help you gaining more fortune than you could ever imagine.
Thanks Nial, You are the best mentor ever
The whole my life I did what the society wanted and my family taught me to do with hard work and do not know the real value of myself ! But reading your articles and learning trading I understood my potential and what really I want to do .. it’s a long way as you saying , as we need to get rid of the old conception of living but now I can say I’m on the right path and not gonna let anyone to change my mind ..As a marathon runner I’ve learnt discipline and consistency , as a persone I like simplicity and good life.I did lots of job in my life thinking each job was the best after another .But now thanks to you I refuse myself to work like a donkey and take time to learn the real life , the professional trading !! I love trading !! Thank you Nial Fuller every day xx
Thanks Nial. The real battle as you point out, is with yourself.
Thanks Nial, My whole trading approach has changed ever since i started reading your article.You are a lifesaver. Many thanks…