Biggest Obstacle in Trading. Do you know it? How do you deal with it? What is it you ask? It is YOU!
One the biggest question i get from most retail trader is what did it take for me to “jump” from the Telecomm Industry to the Financial Industry. Most people think it was the technical system or something to do with the Ichimoku Indicator.
Believe it or not, it has nothing to do with technical analysis at all. In fact, my engineering side was the problem. It hindered me from seeing the truth. It was my “blinder”
The biggest obstacle in trading is YOU! When you trade, you trading against the chart. It has no emotions, can not be controlled, does not yell at you, does not talk to you….nothing! When this occurs, you are left with just you.
No other business is this way at all. Trading is pure psychology. All your fears and weakness come to the “front” when you trade.
This is a major problem for traders. This is why institutions are moving towards computers instead of human traders. There is no more faith in the human mind anymore! This is one reason why 98% or retail traders fail!
So how do you handle it?
Most people think they can change themselves. Maybe, they can but it will not happen overnight.
So what is the solution? The only thing you can do is setup your environment to succeed. An environment that will not highlight your weakness or fears. Preparation is the key!
When I trade, I prepare for 1 hour before I even start. This preparation helps me with my weaknesses so they do not get highlighted within the first 2 hours of trading.
Notice, I said 2 hours. Everything has a time limit. Therefore, after 2 hours, I have to take a break and prepare again. This is a habit now I have created which now allows for consistent profits.
Believe it or not, the biggest obstacle in life is also YOU, it is not just trading! Everything you do in your normal life affects trading too. I always tell my students, once you conquer trading, your whole life will be improved. This is the only business where you exercise your brain muscle. Every day is a different day and it is a challenge to deal with the charts and yourself.
Remember, trading is about probabilities. You will lose! The question is will your winners take care of your losers to make a profit. With this in mind, the only thing left is YOU! Can you execute your trading plan and trade the probabilities.
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