Trading has this stigma attached to it, everyone thinks they can come and make their millions. The reality is, 90% of new traders lose 90% of their funds in 90 days.
I've talked for years about the negative side of trading (trust me, I've done this over 20 years) Trading is often perceived as a wonderful, fabulous lifestyle. Cars, yachts, jets and women! Probably fueled by films like the Wolf of Wall Street. But not many people like admitting to the other side of the traders lifestyle. Of course, it's nowhere near as glamorous - it sure as hell won't get social media likes or follows. But it's there and it's real!
There are a couple of main points that I want to touch on, especially for you newer traders coming to find your fortunes.
1) Trading can be boring! Yes, boring as shait. If you are used to having a 9-5, you do not realise the effects (good and bad) on having human interaction throughout the day. You might have a partner you live with, the family. But what about when they go to work or school? You are left with your own thoughts. Yes, this can be dangerous!!!
The issues can include lack of motivation, uncertainty in what to do, overthinking. On your bad days, you have nobody to comfort you and on your good days, you have nobody to share the excitement with! Joining communities can be a good fix here, providing you find a good one. This doesn't have to effect your trading, your strategy or anything else - but interaction could save you from the loneliness.
The solitary nature of trading can sometimes lead to feelings of isolation and loneliness. Without the support and camaraderie of others in a similar field, it can be challenging to share experiences, discuss strategies, or seek advice. Additionally, the pressure and stress of making high-stakes financial decisions can further contribute to a sense of isolation.
2) STRESS - Stress is a huge factor for a trader. Stress could also stem from the loneliness, stress when dealing with finance is an area where a lot of people suffer, traders and non traders alike. The issue is for traders, stress is often self inflicted.
Most new traders come to the market with a view of it's easy, fast paced, exciting and therefore have the perception of making it big.
If it was this easy, people wouldn't spend 7 years becoming doctors or lawyers. Instead they would follow the money! Come on, who wouldn't - Yachts n all.
It's this popular belief that usually drives traders into the stressful state which becomes the norm until they give up!
To counter the loneliness and try to make it big, traders (probably you) I know I did! look at indicators, try to take on as much info as possible! Which takes you down this path.
Indicators. there must be a holy grail, a silver bullet? 100% winning strategy? People waste so much time on retail indicators thinking they will be the one to find the edge. You would be better off having a trip to Vegas and playing the first slot machine you spot!
The next issue is - too much data or the attempt to obtain too much of it! I remember when my setup matched this below (if not more screens)
This is like trying to read 9 books at the same time whilst writing essays in 6 different languages. All of these factors will 100% add to your stress.
You might have anxiety when executing a trade, or feel the burden of stress whilst in a trade. Scared to see the numbers go red and too eager when they go green?! Yup been there, done that. So has every trader out there.
Stop feeling like this.
Creation of a strategy...
All you need to help combat these types of stresses, is find an edge. The edge could be very simple - from reading books, stepping away from the charts, viewing higher time frames, moving away from social media influencers. All the way through to mastering one instrument.
When you see indicators like the image above, what happens if two are in one direction and the rest in another? You start to argue with yourself, you miss good trades and you end up taking bad ones. This leads to stress and then you realise, yup your lonely!
What a cycle to be trapped in!
Now how about you flip the thinking here? Less charts to stare at, less indicators to confuse, more time to read, exercise or simply go play golf. Your edge does not need to be technical, fancy or shown on 48 screens.
Sometimes less is more and this can combat the stress and golf is always a winner for loneliness.
Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
yep. It's been rough here as a noob. Up 20k, down 20k (stupid, blind luck). Only after 3 years I started to let go of all the indicators and searching and following 45 coins. I stopped smaller timeframes and mainly follow weekly candles. Saves me a huge amount of stress and time. I now only follow 2 strategies for 2 or 3 coins. I've letten go of the lambo a long time ago. Funny thing is the insight has been coming to me by itself the last couple of months. True that following you has helped with that. So thanks!
Mayfair_Ventures
⋅
@The_Royal_Dutchman, I think the main thing is - to limit the risk. Once you do that and learn to scale, stress goes away. Less screen time more time for living!
PippyL0ngSt0ckin
⋅
I like your advice. I only have one computer monitor btw and only trade 2 pairs at a time (forex)- these are hard rules I set for my self. It took me 2 years to develop a consistent trading plan that really helps me stay focused, reduces stress, and makes a profit. I also focus on trading the plan as the goal rather than daily p&l targets. I ask every day- Did I execute my plan according to my set up rules? What could I have done to improve my set up? What state of mind was in when I was looking at the charts? Was I using data or using emotions? These are the tough questions and gut checks you have to work out as a pro trader. For all that read this - keep at it and develop your system. I’m at 9% per month avg gain now but would like to get it to 11-12% I’m confident I can get there
Mayfair_Ventures
⋅
@PippyL0ngSt0ckin, Nice one! Yes it takes a while for that inner something to click for sure!
UnknownUnicorn52454095
⋅
There is a reason why we all started getting into this. Some of us just want to be in peace and grind in private. Live that easy/hard life that comes with this. You will feel lonely sometimes, but if you’re young in this find love or make friends. Social Media? I don’t know why would post themselves doing this. People around me don’t know that I do this. It’s better kept as a secrete (advice).
You will find your own way to win (most of the time 🫠). 😎
Skyper_Fresh
⋅
Every beginner needs to know this😌👌👍well put
DrStein
⋅
A truthfull post. All beginners should read this and stop listening to all those youtube "influencers" that sell hopium to the masses and make millions from ponzi scams and affiliate links. Thank you.