Bob Newhart did one of the funniest skits I have ever seen. Here it is. I laugh every time!
This is the kind of trading instructor I am turning into, and I’m kind of proud of it.
Basically, there is a simple answer for every problem. Stop it…
Sick of losing money? Stop it.
Tired of feeling worn down by trying to watch too many pairs or too many markets? Stop it
Tired of trying to understand too many indicators? Stop it
If you aren’t getting the results you want, then just stop.
There is nothing wrong with just putting the button away for a few days and getting your head right.
I had to do it a few months ago. I had to switch accounts. Here is the story..
I used to believe that I needed a non-fifo account to trade well. I believed that I needed unlimited freedom and ability to never be wrong basically (#nothealthy) and so I used the only non-fifo broker option available to US citizens. That broker eventually stopped operating (luckily no money lost) and so I was faced with a dilemma.
I was forced to stop it.
I took the time to look over my trading with a non-fifo account and realized that while I had unlimited freedom, it also opened me up to unlimited risk and my trading actually suffered for it. It’s one of my favorite sayings “unlimited opportunity is actually unlimited risk”. I was better than my acct actually showed because I had enough rope to hang myself with.
So, I went back to work. I studied more on the business model of trading. (Insert soap box here: If you believe that you will make it in trading by playing your own game, you are severely mistaken. You MUST study what markets do. You MUST learn how the market participants operate. They have a business model. You MUST find someone to show you that business model behind. If you think for a second that randomness rules, go study. Take back soap box)
I am trading even better now. Literally the most consistent trading I’ve ever done. It’s effortless. It’s simple. It’s not something I have to “figure out” every day and hope I did my work right. And I finally want to sell my kidney’s to put as much money behind this as I possibly can.
It’s the markets model. Stop fighting it. Learn it.
So if you aren’t getting what you want today, STOP IT, and go find the resources you need. Study the business model of the market. Like I said yesterday. Train to fight, don’t just stand there and get your ass kicked.
Have a great day everyone.