There are few reasons why traders fail in trading and never become full time traders.
The most common reasons why people quit trading is due to unrealistic expectations and not being patient.
Let’s define things why people start with trading
Freedom that allows you wake up, go, travel whenever you want
No boss or anyone else who tells you what to do
All of these points are worth enough to motivate and kick your ass.
When you are motivated things make sense and all your next steps move you closer to the goal you set up. Being motivated and talking isn’t enough. All you have to do is take action, be proactive and do the work – master your strategy, patterns you trade and what’s the most important – psychology.
Once you decide which instrument you want to trade and choose the right timeframe that fits your time, price action patterns you like, stop loss and take profit sizes, risk 1 or maximally 2% per trade, write down your trading plan and someone even its check list – you can start.
And here is the hitch.
Lots of beginners even do not build their trading system and trading plan. They just read few articles about trading, study some price or candlestick patterns and hurry to beat the market without backtesting system and writing down the trading plan. Then they have some winning trades which make them feel like professionals. It usually does not take much time to lose whole capital due to oversizing and overtrading.
What does that mean? They risk more than 2% per trade and entry in every move market does.
The next reason is having unrealistic expectations and missing patience.
Once trader starts to trade and its results are not getting better, he struggles and starts being afraid of next entry due to high probability of another stop loss hit. That’s why I highly recommend writing trades into trading journal, just to see certain behavior and habits which you repeat unconsciously over again and it keeps you on the same place without any move forward. After few loses traders change trading method, add indicators, google for the best trading system and starts again from the zero.
It repeats itself so many times that trader definitely loses patience and motivation from the beginning so now trader wants to forget about trading.
Heck, what happened with your dreams and vision? Why did you give up so easily without any fight? Why the hell people stay more than 40 years at job they hate instead of investing few years into hard self education and some time for changing their mindset into winners one.
Why everyone wants everything right here right now without any work or spent time on learning? It makes no sense. They rather stay the whole life in boring job they hate because it’s more comfortable than studying and learning basics, aspects, technical analysis and other things successful trader needs.
Damn, listen to me. Would you rather invest few years into yourself to fulfill of all your dreams or do not you want it enough to do uncomfortable things, work hard?
It’s your life, not mine. Waking up and looking into mirror and knowing you gave up your dream is like killing yourself.
Hold on and never ever quit. Rewards are actually on the way to you. Just hold on.
Nobody said it’s going to be easy. More than 90% people give up due to bad expectations so be honest to yourself. Set realistic goals and work daily on filling each tasks which follows your vision.
Don’t be the same as others people. Successful people do things that others don’t do.
We all know those phases in different life categories. You are trying, then you stop, you can not move forward for long time and you start be demotivated. Then you quit.
Only 5-10% of people don’t stop and struggle further until they reach it. Patience and being confident allow them to wait until the work is done or until the problem is solved. Weaker individuals just give up..
Choose your side. I already did. You are next.
Wrong expectations and rush traders are killers on way to profitable trading. Be aware it Takes time to be living from trading.
What to do
- Set a clear goal and then divide it into smaller parts
- Write To-Do plan to fill up each task
Next article will help you build trading strategy with all things you need to know. Be ready.