As anyone else the view of easy making money is trading usually rated as the best possible way how to become rich quick.
I was totally the same as lots of people in front of me. Once I found trading and read few articles about that, what does it contains and especially how others people already achieved that easily and all their dreams came true, it motivated me enough to try it too.
It all started with random talk with stranger about forex and markets. He added me to Facebook group that still exists and some people there became my friends. They shared tips, analysis and trading signals so I just accorded the most experienced guy in the room and for the first day I made 525$ within 2 hours. It was such an adrenaline. It was just a tinsel. Once I made this trade I thought I am unbeatable and nobody can stop me even markets can not. But I was wrong. Lots of luck on my side caused the immortal feelings I had when I opened next trade.
It was not as the first one, this trade was going to hit my stop loss and as an amateur I had no idea about positing sizing and as you can guess I lost almost 10% within few minutes.
I did not understand that. What happened from yesterday? Was the market in bad mood? Or the huge luck just left me?
No, it was true face of market. Market showed me who is king there and who had just one-time luck. Markets does not allow to amateurs and even advanced traders win so easily without some money spended on self education.
Gradually I lost all profit and in this time I decided to stop with real trading untill I realize what happened and why my ass was kicked.
Once I realized I was so stupid that it was the most common start of lots of beginners. Markets welcomes you, gives tinsel and then kick you off.
And then the vicious triangle started. Looking for holy grail of trading in forums, trading entries based on someone’s recommendation from chat full of guys I even did not know. Indicators, price action patterns, candlesticks patterns, technical analysis, fundamental analysis, news..
I was so confused that I even did not know what’s my name. Following the most known traders and trying to learn their methods, subscribing to all possible newsletters to get informations about informations.. I was lost, depressed and frustrated. Every article I read confused me more and more. No light in the end.
One day I wanted to give up and quit as 80% amateurs and just say „never mind, I tried that, back to the real work“.
I love myself for not giving up. You’ll have the same period. Once you realize it’s not so easy as it looks and all entries hits stop loses permanently, all the enthusiasm from the beginning is over.
Then you are standing on the place without any move forward. Sleepless nights, recapitulating of your first win trade that made huge profit followed by loses that destroyed almost all capital you have.
Every successfull trader has had to pass this out. Imagine it like a filter that separates all the traders that came only for profits without any respect to market. Like the hardest test you’ve passed.
It’s cased due to wrong mindset. Teachers learn that making mistakes is bad and it kills all creativity. Mistake = failure. In trading mistakes are steps to getting better, to mastering your strategy, to understanding the whole market and its moves. Only mistakes may learn you what did you do wrong.
Once you made the mistake in trading it automatically costs you money and to be honest, it hurts alot. You won’t get bad exam, only your capital get smaller. The system of education from school is different from trading and that’s why every trader from the beginning struggles untill new right mindset is developed.
What does mean right mindset and why trading is so different?
- It’s fully understanding and accepting that market moves are accidental.
- Stop loss is necessary
- Before you entry you accept lose
- Trading journal is the most important way how to track your progress. How you can even
- know you are doing well or that you are not repeating the same mistakes over and over?
- Trading journal shows your weaknesses and helps change them.
- Trading is an art – it needs to be taken as an ART.
- Taking trading like a serious business, not like clicking game
- Trading is not quick rick scheme
- You are the one who is responsibly for all decisions
- No boss, no colleagues, nobody tells you what to do or when did you make a mistake
- No regular paychecks
- You can not hate markets, weather or random events that affect markets in opposite
- direction. The one you can hate you is YOU.
- Psychology is bigger enemy than you think. Once you master your trading method
- According trading plan is the hardest thing ever.
- People gives up due to bad expectation.
- Amateurs take trades from boredom or from the need to be in trade
It takes lots of time to change your approach and mindset and it was the hardest part of trading for me.
Trading changes your personality, behavior, habits and routines. It affects your way of thinking, your view to other things but especially YOU as a person. It’s my passion. I know all the struggle will pay off soon. (it already pays)
I love the freedom of trading. It lets you do what you love not due to money but due to freedom that money can buy.
Do not give up. It going to pay off. You’ll see.
How many time you spend by going to school? About 12-20 years? (depends if you went to university or not) Giving two years to trading changes your life and the kind of living. Living to trading. Hold on, mate.
All you have to do is ENDURE.
I know you can do it, don’t you?