To succeed as a trader, you don’t only have to work on your trading skills but also have to master your psychology. This is where trading changed me as a person. It has made me mentally stronger and encouraged me to plan everything before taking any actions. Also I’ve learnt how to manage my time and money.
Trading requires you to develop a level of self-awareness that you have never had before. In trading, you are constantly in a battle with your emotions. To succeed in trading, you need to keep your emotions from affecting your decision-making and from objectively perceiving market information.
I was never good at managing money, but trading in forex helped me a lot. Having the right money management strategy allows traders to continue trading even when they are experiencing losses. This strategy didn’t just help me get better at trading but also allowed me to manage my money in a better way.
%% Most, perhaps think or limit trading to stocks\ ETFs + such; all capital markets, even jobs are a trade/invest........................................................................................................
For me, trading has made me financially independent, now I am more disciplined and consistent than before, also I have learned to manage my capital and money efficiently.
%% Barcharts on buildings\LOL\you must like barcharts?? I see mountains anywhere they appear+ enjoy watching the up + peak + downside\dowslide on any mountain .Prefer candlecharts myself; + feed redbirds+ sparrows, buntings.....................................................................
As is so often in these threads, the words investment and trading are used interchangeably. They are different enterprises. One thing that has to be learned as a trader is that despite any previous achievements you might have had due to intelligence, diplomacy, force, work ethic or whatever drove those achievements the market dynamic is different. You cannot enforce your will on the market whatever your strengths. The best any of can do is do and only through significant study, testing and planning to develop an edge. And that edge is easily breaks down without the application of consistent correct behavior. Most of us who do this for a living have failed initially. Habits are formed which are destructive and new ones have to be developed and this often after some psychological trauma has occurred. "I am a failure, this can't be done, this is too hard etc." IF you can overcome the obstacles and develop into a consistent trader, personal growth can be dramatic but for most of us, it wasn't easy. I never encourage anyone to get into trading as I understand the difficulties in developing into a good trader but I don't discourage anyone with the desire, work ethic, and persistence. Just expect the road to be more difficult than anticipated but the rewards given success may well be also beyond your expectations.
Trading has taught me money management and how to take calculated risks. Monetary gains are a minor thing for me but the skills and confidence that I have gained over years of trading are immense.
Through trading, I have learned time and risk management. Also, creates a sense of discipline and commitment toward your trading goals and encourages a sense of market awareness.