I’d like to take this opportunity to impart a lesson which has the potential to push you in the right direction from the beginning of your journey and lead you towards new opportunities and a better life. If I fail, there will be more disappointed people leaving the financial market and only because they stepped onto the wrong path. I would be disappointed by this because I don’t like when people lose money trying to improve their lives. Broken dreams don’t motivate.
I want to share with you ideas, thoughts, and suggestions which might help you reach success in trading or at least push you away from the traps and pitfalls which are so enticing to the uninitiated. I won’t be able to promise you that you’ll become a successful trader or investor. As usual, everything depends on you and your efforts.
Different studies may report slightly different numbers but the core conclusion is the same - the great majority of traders lose their money and leave the financial market disappointed.
I hope that you can accept this statistic as fact, even though there are so many «millionaires» all around us. Trading is a difficult thing if you’re not ready. Trading is a very simple thing if you know what to do.
Let’s talk about you.
You decided to change your life and opened trading accounts in the financial market as a means of achieving your goal. Though you may have gotten your start in crypto or forex, I want you to understand that at its fundamental level trading works in the same way.
This was your first step in this direction and you’re ready to make money day by day. You’re ready to become a millionaire and are imagining the new house with a big pool, a super fast car, and attractive people all around you.
You deposited money and started trading. The faster the better, as you have a lot of things which you must buy as soon as possible. If you’re lucky you’ll be able to make some money and receive confirmation that trading is for you and it’s so easy to make money. You keep trading more and more.
If you’re not so lucky, your fairy tale will probably be finished much sooner. You’ll end up with 0 in your account and plenty of disappointments. If you used all of your money, including your savings and you lost them right now - you must surely be very disappointed. Your dreams are broken and you don’t know what to do.
Novice traders keep repeating the same mistakes – no matter who they are or where they’re from.
It wouldn’t be too far from the truth to say that novice traders like losing money. In fact it seems that novice traders actually do their very best to lose money and if there were a reward for this behavior some of them could win an Oscar statue.
I can say this because I’ve traveled this road when I was super cool, blowing all of my money back when I started trading.
I can say this because of the knowledge and experienced I’ve acquired studying and trading for 12 years.
I can say this because of the messages I receive almost every single day from novice traders asking me for help on how to manage their losing positions and how to recuperate the money they’ve blown up the day before.
How many of you have walked the path from novice to professional trader? How many of you think, “Shit, why do I keep losing money trading… maybe I’m doing something wrong?”
People fail in the financial market because they do nothing to become successful!
No pain. No gain.
Let’s take a short poll:
1. Would you like to become rich very quickly without any effort?
2. Would you like to work hard in order to become a successful trader and change your life for the better?
Please, be honest with yourselves. The vast majority of people will have picked the first option because it’s catchy, because it’s the simple way. I will do nothing and become rich, yes, why not!!!
It’s probably possible in your fairy tales, but the real World is a little bit different. In order to become successful, you must work hard towards achieving your goals! This truth isn’t only applicable to trading in the financial market, but everywhere you want to achieve your goals.
You must work hard every day taking steps towards your goal.
You must work hard when you don’t want to.
You must work hard pushing through failures.
You must work hard when nobody believes in you.
You must work hard when even you stop believing in yourself. Work hard, every day work hard towards achieving your goal.
Boring and unpopular? It doesn’t sound very catchy… right?
Maybe a little, but it’s far from the simplest way to success. In fact it’s not simple at all. If it were simple everyone would be doing it. Take the easy way and you’ll have brief success on paper, but do you really need success on paper? Perhaps the practical solution which can actually lead you towards success is better?
It all depends on you. Do you really want to change your life for the better or not? Do you really want to open up new opportunities for yourself? It really depends on you. Do you want financial independence or not?
Hard work separates those who have no goals in their lives from those who really, TRULY want to succeed at something. Please, decide for yourselves, are you ready to start working hard every day to become a professional and as a result become a successful trader?
Are you ready to study trading?
Are you ready to gain new experiences?
Are you ready to pass through failures - to fall and get up every time after falling, and move forward day by day?
What TO do:
If you’re ready, you will be rewarded. There is no other way towards success. There are no magical tools or super secret paths which can lead you to the Top. There is only one workable way - work hard! If you want to join these 10% of successful traders in the financial market you have to do what those top 10% did. If you want to approach becoming one of the 10% of successful traders in the financial market and you put effort into this, one day you will join them. Because believe me, they put in the effort. Have no doubt about it.
If like many people you’re too busy and have a full time job, study thirty minutes during your break or commute. If you can afford to study one hour per day you’ll learn twice as much in the same amount of time. Follow this routine and in one year you’ll be far advanced from where you stand today. If you have more time, you will be able to absorb more knowledge faster. The more time you have and invest in trading, the quicker you can accumulate the knowledge you need to succeed. How long it takes depends entirely on how much time you’re willing and able to invest. Even the turtle finishes the race, as long as it starts it.
What NOT to do:
If you’re not ready to approach trading this way, you can test how lucky you are. Keep following the fantasy where you don’t need to put effort into reaching the end goal. Keep following people who promise you’ll become rich very quickly and in a simple way.
Gurus make tons of money selling you a dream. They sell you magical tools, super profitable trading ideas, unique trading strategies and they reveal to you the «secrets» which will make you rich beyond your wildest dreams. Of course, all these things you will get after buying. You buy the dream, you pay for the illusion that tomorrow you will start a new life. You want to follow the simplest path which leads towards success. But in reality, this path leads to nothing.
Are you lazy?
To those of you who are lazy, you can follow them, those who entice you with the sweet and aromatic picture of your future life, where achieving your dreams won’t require any effort. When you join the 90% of losers from the financial market, don’t be surprised. You did nothing for something more. What did you expect?
Which path will you choose?
Ask yourself this question now, once and for all: Do you want to be a loser or do you want to be a winner? If you decide to become a successful trader, you must remember: Everything depends on you only! Believe in yourself and your capacity to work towards achieving your goal. Work hard towards making your dreams come true and: DO. NOT. QUIT!
Good luck on this journey!
In the following posts to come I will talk with you about: What you need for successful trading and how much work you need to become one of the 10% who succeed.
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As I wrote in this article, "Work hard" and "Make Easy Money" - it's two different philosophy.
And the majority picks the simple way leads to nothing. That's why the financial World has 90% of losers and only 10% successful traders.
It can explain why there are so many members here who lose money as a PRO. But again, it's the choice of these people.
My 1st mistake is not using SL and there are others.
I’m welling to have another start but I need your valuable guidance @DLavrov on what strategies I should start learning ? I need something with entry, confirmation and exit indicators and TP and SL .
Could you please help me to start on this ?
So what I feel missing it how to put the tools together to have a good trading system. Any guidance appreciated please refer any material I should study.