Trading Success Stoppers Part 2

30 พ.ค. 2023

Trading can be an excellent way to grow your wealth.

But as you may know by now, it’s not a straightforward path without obstacles.

In fact, several challenges can hinder traders from achieving success in the field.

Here are four more significant success stoppers that traders face in their trading efforts.

No Support from Anyone

Trading can be a lonely and isolating field.

Once you have the strategy, rules and mindset in place – it’s all on you.

Initially you may want strong support from a community of traders or confirmation ideas that you’re on the right path.

My situation is different. Because I have traded for the last 20 years, it did become very lonely and it felt like I had more to offer. With TradingView at least I have a community to talk to and help out where I can.

So you see, having a support system can make all the difference.

Without support, it can be challenging to stay motivated and focused on your goals. And in the end you’ll realise there is more to trading than just making money.

Solution: The key is to find a mentor or a community of traders who can support and guide you.

Join online trading forums or attending trading events can be an excellent way to connect with other traders and build a support system.

You can also consider hiring a coach or mentor to guide you and provide feedback on your trading strategies.

Success stopper #2: Laziness

Look! Trading requires discipline, focus, and hard work, and without these qualities, it can be difficult to achieve your goals.

Lazy traders are the worst.

They lack the motivation, drive, and discipline that’s necessary to research, analyse, journal and trade in order make informed decisions.

You also need to be able to get up off your ass and trade each week. Sure, you can take off a few days a week – that’s the beauty. But don’t let laziness stop you for more than a few days!

Solution: The key to overcoming laziness is to set clear goals and create a routine that supports your trading activities.

Set aside specific times each day or week to research the markets, analyze charts, and execute trades.

It can also be helpful to create a trading plan that outlines your goals and strategies, which can help keep you focused and motivated.

Success stopper #3: No Money to Trade

This is more of an excuse than a success stopper.

You know you can paper trade until you nail the trading game, until you can start putting in capital.

And when you do save money, you’ll be able to learn the real world of trading and understand the slippage, costs, liquidity, margin trading etc…

Solution: The key to overcoming this challenge is to start small and build your way up.

Consider opening a demo account to practice trading without risking real money.

You can also start by trading with a small amount of capital and gradually increase your investment as you become more comfortable and confident in your abilities.

Success stopper #4: No Skills and Talents

That’s what you think.

But I honestly believe I can take just about anyone with a bit of computer experience and show them how to make a consistent income trading the markets.

Trading requires a specific set of skills, such as market analysis, risk management, and technical analysis. And these skills CAN be taught.

Whether you’re a slow learner or a fast learner, you can learn the ways.

Solution: The key to overcoming this challenge is to invest in your education and development.

Take courses or attend seminars to learn the necessary skills and techniques for successful trading.

You can also consider working with a mentor or coach to help you improve your trading skills and develop your talents.

So what is stopping you from your trading success?

I can only think of 1 thing.

Go look at the mirror.