I am interested in hearing about what has been your biggest trading challenge. . . Mine, personally, is the length of time and work it took for me to break-even as a trader, and then start to become profitable. Years!! I didn't expect that at all. My expectations were that in a week of training from the trader school I attended, I would go off and be a day trader, successfully supporting myself. This was not so!
I almost dont understand the post for me I now realize its not a contest its being with the order flow. Being in that range that says come along for the ride. Like a ninja i hop along and hop out. I get my money and let those with ego's go to the end.
Not sure if you had some other profession before you began trading or not. But, for me, I traded a good year while still in a corporate job to establish that I could do well enough to support myself. Had ups and downs during that year --- in part due to trying to do two 'jobs' and not 100% focused on each. Only after a year I quit my job and began trading based on the P&L of the year. Started with small trades and made 1/8's and 1/4's mostly back in the day of fractional spreads. Occasional 1/2 or 3/4 on 1000 shares (again in the says of SOES back in the late 90's). But my biggest trading challenge was a combination of greed and not knowing when to quit for the day when I traded in an office. Having often worked 10 hour days in the corporate world I felt I needed to trade the entire day. Finally the guy who owned the office told me to quit and go home when I hit my daily goal. Because I would often make a decent profit early in the day only to give some or all of it back in the afternoon. I realized there's nothing wrong with working 2 (or 4 or 5) hours per day and having the rest of the time to do whatever I wanted. And the freedom is something you can't put a price tag on.
All schools sell you on an instantly better life. -- things kind of rarely work out as advertised. Life has many twists and turns. To be a master at anything in life...takes that...proverbial 10,000 hours of study/experience. I know I've certainly put in the time...I paper traded/studied the market for more than five years -- before things, finally, really took off for me,
Trader's biggest challenge / obstacle is their self Quicker one acknowledges..., then accepts that - quicker real growth & improvement begin And although that challenge / obstacle can certainly be significantly reduced - it never totally evaporates - no matter how proficient the trader becomes Life..., and humans - being what they are May as well get used to it..., over thy self..., and down to the nut cuttin RN
I did have a few professions before trading. . . At trading school, I was taught to jump in with live money from day one, and that this was a "good" thing. If I were to teach someone to trade, I would say do it on the simulator for at least 6 month and get very good with it before you trade a penny live. Just my view. That is pretty cool that you had someone at your office encouraging you to go home and trade! I like that story. . .
I agree! This is so true. I have narrowed it down even further. . . My belief is that the single most powerful thing we can do as traders to achieve success is to be kind and supportive to ourselves, inside our mind. I.e. to exhibit positive self talk. I have seen this with many traders, and the inner dialog can make or break our success. For the most part, this is learned, or not, in childhood. For example, if you have three losers in a row when trading, and you say something like this to yourself, "you idiot, you will never get this. You are a loser! You have been trying for 2 years and you still cant do it. . . bla bla bla", your actions from here will likely be much different and more destructive than someone with respectful self talk. That might sound more like, "Okay, that is your three losses for the day. You traded well, but it is time to stop per the rules and get out. You will have another chance tomorrow." Most traders are not aware of their self talk, but I do personally think the ability to have positive, supportive, and respectful self talk is by far and away the strongest predictor of success.