Have you ever seen a new trader come into the market and think that with just a little bit of training, that they can become 6 and 7 figure traders?
I see it all the time...
A new or even experienced trader thinks they know it all...
They learned some fancy trading pattern or strategy and think all their money problems are solved...
They may even get lucky the first few trades and hit some home runs.
This is the start of an uphill battle...their ego/confidence rises and they don't even have the proper foundation set yet...
What happens is at this point in time, most traders never see consistency ever again...
Today I'm going to try my best to explain to you why most traders fail and how to not just be "another statistic".
Read closely as I explain the 3 main reasons why most traders never find consistent results and how you can come out on top. | | 1. Not Having a Trading Plan
Trading is an endeavor that requires a long term outlook and a solid action plan.
It's necessary that you know in advance what you're going to trade, when you're going to trade, and how you're going to trade it.
Otherwise, you won't have a general direction and will find yourself switching methodology, market, and strategy all the time, which will have devastating effects on your trading performance.
Now, a trading plan is good to have, but it's worthless if you don't have an edge…
In trading, consistency is key to success, provided that your methodology works. | | 2. Not Having an Edge
This is the single biggest reason why most aspiring traders fail.
In order to be a successful trader, you must have some sort of advantage in the market. You must now that after you enter a trade, it's more probable that the market goes in your direction than the opposite.
While this might seem obvious, it's actually not. Many traders are unaware that the strategies they use to trade their money don't have an edge or a real advantage in the market.
The truth is, most technical analysis out there does not work by itself, but must be added as an additional layer of "confirmation" to an already proven edge.
Most market movements are random and cannot be used for any meaningful analysis, and as a trader, your goal is to separate the wheat from the chaff to find those trading strategies that work. (thankfully for you, I've already done that)
| | 3. Being Undisciplined
For those traders who do have a real edge, this is one of the most common reasons behind trading failures.
It's all very simple. You need to take the trades that are signaled by your trading strategy, regardless of what you believe about the current market conditions and where you are with your trading.
This may indeed be very hard, and many traders, including ourselves, struggle with this sometimes. It's tempting to take an extra trade, or perhaps skip some trades that don't seem that promising.
However, the one thing you should be concerned with as a trader is to not stray away from your trading strategy rules. The edge doesn't lie in your discretionary decisions, but in the proven framework which is your trading strategy.
The point at which most people struggle with adhering to their set rules is when they're in a drawdown. Following the rules of a trading strategy might be easy as you're making new equity highs. However, the story shifts completely when you're finding yourself in a deep drawdown that starts to have its mental toll on you!
| | Reason 4: Not Recognizing that Markets Change | Many new traders believe that if they only find the one strategy that works for them, then they'll be set for the rest of their trading career. | The thing is that most trading strategy will not survive forever. Markets constantly change, and as your strategies fall out of sync with the markets, you'll have to abandon old concepts that don't work that well anymore.
Another critical thing to keep in mind is that you need to know when to switch a trading strategy off in order to cut your losses early. We recommend being a part of an active professional trading community (such as ours), so that collectively, you can identify strategies that start to degrade significantly and might have to be switched off and quickly find new edges in the market. | | | | The video I linked is an introductory video. I teach you how to avoid making the same mistakes as most other traders and provide you with a clear path to profitability by showing you my edge.
Now if you're actually serious about becoming a consistently profitable day trader where you can make a full time income pretty much in the first 30 minutes of the market open to produce results like the above, you need to join our service.
And to give back to all the struggling traders, I'm giving you a one time 40% OFF Coupon Code. This stacks on top of the current discounted price.
Coupon Code: FREEDOMTRADER For 25% Off
This coupon code is valid for the next 7 days.
I'm literally giving you the opportunity to join us at a massive discount.
If you really want to make a change for yourself and your family, get in while the sale is still running.
Want to see what's inside the program? Check it out here.
See you in the room!
Trade Safe, Trade Smart, |
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| Head Trader at TrueTrader.net |
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