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Today’s message is brief.
One thing I’ve found during my years in trading is that there is quite a variety of beliefs that can get in your way.
Over the last several days, I’ve been sharing some of the more harmful ones and I’d love to know what you’ve experienced in trading.
If you would, take just one minute to share what beliefs you’ve run into that created problems for you, in the comments below.
Since “Beliefs” is such a critical topic within the realm of trading psychology, I’ll be publishing more findings over the coming days.
Thanks for sharing yours!
Brian
Biggest one for me is that I could just jump into trading and figure it out on my own. Big mistake!
Hi Brian,
For me, it was believing that trading would be easy money. I’ve done a lot of things in my life and when I first discovered trading it looked like it would be a piece of cake.
While the concept is very simple and straightforward, making money as a trader is much harder than I expected. Well, I guess I should say that making it is one challenge while keeping it is even harder.
I’m getting there, but it’s amazing how long it takes to get a handle on this!
Mike
A pervasive fear that the market is out to get me. It causes me to be too timid, to take profits too soon and to pass on good trade setups.
A major belief hang up for me has been a scarcity mentality. Meaning I would worry about where to find the next trade idea. I have recently joined a trading mentorship group and now I’m learning how to find a variety of trade setups. Have a sense of abundance in trade setups has really dissipated that scarcity feeling. Thank you Brian for your advice on trading with a group. It makes a difference.
Mike
I have been learning and trying to become a trader for 3-4 years now,lost thousands $’s joining groups,buying every kind of system,indicator,EA,signal system etc etc going out there,yet always moving on,because deep down I do not feel that I have what it takes I guess,no self belief that I could actually be successful at trading? I do not have a good memory,and have been let down so many times by it when I have need some data,info that I know I should know but just cannot recall when I need it without having to spend a lot of time trying to look it up each time,and this really gives me a huge lack of confidence to really focus and follow some plan/system fully to a conclusion.My filing system of past contacts is so disappointingly huge as is the amount of money spent so far as well.I have a managed trading system going for me now,which to date has theoretically made a huge roi ,but being based overseas,I am not sure if I will even be able to access the funds and return them to my own bank when I decide to do so after it has built up sufficiently to allow the trading to continue even after some withdrawals.
I have one strange belief: That professional system market (algorithms) robots can & do routinely “win” repeatedly–and puny humans have no hope of beating these machines…you must kneel before your robot overlords. Resistance is futile…but we keep on coming back for more.