Most traders are stuck in the same loop of procrastination for not becoming more profitable. They do not consider the time, energy and money that they are wasting by not making the right choices in getting help. I know of a number of people who have been trying to earn money from the markets for 3, 5, 10 years and still are stuck among the millions who do not earn or lose money in the markets. Some of the reasons for this are:
> They do not want to admit that there is a problem because they always see themselves earning profits within a short period of time. What I hear from many of them is that they are almost ready for simulated trading, they are almost ready for real trading or that they just have to tweak their strategy a bit more.
> They recognise that there is a problem, but they do not believe they can do anything about it. These traders usually have self-esteem issues because at some point in their lives they were criticised, and they have bought into the criticism. Or, trading for them is only about the technical strategy and not about the ability to follow rules.
> They are afraid to make changes because it might force them to make other changes in their life that they are not prepared or equipped to make. After all, what if they do become successful, will the people in their lives still be there. Will they have to assume more responsibility and not be able to keep up with a high level lifestyle.
> They do not trust that anyone can assist them in making the changes necessary. Perhaps, they have tried a self-help book or have taken an improvement seminar and left feeling enthusiastic only to go back to the same old habits. They might feel that coaches will not give them any value because after all they have a unique set of issues that no one has ever overcome before, so what is the point?
> They do not want to invest in themselves to fix the issue. This is especially true if they feel that they have spent an exorbitant amount on gaining their technical knowledge. “Enough is enough,” said a trader who had invested two thousand dollars in becoming a trader. He believed that that entitled him to earning millions.
> They do not have the money to handle the issue. If they do not have the kind of money it takes to fix a problem of earning profits from trading, then they should not be in this business. It takes money to support a lifestyle, support a trading business, trading capital and continuing education money to be a successful trader.
> They want to fix their self-sabotage before they get coaching. Many traders believe that they should be able to handle discipline issues on their own. Very often they tell me that as soon as they handle their problems they will seek me out for private coaching to take it to the next level. I am still waiting on many of these traders, and they are still not making money.
> Their spouses will not approve. A spouse feels that spending money spent on discipline issues will take away from savings, a vacation, a retirement fund, etc. They do not feel that the investment will reap the rewards. It is also true that a spouse might feel threatened that if you become a full time trader, you might leave your full time job. Or, if you become tremendously profitable, maybe it will threaten the marriage. And sometimes the biggest issue that a trader must deal with is the fact that a spouse feels that they should be the confidant and coach to handle the issue. If someone wants to be a trader, these issues of support should be handled before going into the profession.
Accounting for being stuck
Multiply how much money you feel that your strategy should earn in a year by what you are presently earning. How much is in “stuck” cost?
If you are a new trader, make sure that you project into your trading education budget an amount for increasing your ability to earn profits from your strategy and share this with your spouse.
Before coming into the profession of trading all costs must be considered if trading is going to be a profitable career. The best trading strategy in the world will not gain the profits it was tested to create if a trader cannot follow getting in and out of the trade according to the strategy. If a person wants to be highly profitable in trading, it will take the willingness to improve oneself.
Adrienne Toghraie coaches traders and investors to their next level of success by helping them overcome their self-imposed limitations. She has been a keynote speaker since 1989, author of 13 books, and owner ofTradingOnTarget.com
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