When new, or even experienced traders run into problems, they typically try to ‘work harder’ in some way. Looking at more charts, reading more books and blogs, tryng to follow someone else, and staring even harder at the charts! Not to mention wishing, praying, and hoping.
If this describes you, take a moment to consider whether what you’re doing is actually going to help you.
For many traders, at minimum, it certainly doesn’t help you to execute on your plan and you continue being a more or less breakeven trader over time. And often it accelerates the problems leading to significant loss of trading capital.
If you believe you have an edge but are unable to execute on that edge, you have two viable options.
You can decide to give up trading, or you can address the issue directly. Getting new software, indicators, joining another chat room is not going to do it for you. You’re welcome to try….but the trading road is littered with people like this. Although you may not want to admit it to yourself, you know I’m right.
In order to be a successful trader, you have to be different. If you’re a trader who has a hard time taking a loss, or waiting for the right entry point, or prematurely exiting winning trades at the first sign of heat…..then those are the issues that need to be addressed. If you don’t address the right issues you’ll never make it in trading. Period.
A trader needs to be very honest with him or herself. Believe it or not, once you have an edge, self-honesty is the first step to making money in the market.
If you know what the real issues are that are causing you to be breakeven over time or continue to bleed money, are you going to be one of the masses and stare harder at the screen while wishing, praying and hoping?
I’ve been involved in the market since 1995 and have seen many people come and go. What usually draws people to trading is the dream of freedom of some type. Freedom from a job, freedom to determine your own income etc. A lot of new traders will say they love trading and are passionate about trading. But what they are really saying is that they love the idea of what trading represents, which is freedom. If you truly are passionate about trading, you’d be similar to an elite athlete and address the real issues head on.
I hear from many struggling traders, and many of them mention their passion for trading. They have a passion for freedom, but not a passion to do what’s necessary to succeed.
In reality trading involves a lot of discomfort. We take losses, we miss trades, good trades turn into bad trades. Unless a trader learns to tolerate these things they will never succeed.
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