For me, profit is the main motivation for most traders. It's not the only key to long-term success. The often overlooked but crucial factor is risk management (this is very important), without this, even the most skilled trader can lose everything.
Managing losses wisely ensures you survive long enough to enjoy the gains.
This risk management is one factor that traders neglects while trading especially those traders that are lucky to make some good profits from trading, they feel they have arrived and are now experts in trading forgetting to know that it's not all the time they can make profits from trading and they start making trades with higher amounts such that their money won't sustain them for longer trades when they run some losses. Risk management is very necessary because that is what propels a trader for long term trading success.
Where there is no risk management applied, long-term trading success may not be as possible it is. Instead, you can only be profitable when you’re lucky or when the market favors your trade, but after that, your trades are already prone to losses because you never practice risk management which is a necessity when trading.
Also, those traders who aren’t that highly successful but aren’t losing consistently as well, are actually doing the risk management plan. After all, they won’t be profitable with trading in the long run if there’s no risk management in the first place.
You cant just that rely yourself about luck when you are dealing up with trading on which this isnt something that you can treat it like gambling because this would be that resulting on having that issue about on busting up all of your trading capital. When you do plan to have on having that long term approach towards trading or wanting to learn up such skills then you cant just that fully rely with luck because it doesnt work anytime plus this isnt gambling in the first place for you to have that kind of approach. We do know that on the moment that you've been that becoming
having that kind of impulsiveness towards your trading then you are already that doing gambling work and thats not ideal. Thinking up for long term will be pertaining on having that good approach or realistic way on dealing up with it. You cant just that having this kind of approach because there's no way that you can be able to achieve out success. There's no way that you can be able to learn it up and becoming profitable with it. When it comes to success then there's no guarantee with this even if you do treat up gambling just like on what you do have in mind or on the proper way but still it wont be giving out that kind of assurance that you would be able to be successful into it. It would be still depending on several factors on which you do need up to consider out this way. There are those conditions or time that you might be feeling on giving up just because you've been that trying out your very best but still ending up on having those failing trades and thats why on the moment that you do become that impulsive then you would be derailing yourself into the proper way on how you should be learning up trading. This is for long term approach and not for short term learning kind of skills because success isnt something that you can be able to pursue out and achieve easily, you do need to work hard for it if you do want to sustain or survive this unpredictable space. Dealing up with it isnt something that so simple that you can just that put up your position then wait up to make profits, this isnt how it works.