I’m not gonna sugarcoat it today, Evolvers…
If you expect to win in the stock market without possessing certain skills and mental strengths, you’ll most likely fail on your mission.
My trip to the millionaire milestone wasn’t quick or easy. Success didn’t happen overnight. I had to dig deep within myself to weaponize certain character traits before I had major success as a trader.
But let me tell you … it was worth it.
Instead, I stayed laser-focused on my goals and ultimately achieved them. And I couldn’t have done it without a few crucial character traits that I call the “3 Ps”.
One is no more important than the other, each “P” plays a vital role in navigating the stock market’s ups and downs.
So, buckle up and get ready to dive into what it takes to make it as a trader.
Keep reading and I’ll show you…
The journey to trading success always starts with a genuine passion for the market.
Like an aspiring professional athlete or artist, my odds of trading success were initially low.
But I knew that the only way to rise above the subpar masses was by wanting success more than anyone else.
I had an unquenchable thirst to win in the markets, and this was the first step toward my eventual trading success.
As I write this, I can’t help but think back to my pre-trading days as a general accountant.
I remember sitting in my cubicle, unable to think about anything other than trading stocks.
My passion was uncontainable, and I knew I wouldn’t feel whole without taking a shot at trading once and for all.
And it turned out that deciding to pursue trading was the best one I ever made…
Bottom line: If you wanna be a world-class trader one day, you need to ask yourself some important questions…
Do you have the passion for trading required to weather hard times, tough losses, and brutal bear markets? Do you want it more than anyone else?!
The second trait that has helped me in the markets is patience.
Many traders feel they need to make plays daily, causing them to enter trades they would be better off avoiding entirely.
By narrowing down my trades to the best setups only, I find that they don’t come along every single day.
Therefore, I get comfortable with sitting on the sidelines until the perfect chart pattern pops up on my watchlist.
Let me give you an example…
For the first half of 2022, I traded much less frequently than usual. (The downward nature of the market left me without my bread-and-butter momentum stocks to short.)
In other words, I traded less because I knew my setups weren’t there. I was patient and it paid off.
Bottom line: Patience is a virtue in the stock markets … harness it to your advantage.
Doing anything for more than 10 years requires serious perseverance.
It doesn’t matter if it’s a hobby, a skill, or a job; it takes a lot of mental fortitude to stick with a difficult task for that long.
And let me tell you, trading is no exception…
Throughout my 12-year trading career, I’ve had many moments when I questioned my discipline and overall mindset.
Last year, in particular, was a challenging period for me. But I never let those momentary setbacks cloud my long-term goals.
When things get tough in the markets, I always remind myself why I started and keep my mind focused on my career objectives.
This way, I can maintain my mental longevity and avoid tunnel vision, which can be a trap for traders who focus too much on short-term results or individual setups.
Although 2022 was a challenging year, 2023 has already been a marked improvement as I passed the $4 million profit mark recently.
Bottom line: Perseverance is the name of the game in the stock market.
The “3 Ps” have helped me survive the most difficult periods in the market. Now, I hope they can help you too.
As important as I think these traits are, ultimately, you must determine what works for you.
That said, I think you should try to weaponize your passion for trading, practice honing your patience, and harness the perseverance to succeed in the long run.
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