This is especially important in the realm of trading and investing. The reason why so many people seem to fail at this is because they simply don't try hard enough or know what to work on. The reasons can be multiple, but the results are usually disastrous.
One reason one may not be willing to work hard is because they figure that they don't get paid enough to do any 'extra' work. So the trader may be thinking that the extra work will not end up in a real difference in their bottom line, so they don't want to bother. I'm sure at some juncture in your life you've heard someone say "It's just not worth the trouble because nothing is going to change."
The bottom line is that in trading, you have to be learning and adapting. The market is changing and constantly moving. If you just want to show up, do the minimum, and go home and watch TV, drink a few beers and do it all over again - this will be a short term occupation for you.
One other reason is that some people are afraid to try because they will feel like a failure if they don't get results. This, often times, is added on to the last reason.
It's really the same thing as in love and personal relationships, for example. Some people don't dive in or allow themselves to be close to others for fear of getting hurt by that person.
In the same way, if they put together a strong attempt where they really try to improve their trading, and they fail... they will be so HARD on themselves. So they think, "Why try? There's too much risk."
This business of trading, when it's done right and you do your work and earn your right to be a master at it, is one of THE best ways to attain financial freedom.
However, it is not EASY to do. If it was easy then everyone would be doing it and it would not be so lucrative. The amazing thing is not all traders trade the same way, so there is plenty of room for many successful traders. Trading is an Art form... and I think that level of success is directly proportional to the amount of work that is required to master it.
So you have to be willing to work hard and smart (no sense in wasting time working on the 'wrong' things or tactics).
What does that mean?
1) Scanning your charts and doing your research every night.
2) Going through the news reports and earnings reports to see what may be moving prior to the market open.
3) Printing out your trades, analyzing them, and tracking the right metrics and data so that you can improve your abilities.
4) Working consistently with a mentor or coach will help you cut out a lot of the growing pains and wasted time of trying to figure out what you should be doing.
5) Make sure you are actively working on your psychology and mindset.
6) Read more books on trading and success.
"The things you have to do to achieve success are easy to do. The problem is that they are also very easy not to do." - Jim Rohn
It will take time out of your schedule. It will require you to maybe give up some time with your loved ones or friends. But remember, it's hardest at the onset and once you get to 'cruising altitude' you can let off on the gas and reap the freedom and financial rewards you have justly earned.
Tom Willard has been investing in the stock market for over 16 years and daytrading for over 8 years. He is the co-founder of RevolutionaryTrading, LLC, and the website is http://www.revolutionarytrading.com/. Go to that site to get signed up for a free membership where he will be sending out valuable free information on stock ideas and stock trading techniques to members.
Revolutionary Trading is revolutionizing the education process so that anyone can take control of their investments and financial future by learning the techniques to trade and invest in the stock markets.