Motivated, Persistent, and Profitable
The markets have been bullish recently, but that's still no guarantee of profitability. The only sure path to profitability is through hard work and persistence. First you have to find a high probability setup. Next, you have to patiently wait for ideal market conditions and get in and out at the right times. And if everything goes well, you take home profits. Most of the time, though, you have to face setbacks and losses, and unless you are persistent, you can feel like giving up.
For the past week, stocks have been on the rise, reaching new heights, but how long will it last? If you get in now, you may end up selling as a turning point happens, and may end up as merely one of the many sellers looking for buyers who just are not there. The only way to ensure profitably is to work hard, search for setups and execute trades with discipline.
It can be hard to find the proper motivation at times, especially during a sideways market. But the way the markets have been behaving lately should motivate you to believe that if you execute enough trades, you will take home profits. It's at times like these that you can trade in earnest until you hit upon a winning streak, and when you get in the zone, push yourself to the limits. But at the same time, don't get overly confident. Sure, the markets have been on the rise, but that does not necessarily mean you can buy a stock at the wrong time and profit. The overconfident trader, however, falsely believes that trading is that easy, especially after a big windfall. Don't let the exuberance of the past week give you a false sense of security. It is vital to approach trading with a sense of optimism, but temper your optimism with caution.
It may also be useful to set modest goals. In times of exuberance, many traders are afraid they are missing out on opportunities. Instead of identifying just a few specific trades, they become over-ambitious and push themselves to identify more trading setups than they can handle. They spend too much time trying to find as many trading setups as possible, and in the end, they don't end up paying enough attention to a few specific trades that are likely to produce a profit. Rather than set yourself up for failure by trying to do too much, set realistic objectives and accept what you can accomplish with the time and resources you have available.
Most importantly, profitable trading comes with persistence. As overwhelming as trading can be at times, it is essential to believe that if you work hard enough, you can make profits. Even when times are good, setbacks and losses are commonplace. If you are not careful, a series of setbacks can get you down. But if you work hard, persist, and work diligently to overcome obstacles, you can take home huge profits, especially during a bull market.
