This is a guest post from Tino @tradersreality. This article originally appeared on tradersreality.com and is reposted here with permission.
My trading journey to say the least has been quite eventful. I have taken many things for granted and made a ton of mistakes, still do, but hey, F**k It, we are human, ultimately it’s about our ability to manage our mistakes and move forward with awareness of their previous presence and their continued attempt at popping back up.
This post may hit home to some, my trading journey sure showed me why short cuts are guaranteed to help you fail in the long run.
This post also, is about understanding why there are no short cuts in trading. You could see this post as a potential rant, but in all honesty, if you enter into the game of trading expecting a quick fix. I promise, you will walk away and blame your dog and not pay attention to your mindset as being the problem as to why you failed in the world’s most difficult way to make easy money.
The Problem?
Every social networking platform, without fail is going to show you an advert on opening an account with a broker to take advantage of “Small Spreads 0.0 pips” “ No Commissions” “Free Market Analysis” “ Make $$$ in minutes. You get the general idea.
We as humans beings are so gullible, our brains, or should I say, we have been conditioned to believe that we should seek the safest option. Well quite simply, anything difficult in the end is worth doing, if it was’t then it never meant much to you in the first place.
If I told you that you could have access to all the wealth in the world, infinite amount of money, however I would need you to experience many trying times, sacrifices, you name it, figuratively speaking you would say “Yeah I would do it!” Now some may say no, some will say yes, but the point I am trying to make is, too many new and aspiring traders focus on the end results of trading, they fail to pay attention to the “process” of what it takes to “become” a trader. This is why many fail.
Short cuts in trading, set you up for many downfalls, however, if you fail to recognize that shortcuts are the problem, if you focus too much on the end result and not the process, you will waste hard earned money and blame everything other than yourself. I’m not saying you can’t visualize succeeding in this game, but with success comes the work. You have to want to “become” a trader and not expect to “BE” a trader, all because you have a system that guarantees a 99% success rate of returns.
So, to any new traders, or even traders that may be struggling, the problem is YOU. The problem is your thinking, your psychology, and to touch on a deeper school of thought, your ultimate respect for the markets. The markets are brutal in their nature, they are the grim reapers of the financial world, you can enter blindly and then most definitely experience the worst (lose a ton of money) or you can embrace the uncertainty in this game and understand that a change in your thinking will guide you towards the ultimate goal of every trader and that is to become consistently profitable.
Study, Study, Study, now when I say study I don’t just mean read books only, you have to expose yourself to circumstances where you feel challenged by the market and reflect back on how you can improve on your performance. E.g. are you using correct money management approaches, is your personality suited to the strategy that you are adopting.
As with anything in life, experience is the greatest teacher. However it’s the feedback you give yourself that will determine your longevity in this game. Taking shortcuts gets you nowhere, shortcuts in the market, in my opinion is testing how soon you can lose your money. Like me, I have played with fire and got incinerated. The truism still stands to this day: The wise man, learns from his mistakes, the smart man learns from others.
Trade Well My Friends.
Tino
You can follow Tino on twitter at @Tradersreality and visit his website at tradersreality.com.