I am often asked what is required to be a full time trader. While one can always make a laundry list of things essential for success like amount of starting capital, a trading method with edge, sufficient reserves and so on and so on. The most important thing for becoming a independent trader is:
Self-efficacy is a person’s belief in his or her ability to succeed in a particular situation.Self-efficacy is the most important thing if you want to be a full time trader. If you have that then all other things are manageable or you will find solutions to all your problem. Independent traders, entrepreneurs, and leaders have one common thing, strong sense of self efficacy. Why do you think Barack Obama became the President Of USA and others who aspired for it for many years could not. The secret is self efficacy.
Perceived self-efficacy is concerned with people's beliefs in their capabilities to exercise control over their own functioning and over events that affect their lives. Beliefs in personal efficacy affect life choices, level of motivation, quality of functioning, resilience to adversity and vulnerability to stress and depression. People's beliefs in their efficacy are developed by four main sources of influence. They include mastery experiences, seeing people similar to oneself manage task demands successfully, social persuasion that one has the capabilities to succeed in given activities, and inferences from somatic and emotional states indicative of personal strengths and vulnerabilities. Ordinary realities are strewn with impediments, adversities, setbacks, frustrations and inequities. People must, therefore, have a robust sense of efficacy to sustain the perseverant effort needed to succeed. Succeeding periods of life present new types of competency demands requiring further development of personal efficacy for successful functioning. The nature and scope of perceived self-efficacy undergo changes throughout the course of the lifespan.