Perseverance is the key. Let’s say you wanted to choose a profession that would, upon coming out of school in 2006, provide you with an annual income as a first year hire of over $100,000.

Not too many options are there? Here are a few:

1. Physician - 4 years of undergraduate school, probably 6 years of postgraduate college.
2. Attorney - 4 years of undergraduate school, 3 years in law school.
3. Investment Banker - 4 years of undergraduate school, 2 years of postgraduate work. Not to mention nerves of steel and a back capable of deflecting knife wounds.

In addition, being an attorney or investment banker involves long hours as a “grunt” for years and becoming a physician generally involves an internship with unlimited hours and stress.

New traders often have been successful in other fields before deciding to trade as a career. Lucky new traders find a room such as ours where the combined knowledge base of many traders can be tapped for minimal cost.

Many new traders expect virtually instant success. They open a brokerage account and expect to “easily” match their former income as a seasoned employee - immediately. They ignore the fact that to become a physician, attorney, or investment banker (if that wasn’t their prior occupation) would require the commitment as outlined above, and that to become a successful trader requires a similar commitment.

What amazes us is the number of “drop-outs” we experience after one bad week, in fact sometimes after one bad day! Do most new traders have wildly unreasonable expectations? Try thinking of your losses as a new trader as "tuition" and the time you spend learning the ropes and learning the psychological stance one must take as a trader as your "college" education.