Many inexperienced traders are deceived by themselves. They enjoy in small victories. They are on the lookout for the “magic” solution to making money with a fail-safe system. As traders they believe that attending a seminar or receiving a newsletter will completely transform their lives. Trading for easy money and coaches and gurus for having the secret recipe for success are both mistakes. There is none, trading robust methodologies with an edge, while managing risk and maintaining the right mindset, is all there is to it.
Things That Should Not Considered As Success For Traders are:
- Your ability to follow a winning trading system, not the system itself, determines your trading success.
- It is your ability to keep big wins and not give them back in losses that makes you wealthy.
- Reading great trading books won’t help you unless you read the right ones and put what you’ve learned into practice.
- Mentors will not be able to assist you unless you heed their advice.
- All the trading training in the world won’t help you unless you put it into practice in your account.
- If you don’t have good risk management, a great methodology won’t help you.
- If you have a lot of losses, small winning trades will not make you profitable.
- It doesn’t matter if you catch bull market trends if you lose your money in the next bear market.
- A 95% win rate is useless if the 5% of trades that are losers outnumber the 95% that are winners.
- Traders can’t benefit from social media if they follow the wrong people and join the wrong trading groups.
These things that should not considered as Success For Traders.