Many people associate forex and stock trading with gambling or even financial self-destruction. It’s true that both carry risks and can be addictive, but those who think of trading as merely gambling likely lack a deeper understanding of the markets. They may have gained only surface-level information, or worse, they may have ventured into trading unprepared and suffered losses as a result.

Anyone who has delved even a little into trading knows it’s not about luck; it’s about probabilities. Gambling is sitting at a roulette table and betting, where luck largely determines the outcome. However, the casino’s profit isn’t based on luck but on a statistical advantage—think of the green zero on a roulette wheel, which tilts the odds in favor of the house. Similarly, online trading requires understanding the probability of various outcomes, not blind luck.

Trading is a profession that, like any other, has both theoretical and practical sides. But it also includes a third, crucial element that makes it challenging and unique: the right mental attitude, or trading psychology. This psychological aspect greatly influences success. Most people who start trading and don’t see immediate profits quickly lose interest, saying things like, “This isn’t as profitable as I thought. It requires too much time, and I don’t have that.” This sentiment is especially common when their practice account balance starts to decline.

To succeed in trading, one must invest considerable time and energy. Trading won’t make anyone instantly wealthy without effort, contrary to popular belief. Forex or stock trading should be seen as a career path—one that, if pursued diligently, can bring success and a comfortable lifestyle. Yes, there is risk involved, but by following the rules, traders can avoid significant losses. However, mistakes are penalized immediately.

Trading is a skill anyone can learn, but it’s not enough to master the theoretical and technical aspects (which are, arguably, the easier part). To truly succeed, traders need to understand psychology, gain self-awareness, and develop self-control. This mental journey is the most challenging part of learning to trade, and it’s what makes trading so hard to master.

A trader who reaches a certain level in technical knowledge and familiarity with the tools will eventually realize that something crucial is still missing. There is an entire dimension to trading that they have barely scratched the surface of. Successful trading requires integrating the right mental attitude—trading psychology—into one’s approach. Both beginner and intermediate traders commonly overlook or underemphasize this psychological aspect, often to their detriment.