Learn to Trade Profitably and Forget the Fancy Office

In my time helping people to learn to trade I have come across many different personalities and characters. Although traders all have their own personalities, the more and more people I help with their trading, the more and more similarities start to arise in why they are failing and not achieving the goals they wish to.

Some people are simply not suited to trading for one reason or another, but I believe with commitment and the right education most people can learn to trade profitably and confidently. For this to happen, traders need to first identify what the common errors are, and then how they can avoid them.

In this article I am going to speak about three mistakes I see being made time and time again by traders. It is quite likely you have also had either personal experience with these or seen them in action from other traders. Once you know what these mistakes are, you can avoid them and act differently, which in turn will change your results.

 

Concentrating on the Fancy Office and Computer, Thinking They Will Change the Results

Losing traders will overtime look to blame anything and everything other than themselves for their trading loses. This is because nobody wants to feel as if they have failed and it is for this reason that many people start looking for outside influences to change their trading results.

One such factor traders start to look at and blame is their equipment. This is a bit like the builder blaming the tools. To change things and hopefully become more successful the trader will look to change everything from the charting platform they use to the equipment in their office.

 

 

The thing with changing these things are that as long as you have the basic requirements for a trader such as solid laptop, internet connection and trading platforms, the more expensive and flashy upgrades will do NOTHING! A brand new desk and super computer is not going to change your trading results one iota. A lot of traders run out and buy the best office setups and computers money can buy, but the fact is when it next comes to making a trading decision about whether to enter, hold or exit etc, these things count for nothing and will not help you make better decisions.

Before you run out to buy the best office setup you can find, remember that they are not going to change your trading results. This money would be far better invested in yourself for education or deposited into your trading account.

 

Everyone Wants to Be Someone Important

Deep inside everybody wants to be somebody important and special. This is what drives humans to be better and to continually evolve in the world. Without these instincts humans would all be sitting on the couch (or still caves) and nobody would be doing anything to advance the world.

This instinct is what drives humans to want to change the world, be the best athlete they can be or to make money. This instinct in humans is a much needed driver for the world to continue and prosper, but in trading it can lead to a trader’s downfall.

 

It is this drive to be important that leads to traders making too big of risks or trading too much. It is this instinct that makes traders come back for more after they have already lost more than they should have. This instinct can push traders onto being great traders as it brings with it great motivation, but left unharnessed it can be a force that pushes traders to lose money.

The next time you are looking to trade and the thought flicks through your mind that you should risk more than you normally would or take this trade even though it does not fit your plan, realise that this feeling is normal, but it is also something you must not give in to. Make your plan using our free trading plan and stick to it no matter what feeling or urges come to you. In the end only the strongest and most disciplined traders last!

 

Losing Money to the Market Rather Than Getting an Education

This mistake is very common. A lot of traders think they will be able to go into the markets and just start making money with little education or help from others who have done it before them. What is most interesting about these traders is that they are normally very intelligent people and they hold important jobs such as Lawyers or Accountants. Normally these people have spent many years in formal education to be able to carry out their job role.

 

Trading in the market with very little education or help can be done. Traders can overtime teach themselves what works and formulate a plan of attack. The problem with this method is that it takes a very long time, a lot of money and a lot of stress whilst wondering many times if what they are doing is even possible. If a trader is teaching themselves, they really have zero idea if they are even on the right track or if they are just continually wasting their money on more losing trades and ideas.

Getting the correct education can cut this learning time down dramatically and help fast track your trading journey. Instead of wasting your money losing trade after trade, get an education that will help take you where you want to go.

Getting the correct education does not only mean learning trading techniques and strategies. The mind is a major part of trading success and you have to ensure that you are also training your mind and decisions making abilities. A big part of this is trading psychology and without the correct trading mindset, even the best techniques will be useless.

I hope you have enjoyed this article. If you want to take your trading to the next level take a look at our Members Only Area that comes with 2x price action courses and a trading psychology course as well as other members benefits such as videos, articles and members community forum for support and live setup discussions.

Safe trading,

Johnathon