Regardless of current Market Conditions, there are still traders and hedge funds out there making profits. Were/are you struggling to turn profits in the Market? If so, maybe a question that begins to creep into your mind is 'is it ME or is it the Markets?!'
It's a great question to ask your self but an even deeper question that gets to the core is:
"Are you using excuses or are learning from your losses?"
We've heard it all before and Glenn and I have even shared the same excuses.
"stop loss hunters": THE MARKETS OUT TO GET ME!
Own it. We are small fish and aren't going to provide much liquidity to the FOREX market. - sorry but you aren’t that important.
If brokers did in fact Stop Loss Hunt this wide spread on every trade, they wouldn’t be in business, and regulators like the SEC would not allow this.
"It's not me, it's the market conditions."
"It's not me, it’s someone with authority."
Cut the scapegoating. If you are boastful in your wins, then there is no running from your losses. There is no one to blame but you.
"I KNOW" - This is EGO. No one knows anything not even James Cramer.
An idea to ask yourself that has benefited others in this trading journey is: Would you rather make money or be right? Stop holding onto losers and thinking about shoulda woulda coulda been.
Stop trying to be right or forcing your idea on what the market "should" do and start focusing on how to make money or better yet, limit your losses.
Strategy jumping. “Not me, it’s the strategy” Strategy bashing.
Blaming other, scapegoating, greed - more often then not, it is the traders fault not strategy.
Shiny object syndrome. What if the strategy doesn’t fit your personality?
Keep in mind, we all trade our personality. Some strategies fit us, some don't. In the end, only you can be the deciding factor of what works for you.
THERE IS NO SECRET.
It takes:
Hard work in the form of backtesting and journaling/documenting your strategy.
Dedication in the form of consistently showing up everyday to look at the markets but not necessarily placing a trade.
Persistence in the form of still showing up and doing the work AFTER multiple losses or consecutive losses.
Take what you want discard the rest when it comes to strategies. There is nothing new under the sun or moon.
How to shift your thoughts on these excuses, don’t be bitch….or in pleasant terms. Stop playing the victim
TAKE OWNERSHIP - OVERCOME YOUR EXCUSES. STOP PLAYING THE VICTIM.
Before we blame the markets, we need to take a look internally and identify the excuses we make.
Regardless of Market Conditions, there are still traders and hedge funds out there making profits. The question then becomes, is it YOU? or is the Markets?
One step into the direction of profitability is to start taking ownership. In order for us to change, we need to take ownership of our excuses and learn from our mistakes. We hope you enjoy and gain value from this one! Mahalo for listening.
We hope this helps shift your thoughts on excuses.
Aloha! We are Glenn & Reid, founders of Hawai'i Trading Academy.
