Many of the messages and emails I receive are from traders who are struggling even though they have a proven working strategy, or a method that someone else uses to profit from the markets.
So, in this blog I want to talk to you guys about how you can help yourself become a better trader and eventually bring in those consistent profits in the market.
As much as trading looks over whelming, it isn’t and in fact it’s very straight forward if you put your head straight towards it, a lot of people join the trading world only to lose money or start off with a small trading account wanting to get it big in no time….
I know this because I’ve personally been in that situation and so have many successful traders who have walked the average path to reach their successful careers
After reading this article you’ll eventually figure out what’s setting you back and you can start setting some new goals for yourself to overcome these problems, hopefully overcoming the obstacles standing in your way and heading down the right road, which eventually leads to your success as a trader.
Step 1: Find what your pullbacks are
Really and truly the problems holding people back from making consistent profits in the markets are all the same, but a lot of people are blinded because they don’t even know the mistakes they’re making…
some are to blame themselves because they’re aware of some of the mistakes but still repeat them, while others are not because they’ve simply haven’t come across anything that gave them information about this specific topic, but again if you don’t have enough knowledge about the financial markets then you should not be trading them, and if you’ve lost any money without going ahead and learning how to trade first… you’re the only one to blame
So literally the first step is to find out why you’re not making sufficient enough money from the markets, and this is when you have to be honest to yourself and ask yourself a series of questions.
For example here’s a list of questions you can ask yourself to see whether you’re trading right, or wrong.
1. Do I have a working strategy that I know how to utilise to it’s fullest? Does this strategy work? Does this strategy involve anything else to combine it with I.E Fundamental Analysis.. ?
2. I’ve got a working strategy… but am I following the strategy rules, or am I just blindly taking trades without using the strategy due to my greediness.
3. Do I honestly follow psychological rules, such as not being greedy, chasing the markets too often and not allowing them to come to me, holding onto trades for too long and not setting a target, moving my stop loss even further when trades are going against me.. I have to work on doing the right thing !
4. Am I following my trading plans? Or am I too scared to take trades that match my strategy?
5. Do I keep looking at lower time frames, instead of focusing on the bigger time frames and bigger picture?
6. What’s my daily routine like? Am I waking up early enough… am I working out and looking after my health so I don’t get stressed throughout the day?
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Now that I’ve mentioned some questions you can ask yourself and these questions relate to most problems people are going through when it comes to trading, so think about them deeply and if you are suffering from one of these problems then find a solution towards it – or message me and we can talk about it.
Step 2: Work on a plan to fix those problem.
Once you’ve identified what the real issue that’s stopping you from unlocking your full potential and making consistent profits in the markets, you’ve got to devise a plan that’s able to solve these issues, and I’ll show you exactly how you can do that.
Let’s say you’re struggling with issue number 4, you’re afraid of taking trades that line up with your strategy.
Well here you must ask yourself, if not now, then when? With a working strategy and managing risks properly. Regardless, If a trade that lines up with your strategy pops up, don’t be hesitant to take it because you’re following your own trade plan.
or let’s say you’re struggling with issue number 2, you’ve got a working strategy but you’re not applying it the right way because you know deep down your heart you’re just chasing the markets.
Look at yourself in the mirror and ask yourself if you’re disciplined enough, and that if you continue trading without following your strategy or a trading plan, how will that effect your trading account and your own money. Before stepping onto the charts, write down on a piece of paper that you will follow your rules, you will follow your strategy, and you will not allow the market to control you but instead you will have control over the market by taking what it gives you, and that comes with patience and discipline.
Allowing yourself to discipline your own actions will change your life career, you’ll be able to make decisions better not only in trading but in life scenarios as well, having this type of discipline will allow you to build better relationships with other people, and a better relationship with your own mind.
Step 3: Don’t lower your morals and start moving sideways
Literally the final step is up your morals and stay disciplined and committed to these rules that you told yourself you’ll abide on.
Just like how most people join the gym and after 1-2 weeks they quit, this is a normal human trait, the human has to learn to adapt to what it’s doing and the only way it’s going to adapt to that is through constantly doing the same thing for a period of 66 days, only then will your mind make it a habit – for example if you read a book everyday for the next 66 days, come a day you don’t read a book you’ll feel like something wrong, and your body will automatically respond to that by making you grab a book and read it.
I’m sure you’ve all heard a famous quote by Rocky Balboa ‘It’s not how hard you can hit, but it’s how hard you can get hit and still get up’ this should be applied to the charts, regardless of the setbacks you might have in life, just keep in mind that if you get this right, and you successfully transform yourself to the ideal trader, you’ll never have to financially worry because there’s enough money in this market to make us all millionaires.
Abide by what’s important to you, and if you want to succeed as much as you want to breath, you have to break through those obstacles and start being a lot more disciplined with trading, follow these rules and watch your trading career transform into an even better career.
So remember guys… stay committed and never drown yourself by failing to achieve what’s important to you!
