‘Learn to be comfortable being uncomfortable’
Trading/Investing is just like another game to me, where you require not only good skills but also good mental preparation.
Successful people who are successful in their field are usually not born with it, but rather it’s the time and effort which they have put in which makes the things which they do look so simple to everyone else whereas to them it’s just another day. For more on this I highly recommend Outliers: The story of Success by Malcolm Cladwell. Similarly, trading or investing, if you put in enough time and effort to understand the process and build your own investing/ trading system, it’s the constant process of building a plan of action, executing it, reviewing the result, with the help of review improving your plan and doing it again and again till you get the ‘Aha’ moment where everything falls into place. For some it might take 100 hours, 1000 hrs or even more than 10,000 hours.
Building a trading or investing plan is 10% of the game, 90% is mental preparation. The reason being you can develop a plan, however, if mentally your not prepared to accept failure and try to grow, you won’t be able to improve neither as an individual nor as a successful trader. Remember, failure is part and parcel of life, you learn the most from failure, the reason being you got hurt and bled and you don’t want it to happen again. In trading terms, having a loss in one of your investment or trade will make you go back and reevaluate everything from scratch as to why it happened, never let a loss demoralise you which will only happen when you are willing to accept the fact that you were wrong and are willing to close out your losing position. The success is a sweetener to your good preparation and execution.
One of the best videos about mental preparation that I have come across is about Evan Longoria
