In the 1920s, Thomas Edison’s perspective on his attempts to invent the lightbulb serves as a valuable reminder for your trading journey – “I didn’t fail 1,000 times. The lightbulb was an invention with 1,000 steps.”  Each step, even if challenging, contributes to your eventual success in trading. 

For further inspiration, consider reading ‘Three Feet from Gold: Turn Your Obstacles Into Opportunities!’ by Sharon Lechter, Greg Reid, and the Napoleon Hill Foundation.

Even David Bowden, the Founder of Safety in the Market and Mat Barnes, our Lead Trainer, often share stories of early setbacks, highlighting that failure transforms stumbling blocks into victories in waiting. Mastery is a continuous journey where setbacks are detours, not roadblocks.

Remember, you are not an impostor in the realm of trading but a newcomer navigating uncharted territories. Embrace the courage required to learn something new, knowing that failure is a vital chapter in the narrative of success.

Overcoming these challenges when learning to trade is crucial for your success and mental well-being. Here are some strategies to help you navigate and conquer this challenge:

Educate Yourself: Knowledge is power. Invest time in thoroughly understanding the basics of trading, market dynamics, and the instruments you are trading. Continuous learning will boost your confidence. 

Set Realistic Goals: Establish achievable and realistic trading goals. Break them down into smaller, manageable steps. Celebrate your successes, no matter how small, to build confidence over time.

Start Small: Begin with a small trading account. This helps minimise the pressure and risk while allowing you to gain experience and confidence gradually.

Paper Trading: Practice your trading strategies without risking real money through paper trading. This allows you to refine your approach and gain confidence without the fear of financial loss.

Understand Risk Management: Develop a solid risk management plan. Knowing how to limit your losses and protect your capital will significantly reduce feelings of inadequacy and fear associated with trading.

Learn from Mistakes: Instead of viewing mistakes as failures, consider them as learning opportunities. Analyse your trades, understand what went wrong, and use this information to improve your future decision-making.

Focus on the Process, Not Just Results: Shift your mindset from solely focusing on profits and losses to the process of trading. Concentrate on executing your trading plan effectively, and let the results follow.

Embracing a Growth Mindset: Adopting a growth mindset is a powerful tool in overcoming the feelings of inadequacy when learning to trade. Understand that abilities can be developed through dedication and hard work. View challenges as opportunities for growth rather than insurmountable obstacles. By embracing a growth mindset, setbacks are seen as temporary and valuable experiences that contribute to personal and professional development.

Manage Expectations: Understand that trading is a skill that takes time to develop. Avoid comparing yourself to others, and recognise that everyone has a unique learning curve.

Mindfulness and Stress Reduction: Practice mindfulness techniques or stress-reducing activities such as meditation or exercise. Maintaining a calm and focused mindset is essential for making rational trading decisions.

Track Your Progress: Document your trades, emotions, and lessons learned. This not only helps you track your progress but also provides valuable insights into your strengths and areas for improvement.

Understanding the Roots: When trying to overcome the feelings of inadequacy and the fear of failure in trading, it’s crucial to understand its origins. Maybe it stems from family or societal expectations, past experiences, or self-imposed standards. Acknowledge these influences and recognise that they don’t define your capabilities. Understanding that failure is a natural part of growth reframes it from a threat to an opportunity to grow. 

Transitioning to the trading world and starting as a novice can be challenging, especially if you’re accustomed to success in another profession or career.  

Acknowledging that being a novice is a temporary phase allows for a mindset shift from perceived inadequacy to a powerful journey of acquiring a new skill set. Remember, every seasoned trader started as a beginner. 

Professional Guidance: Consider seeking advice or mentorship from experienced traders. Learning from their experiences and gaining insights can provide you with a more realistic perspective on the challenges and successes in trading. This is why we offer a Trading Tutor Support Service to all of our students at no extra cost. 

Visualising Success: Shift your focus from the failure and feelings of inadequacy to envisioning success. Visualisation is a powerful technique that can help build confidence and reduce anxiety. Picture yourself achieving your goals, imagine the positive emotions associated with success, and use these mental images as motivation. Visualisation can help create a positive mindset, making the fear of failure less daunting.

Remember, feeling inadequate and being afraid of failure is a common experience for many traders, especially beginners. It’s essential to embrace the learning process, be patient with yourself, and continuously work on improving your skills and knowledge.

Embarking on the journey to becoming a successful trader can be challenging, but you don’t have to navigate it alone. Our expert team is here to guide you through the intricate paths of trading, providing the knowledge and support you need to thrive in the dynamic world of learning to trade financial markets. 

Whether you’re just starting or seeking to enhance your skills,  all of our students start with the Active Trader Program and for good reason – When you get the basics right, you have a strong foundation on which to build your future skills and trading success. Many of our students at this level are achieving 10:1 Reward to Risk Ratio (or more) on their trades. 

* For a limited time, our Active Trader Program comes with 3 months FREE coaching (value $447). Find out more here