Bulls on Wall Street
Despite what you see on social media, trading is a game that over 90% of people fail.
So why do most traders fail to become consistently profitable?
One of the main reasons is their belief systems. Most of these traders lose in the long run because they lack the winning belief systems necessary to optimize trading performance.
This is not your fault alone. Most have never had the training or mentoring to give them a chance for success and set realistic expectations. Trading is not a given and requires a complete reprogramming of your mind to be successful.
After working with thousands of students over the past 13 years, this is one of the biggest recurring problems we’ve seen with struggling traders.
Learn these 7 core beliefs that are required to trade profitably:
Consistency doesn’t happen overnight
When you get into trading, nothing happens quickly that is worthwhile in life. Trading is no different.
Your account growth and trading progress will not be linear:
Come with realistic expectations. If it were easy then why would anyone have a regular job? But it is worth taking a few years to master something that has the potential to create wealth for the rest of your life.
Anything can happen on any trade
Nobody knows what will happen next in the markets. You can know what is likely to happen, but even with the best setups, there is still a small chance you will be wrong. You MUST prepare for every scenario in a trade, especially the losers. All you need to know are 3 price ranges: where to get in, where to get out and take a loss, and where to take profit. Accept the uncertainty in the markets and you will give yourself a much better chance of success.
I control my own trading results
Stop blaming market makers, hedge funds and institutions for poor trading results. Everything that is important in trading is in your control. All controllable elements produce the best results for the uncontrollable elements:
Profits come from following a process.
The trading results of others are not my business
One of the worst things to do early in your trading career is to compare your progress with others.
Everyone starts somewhere. Don’t waste time on social media getting PNL envy. It offers ZERO benefits for your trading career, besides the potential inspiration of what is possible.
No plan, no trade
If you fail to prepare, you are preparing to fail. Trading is one of the highest stakes games in the world. You will compete against some of the tallest, smartest people in the world. Every trade you make needs to be carefully planned. This planning distinguishes a trade from a game of chance. Impulsive trades DO NOT work if you are new or inexperienced.
Trade is a business
You cannot treat trading like a hobby or an experiment if you really want to be profitable. You need answers to all of these questions before you get into trading.
Do you need help creating your trading business plan? Don’t hesitate to ask us for advice!
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