All traders have to believe in God, Anirudh Sethi explains

Okay, not God, but you just have to believe in something you can't see, progress and profitability at all times. Often, this is a big issue that I see with the traders. They are either new to trading or in the past they were really beaten up before. We don't know how to be careful or stop self-destruction. We didn't commit.

For New Traders - Hard work

They see other traders making money and that makes them to think it's easy. It really takes a while to become an overnight success. It takes even longer if you begin from scratch and had no help. I'm confused to find that a lot of traders haven't done the 1st thing required to achieve success, a trading plan. a group of rules applied to a technique is the definition of a trading plan. No matter which way you define it; it should shift the main target far away from you and unto the market, answer the questions the market answers, and strategy must be improvable and repeatable. It's hard to make money, if you don't have a plan because you are always doing random things for random reasons, there's no continual and each experiment needs a continual.

For Older Trader - Self destruction

As a trader you are either your own ally or worst enemy. If care is not taken, he will become his own worst enemy at some point. Undoing days, weeks, or months of financial and psychological progress during a single trading session. Once you lose "too much", you most likely haven't stopped losing. Take a deep breathe once you are hurting, take a while away. I said it before but with frightening regularity the bad will move to worst. When it's hardest to be discipline, it's the utmost important time to try to do so. As my mentor always told me, be ready to trade tomorrow whenever tomorrow is.

Why Belief is Vital

In order to accomplish anything that's difficult, you have to be committed. There are times when it's going to be bad. There are times that you will need to pick yourself up. There are going to be times that you figure it all out and it changes subsequent day. There are many times that you are going to question whether it's worthwhile, if you're asking that question the solution is usually no. it's not worth it; you've not reached your goal, yet. the best question is, will is it going to be worth it? You can't be half pregnant when it involves trading, you've got to be 100% committed within the times when you are in front of the screen.

If you're new, believe the work you're doing has value. If you have lost so much, that's actually in the past and believe you'll put yourself in a situation to get it back. so as to sustain belief you've got to visualize progress but to progress you would have to start out with belief. Does God exist? I'm unsure. Do I believe in God? yes, I do. The issue with not believing in God is that you simply could also be wrong. Upside of believing in God is you would possibly be right, if not you're dead anyways. Trading is just the same, yes you would have to do some extra work but it beats the choice which definitely not giving yourself an opportunity.

Anirudh Sethi explained behind stock market best tricks, tactics and psychology. He analyses international markets from indices, stocks, bullion, energy, forex and crypto. He is a trading coach and organizes online webinars and seminars for traders, with clients across the globe.

Catch up on all the latest Mumbai news, crime news, current affairs, and a complete guide from food to things to do and events across Mumbai. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.