The stats for retail traders are not pretty.
It's no secret around 80% of all retails traders lose money.
The reason most fail is the four fears not being overcome.
Fear of being wrong!
We are emotional creatures and lets be honest none of us like being wrong.
This trait shows in some more than others but there is no place in trading for this trait.
It's impossible to 100% right all the time it's not even possible being 90% or 80% right all the time.
Once the reality sets in your not going to be right all the time we then as traders have fear of being wrong when seeking our trades or strategies.
Fear of losing money
We all suffer this fear at some point.
What we need to understand is all accounts suffer periods of drawdown.
I firmly believe the 80% of all retail traders stat is so high due to people losing money and quitting.
The reason money is lost is due to poor strategy or no strategy.
Once in a whole the fear of losing more will push people away from trading.
Fear of missing out
It's probably the fear of missing out that led you here in the first place.
You see all the lambo's on social media and the life style and fear of missing out is already in play.
Then comes seeing what everyone else has profit wise.
Then comes paying attention to everyone else and full blown FOMO instead of sticking to your own game.
Fear of leaving money on the table.
No better feeling than seeing your trades run in profit.
The screen is lit up blue and your loving it.
But now comes the fear of letting them trades play out.
Your leaving money on the table and it's now a fear you'll lose that money.
It's one of the biggest mistakes a trader makes!
Cutting winning trades to soon and letting losers run for to long.
So how to overcome these fears?
There's many elements to overcoming the four fears.
There's so may and then even sub elements of those.
Hence why this idea had the two brainstorm bubbles on the chart of what fears haunt us as traders.
Followed by the bubble of all the thoughts you need to take in to consideration as a trader.
It's imperative as traders we build a robust tested plan.
Sticking to your own plan and lane is crucial.
Just avoid others that blur your plan.
Losses are a part of trading quicker you accept this as a cost of business quicker that fear of losing money disappears.
There is many more on the chart drawing but quicker these behaviours are followed as a trader the quicker the four fears will disappear.
Here's to a good rest of the week🥂
Thanks for looking at my Idea
Darren 👍
It's no secret around 80% of all retails traders lose money.
The reason most fail is the four fears not being overcome.
Fear of being wrong!
We are emotional creatures and lets be honest none of us like being wrong.
This trait shows in some more than others but there is no place in trading for this trait.
It's impossible to 100% right all the time it's not even possible being 90% or 80% right all the time.
Once the reality sets in your not going to be right all the time we then as traders have fear of being wrong when seeking our trades or strategies.
Fear of losing money
We all suffer this fear at some point.
What we need to understand is all accounts suffer periods of drawdown.
I firmly believe the 80% of all retail traders stat is so high due to people losing money and quitting.
The reason money is lost is due to poor strategy or no strategy.
Once in a whole the fear of losing more will push people away from trading.
Fear of missing out
It's probably the fear of missing out that led you here in the first place.
You see all the lambo's on social media and the life style and fear of missing out is already in play.
Then comes seeing what everyone else has profit wise.
Then comes paying attention to everyone else and full blown FOMO instead of sticking to your own game.
Fear of leaving money on the table.
No better feeling than seeing your trades run in profit.
The screen is lit up blue and your loving it.
But now comes the fear of letting them trades play out.
Your leaving money on the table and it's now a fear you'll lose that money.
It's one of the biggest mistakes a trader makes!
Cutting winning trades to soon and letting losers run for to long.
So how to overcome these fears?
There's many elements to overcoming the four fears.
There's so may and then even sub elements of those.
Hence why this idea had the two brainstorm bubbles on the chart of what fears haunt us as traders.
Followed by the bubble of all the thoughts you need to take in to consideration as a trader.
It's imperative as traders we build a robust tested plan.
Sticking to your own plan and lane is crucial.
Just avoid others that blur your plan.
Losses are a part of trading quicker you accept this as a cost of business quicker that fear of losing money disappears.
There is many more on the chart drawing but quicker these behaviours are followed as a trader the quicker the four fears will disappear.
Here's to a good rest of the week🥂
Thanks for looking at my Idea
Darren 👍
