WHERE ARE YOU ON THE TRADER’S SUCCESS LADDER RIGHT NOW?
It’s a broadly accepted fact that traders face more or less 5 different phases on their route to success, with around 95% dropping out along the way.
Starting out, most don’t even know what they don’t know and make blind bets as they would when buying a lottery ticket. That’s scary, but thankfully, for the majority, this phase doesn’t last too long. Many drop out at this stage, but for the ones who carry on, there’s an even more worrying phase ahead.
At the second phase, rookie traders enter the zone where they know that to succeed they need some knowledge. In order to get that knowledge they go and seek out all the free and low cost information, advice and tools they can get their hands on.
Thereafter they start to develop the extremely dangerous “I now know what I’m doing attitude”. This phase can last up to 3 years, often costs them an awful lot in losses and thankfully drives a huge number to drop out before they lose the shirt on their back.