What is your biggest struggle trading?
Everyone that has skin in the game has at least one struggle that has held them back from becoming a better trader.
Some traders constantly find themselves buying into the hype & getting burned. This could be FOMO & letting emotions take control your decisions.
Do you struggle picking a stop loss? Don’t know when the best time to get out is?
I see greed being a struggle for many new traders. Greed was responsible for blowing up my first ever trading account.
Back when I got into stocks during the marijuana boom in the US, I got involved in a penny stock that had a lot of hype behind it. In 2 weeks time I turned my $2500 investment into $15,000. Being greedy, I figured if I held a bit longer that I would have $25k, then $50k.
I truly thought I had found the ‘next Amazon’ and I was in on the ground floor. Have you ever thought this way about investments?
It prevents you from thinking rationally.
Instead of thinking, “Wow! I’m up 6x on my money, I should probably take my profits and move onto the next one.”
I was thinking, “I’m a genius! What color Range Rover should I get?” Lol
This was an expensive mistake that has stuck with me through my entire trading journey.
Making mistakes like this cost me BIG and I’ve had to constantly add little rules to my overall strategy that prevent it from happening again.
I ended up blowing up that account. My $2500 went to $15k then back down to $600. I took some time off, worked some crappy jobs, and refunded a new account.
Bottom line – You will go through a series of trades where you struggle. These are tests to see how mentally strong you are.
I spent 4.5 years failing, struggling, and losing before becoming consistently profitable. Veteran traders call this paying ‘tuition’ to the market.
I want to see you succeed! I share my mistakes in hopes you don’t make the same ones I did.
So what are you struggling with in your trading journey?
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