Do you ever wonder if you secretly want to fail? It's hard to believe, but some people do want to fail. They may not want to do better than their parents, and secretly they set themselves up for failure. Others fear success. They associate success with added responsibility and they want to avoid responsibility at all costs. But if you're like most people, you want to succeed. For whatever reason however, you find you make trading mistakes that result in losses. There are times when you are your own worst enemy. There are a number of ways that you may be your own worst enemy, but here are some common ones. Many novice traders risk money they can't afford to lose, and understandably, feel on edge as they execute and monitor a trade. You can't concentrate very easily when you are agitated. In order to trade calmly and rationally, it is vital to trade only with money you can afford to lose. In addition, it is important to manage risk, so that you minimize the amount you can lose on any single trade. If you truly have nothing to fear by losing, you'll feel more relaxed. You will trade effortlessly and you won't make as many trading errors. Don't miss sleep. When you're tired it's hard to concentrate. When you are worn out or tired, you are understandably ready to lash out or feel extreme frustration, even when you face a minor setback. Concentration requires energy, and you don't have adequate energy to trade when you are tired. So get the sleep you need to stay alert and ready for action. Don't trade by the seat of your pants. Many novice traders don't map out their trades in enough detail. They don't decide beforehand where to enter or where to exit. When they actually try to execute the trade, they find it difficult to stick with their trading plan because it is unclear and difficult to follow. They don't know exactly what to do and when. And so they panic at critical moments of investing. Carefully outlining a plan and following it will help you avoid costly trading errors. Trading is hard enough. You don't need to sabotage your own efforts. By trading with money you can afford to lose, staying calm and rested, and by following a well-defined trading plan you can stay at the top of your game and take home profits.
I'm surprised how many stories of failure boil down to psychology and lack of discipline. These are personality traits! Finding balance in your own life is important. When you have nothing better to do than stare at a price chart all day you're likely to take bad trades out of boredom rather than focusing on a few high probability situations, or knowing when to stay out of the market altogether.
trading with money you can afford to lose is no good if you do not learn how to make money trading and more importantly learn how to hold on to it. one of the best things a trader can do is set aside a small amount of money to risk when learning the ropes (a small amount of money would be in the region of $2,500). the trader might of course need additional funding depending on the chosen market and broker. if trading is a losers game then it makes perfect sense for the trader to become a good loser.
Better still get on a simulator and learn Yeah I know it isnât the same Tell that to professional athletes â You are only playing catch when you practice Or a Pilot â Hey itâs only one big video game - successful landings are optional Or the Police / Military â itâs only an arcade shooting gallery - no need to take it seriously - shoot everyone... Practice like you play â Get on a sim and save your money till you have a clue... iow; Until you can consistently trade profitably with the same size account you will be trading live.., and as you would be trading it - if you were live No need to waste money RN
if you donot trade in real money, you never learn. sit on the bank and watch others swim, you will never be a swimmer. a sim is a non-sense for trading skills. a sim only helps you get fimilar with the software tools, that is it. prepare a good enough money account, then start to trade. that is the only toward learning and being mature. a $2500 account is doomed to be wiped out. at least $50000 account, each time just risk 1%~2%
I see your point â putting money at risk sure brings out the ole emotionsâ¦. makes trading more real for sureâ¦â¦ And sim trading could never do that â could itâ¦. Damn you've sure shown me the light.... ============================================================================================== Okay back to reality (I had a little fun at your expense hope thereâs no hard feelings â wouldnât want the emotions to flare up) ============================================================================================= Unfortunately â your statement is based on your current level of trading competencyâ¦. What you have not yet experienced is a level of trading where money doesnât come into playâ¦. It is where following the process â IS all that matters (which btw is how trading should be) Hopefully as you grow as a trader â youâll come to understandâ¦.. Following the process of trading is infinity more important and profitable â than focusing on the money And if you donât â donât feel bad â most donât get it eitherâ¦. =============================================================================================== That is the point Iâm making â along with the obvious; There is no need to waste money - while learning and engraining the process of trading⦠Then once you get it â go live â and simply continue following your process - screw the money... =============================================== It is always best to dance with the one who brung ya btw - false bravado is never a good idea when trading either Regards Sir RN
no need to waste money? to me, if trading is really a game I want. there is no such thing as wasting of money! you mean loss? that is part of the road toward success, just like a ticket to watch/enjoy a show in trading, the thing is you must pay the price first,then you may net your benefits, even you paid teh price, you might not get the rewards, the difference is the former action might have a slight higher odd of getting the trading benefits . just any thing under the sun, if you want a degree and have a career in some fileds, you need pay the tuition first, then you are allowed to study, get your degree, just a ticket to a new career, but you know that does not guranteer any thing, you may end up "can not find a job in your field", still need your lots of career building efforts, plus some luck, .....then you entered that field! the point is: there is no free lunch! if there is, that is luck. but luck is acutally exception (the odd is almost 0.0001%). most people do not have that 0.0001% luck(winning a big lottery) and they need pay the ticket first,then they may have the luck if you start not to pay the price, you will never be there as a successful trader.
What kind of Jamaican voodoo is that? People secretly want to fail???? must be a product of Freudian dream interpretation. Must be a memory from your early childhood when your mother said to you: Charlie, you will grow up just like your dead-beat, no-good, drug-using, wife-beating father! So Charlie keeps his mother's words in the deepest corner of his mind and secretly wants to be a failure just like his father. Charlie also remembers what his father said to him when he was in junior high: Son, I lost all my money in the Cherokee Grand Casino, don't gamble like me. So Charlie secretly wants to gamble and lose his money in the stock market.
T198 My⦠myâ¦. First â No such thing as luck Second â big.. bigger⦠I mean really big difference..., between losing money.., and wasting money... Perhaps one day youâll come to understand that â or perhaps not (I choose my words carefully btw) Third â The âYou must pay the priceâ part â I truly donât know whether to laugh or cry at that one I will say this; You will pay exactly what you think you need too â and not one bit less â before learning to trade You will put yourself through â just as much hell..., shit..., and things you canât yet imagine â as you think you need That I will promise you⦠Unfortunately after youâve paid âtheâ price â and assuming you are still around â you'll come to find out â there was no need â for any of itâ¦.. But hey â Iâm only a dumbass redneck, not even smart enough to have an inkling where price will go Monday Nope â no clue at all I sincerely trust youâll enjoy paying your priceâ¦, I didnât, not one damn bit⦠But I am better for it (trading notwithstanding) so all in all it was worth it Take care Sir and successful journey RN