Recently, I have been following a thread on the www.forexfactory.com when I saw the post below from the user Cristiano Teixeira (tradista). In my opinion, it carries so many truths about a trader life, about the process on how really to become a trader, that I have decided to share with all readers from the Outspoken Market. Please, read it carefully and paying attention to the details.
"I wasted too many years of my life working a 9 to 5 just to see the unemployment line in my early forties, when the crisis took down half the world by storm. I saw my savings of many years go down the drain in a couple of years (not losses, just regular expenses, kids, mortgage, etc). I can't give advice, I can only tell what I know from my own perspective. Trading or any other endehavior won't save your life when you're in real complicated situation like I once was. What will save your life is keeping your head up, think by yourself (not from others opinions), get good at reading your own gut and instinct about people and about what you want to achieve, always believe you can handle whats coming (not always easy), read as many inspiring stories as you can, learn to trade without indicators and most importantly don't rush it, don't be in a hurry for anything when it comes to trading.
Pick a strategy, stick to it and see if it fits your temperament (took me 2 years to find this out as I was so stubborn and obsessed that I should make money to pay the bills, so... best scenario is no rush! Believe me, you'll be glad you took your time, because it'll end being faster than forcing things to work out. Find something to support yourself, either by getting another job (temporarily) or doing your own thing, but don't really expect anything from your trading journey until you actually see it happen!
People say "if you can see it in your mind you can achieve it", yeah sure... keep dreaming... of course, that has some truth to it, but that's not it... that's just the starting of the journey of hardship that you must be willing to endure. After seeing it in your mind you must work on your confidence, so you must see it with your eyes! How do you do that if you're a noob? Well, learn, study, trade every day without getting fixed with the profits, don't put your cash on the line, trade on demo for a while, but do it with a plan, a purpose, like "I'm testing this method for the next 30 days" and do it like if it's your bread and butter way of trading... keep track on your progress on that particular system. If it feels good and you didn't cheat or made some stupid non-related trades, then cool, that's the way to go... else, you're not taking it seriously enough, so no wonder you'll stay mediocre and never make money, you're just wasting time and playing the "wanna be" game.
If you really want to become a trader you must commit to becoming very extremely good at one particular method, and master it fully. This takes time. Then, little by little it will make sense and become part of you, of how you view your trading and the market. Put it to the test some more, bottom line being to try to trade under all market conditions possible, using always the same approach. When you start to see the profits based on an absolutely consistent approach, never deviated from the plan, never placed stupid "just trying" or "revenge" trades (which in a live account would cost you) then you'll start being confident in your ability, because you're seeing that you can be profitable each week, each month, time after time again. In the meantime, keep 'saving' money for a real account that will serve you to build on it (not to pay the market fee to learn the hard way!).
Then little by little work on growing the acount(s) by not taking money out too early for expenses, use compounding based solely on your consistency to make good trades. Focus should always be on the process of making the trades and never look at the balance once you're trading live. Then, little by little things start to pickup, people will come to you, you'll start making acquaintance with other traders, investors, whatever and opportunities will appear to grow your potential. Just give it time and stay at it (wanting to master your craft) like a maniac !
That's how I would have done if I could do it again."