Many traders fall into a psychological trap, prioritizing the end result over the trading process itself. There is a wise saying that life is a journey, not a destination. The same can be applied to trading, and in fact, this perspective can help us become successful traders if we understand it correctly.
Focus on the Process, Not the End Result
Many traders prioritize the outcome of a trade and pay less attention to the trading process. Often, they end up gradually losing almost all of their trading profits. This leads to disappointment and frustration because they fail to consistently achieve their desired stable profits. The reason behind this frustration is difficult to understand and explain unless experienced personally. Many traders eventually become discouraged and quit trading altogether.
If you find yourself in a similar situation, the only way to overcome these negative emotions is to focus on the trading process, not the outcome. The more you strive to make a profit, the more you risk losing money. This is a psychological trap. If you are not interested in the trading process and lack the patience to follow its steps, you will get stuck focusing solely on the expected result: profit.
Avoid Over-Trading
This mindset in trading is detrimental and will ultimately lead to total failure. Being overly focused on the end result triggers over-trading, often driven by a desire for 'revenge' after a loss or excessive pride after a gain. In reality, excessive trading frequency is one of the main reasons trading accounts are destroyed, along with high volume (lot size) trading in pursuit of large profits.
Greed and fear are the primary causes of over-trading and high-volume trading due to unrealistic expectations and a lack of discipline in trading methods. Trading is not a quick way to get rich, despite this common misconception among beginner traders. If you can generate consistent profits, it's because you are genuinely interested in the challenge of trading and always aim for the best results.
Becoming a Competent Trader
If you become genuinely interested in the process and shift your goal from 'making big profits' to 'becoming a competent trader', the profits will follow as a natural outcome. Conversely, focusing too much on the end result leads to bad trading habits that can ultimately destroy your account.
To achieve success in trading, it is important to focus on the process and avoid psychological traps that can ruin your account. By becoming a competent and disciplined trader, you will be able to generate consistent profits in the long term. Remember that success in trading is a journey, not a destination. With the right approach, patience, and focus on the process, you will be able to overcome challenges and achieve the success you desire.
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