Most young traders here all suffer from the basic same problems.
1. There is a tendency for newbie to "PANIC" when the market goes a little against them. This is due to:-
Probably scared to lose money
Probably undercapitalized
New to industry....therefore probably uncertain about your own abilities
Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
Probably inexperienced in business and investment from a practical aspect
Probably unsure who to talk to for guidance
2. The second problem is that they are all looking for the "Holy Grail". There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS!!
However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.
3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.
4. Stop thinking that you have to "outsmart" the market.
You don't have to. This business is very easy if you leave your brain at the door....just follow the trend = follow the money = going with the flow = barking with the big dogs.
Stop thinking that "it can't be that easy".......it is!!!
5, you have to detach yourself emotionally from the money...that is the hard parts...Stop seeing it as money, and look at it as numbers.
Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money
6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!
7. Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts). Most people are trading for the adrenaline rush rather than the boring concept of just maximizing profits.
1. There is a tendency for newbie to "PANIC" when the market goes a little against them. This is due to:-
Probably scared to lose money
Probably undercapitalized
New to industry....therefore probably uncertain about your own abilities
Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
Probably inexperienced in business and investment from a practical aspect
Probably unsure who to talk to for guidance
2. The second problem is that they are all looking for the "Holy Grail". There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS!!
However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.
3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.
4. Stop thinking that you have to "outsmart" the market.
You don't have to. This business is very easy if you leave your brain at the door....just follow the trend = follow the money = going with the flow = barking with the big dogs.
Stop thinking that "it can't be that easy".......it is!!!
5, you have to detach yourself emotionally from the money...that is the hard parts...Stop seeing it as money, and look at it as numbers.
Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money
6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!
7. Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts). Most people are trading for the adrenaline rush rather than the boring concept of just maximizing profits.
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