5 DONT'S TO be a Better TraderWe know what we need to do to be a top trader.
On the method side – we need the right markets, to trade the right strategy by following proven rules and criteria.
On the mind side – we know we need to adopt a strong will, with discipline, passion and pure integration.
But what about the DONT’S?
What mustn’t we do during the process of becoming a successful trader?
That’s the question we’ll address today.
#1: DON’T fear losing
Losing is part of the process.
The trick is to lose (risk) little and make up for it during the conducive times.
All trading strategies are not 100% market proof. This means, every strategy will reach a difficult period where the market environment does not gel well with your system.
I lose 37.5% of my trades. I’ve been losing this percentage of trades for the last two decades…
And you know what… I love it. I love the fact, how there’s a balance with my system which leads to a level headed and content approach to trading.
Don’t fear losing – embrace it and OWN it.
You only fail when you quit.
#2: DON’T dwell on past failures
Whatever trading process you’ve endured i.e.
You blew a couple of accounts.
You keep losing to bad strategies.
You keep going against your strategy which hurts your account.
This was and is your journey, time line and experiences that will turn into wisdom which will help you to excel with your trading…
Just like we learn in life not to regret and not to carry our heavy weighted past on our shoulders, so to mustn’t you do with trading.
Don’t dwell on your failures – because it’s those experiences that will help you flourish
#3: DON’T expect fast riches
With high reward comes higher risk.
We are not in the risky business.
And I sure as hope you don’t want to stress, worry and live on a high adrenaline knowing you can lose everything – trying to get rich quick fast… Right?
Instead, you must want a get rich slowly BUT surely method.
#4: DON’T compare yourself to others
Big one…
Sure, there are a few (not many) but a couple of traders who are doing extremely well for themselves.
They probably don’t have it in their DNA to commit hours a day to helping others achieve the same – which is fine…
But they all took the necessary steps, time, blood, sweat and fears to get to where they are.
Just like you are going through your trading endeavours.
Don’t worry about what others are making. Don’t worry about how many winners he took or how little losers she took.
Don’t stress over his 70% win rate system or her “hasn’t taken a single loss in 2 months” system.
You should have everything you need right in front of you.
A computer
An internet connection
A broker (with a charting and trading platform)
A proven and tested trading system
Time
Keep to your time line and don’t worry about what others are doing…
When you compare, you lose track and focus on what you need to achieve your goals…
#5: DON’T give up
You are closer today than you were yesterday.
And tomorrow you’ll be even closer (despite having a good or bad trading day).
Money, you can always make back.
Wisdom is something you only learn through experience.
It’s nothing you can teach someone, but something you can keep them aware of – for when they go through it…
So keep grinding, and keep at it…
Perseverance my friend… That’s the key.
Enough for today…
Let’s sum up with the 5 DON’TS to become a better trader…
#1: DON’T fear losing…
#2: DON’T dwell on the past failures
#3: Don’t expect fast riches
#4: DON’T compare yourself to others
#5: DON’T give up
