Page 3 - Trading #101 Course – PART II TWO: SUCCESSFUL TRADING PIE – www.traderscoach.com

TRADING #101 COURSE – PART II TWO: SUCCESSFUL TRADING PIE – WWW.TRADERSCOACH.COM

they can purchase a software package, or a trading system or trading course, and hit
the ground running with a profitable approach right off the bat.

What you will find if you are a novice, and what you already know if you are
experienced, is that it is not that easy. If it were that easy, there wouldn’t be a
staggering statistic of 90 percent failure amongst all traders. Therefore, if you have the
tenacity to apply yourself, you will have an edge in the market. In contrast, if you do not
have the ability to persevere through this part of the process, you will be doomed to
failure.

Perseverance Is the Holy Grail

What I’ve found in this business is that those who survive and prosper for the long term,
are the traders who can persevere through thick and thin and just keep going with new
solutions and strategies. If there is a number-one quality that a trader needs in order to
succeed, it is perseverance.

You’ve got to have the drive to come up with solutions that work and learn from the
solutions that don’t work. You’ve got to look at every disappointment as an opportunity.
This part of the process is really challenging, and frankly, not everyone can survive this
part of the process.

Usually the traders who are not successful fail not because they aren’t smart enough.
They fail instead because they don’t persevere enough to reach consistent profitability.
For example, if Thomas Edison had given up his work on inventing the light bulb when
before he created the thousandth prototype, he would have missed success. Because,
it took one thousand attempts before he finally created a working model of the light bulb
we all know and use today.

Therefore, my recommendation to you is that you conduct a parallel test, meaning that,
until you have a profitable system developed, do not quit your day job to trade full-time.

When you prepare your business plan, (see Chapter 17) in this book, set your business
up as a part- time venture. This is a very common path that traders take while they are
developing a profitable approach. This path has a greater outcome of success, since
you will not be faced with the added stress of worrying about meeting your monthly
overhead expenses.

Failure Is Not an Option

So, I’m visualizing you with your new trading company, working on your trading at night
when you get home from your day job. You’re tired, and you’ve been working steadily

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