- You are not trading, you are fooling yourself
Although 70% of all traders quit within 2 years, 30% don’t give up on their dreams of living from their trading performance, whereas only 1% of all traders can trade profitably at all. These statistics tell us that there are thousands and thousands of ‘traders’ losing money on a consistent basis, even after trading for years.
Be honest to yourself and think about how long you’ve been in the trading business now, trying to find ways to make money. Do you still lose consistently after years of trading? Do you know that you should have a trading journal, a trading plan and analyze past trades, stop hopping from system to system, but you just don’t do it?
Don’t lie to yourself because no one cares anyway, and you are the only one who knows that you are just pretending to be onto something, chasing some kind of dream without really being committed.
- Do you listen to random people Social media and bet your money?
Many traders will hang around in forums or in trading groups and exchange ideas with other ‘traders’. But how often have you taken a trade because you read that someone said it was a ‘sure’ thing, or you added to a losing position because a forum user said he had seen this pattern before and it will turn again?
The internet can be a great place where you can access all the trading-information you need, but when it comes to meeting people online, you have to be realistic. If you don’t know who you are talking to, what their intentions are and their trading history, why for god’s sake would you risk your money based on Traders on Social media ?
Do you ask random people on the street for diet, health or investment tips?
- Should you trade your savings after 3 months successful demo trading?
The goal of the vast majority of aspiring traders is it to trade their savings and live off the profits as a ‘full-time’ trader. Whereas, there is nothing wrong with this idea, the approach and mindset most traders have is nothing but shocking.
If you have saved money while working for 5, 10 or 20 years and then start trading your actual savings after 3 months of profitable demo trading, you are setting yourself up for a big disaster. Trading is like any other profession and becoming a professional trader is a journey that will take years.
Would you trust a med student in his first year to perform a surgery on your heart? Why do you think you should trade your hard earned money after a few trades on a meaningless demo account?
- Just buy a trading algo or amibroker afl and let him make millions while you sit at the beach
Do you really expect to reach your goal of personal freedom and independence by buying a trading algo or AFL and let it do all the work? 99% of all traders who buy a AFL don’t even know the formulas the programmers included in the trading algorithm, but they still hope that one program will be their ticket to the world of the rich and famous.
Whereas high frequency trading is a profitable business, these companies spend hundreds of millions of Dollars and employ the smartest people they can get their hands on.
- Can you make a living trading without being Professional ?
Trading is a highly competitive business and you have to make complex decisions all the time that decide about whether you can make money or blow up your account. If you can’t have a professional attitude towards trading, you are doomed.
How would you think of your doctor if is watching Cricket Match while you talk to him about your heart problems!?