Struggling Trader?
What does a struggling trader need? Give me some ideas. What do you struggle with? I think many traders struggle because they don't find a style that works for them. Or they are constantly seeking the golden goose egg of trading systems and never really learn the odds (probability) of the trades they are taking. I think maybe that one of the concepts that traders may struggle with is that there are many ways to make money in the market and maybe focusing on one is difficult or choosing the one or maybe two to base your business off of is difficult. I think if traders started simple and built a business off of a trade or two (setup) then from there they could build more and more of a playbook. You will see different setups everyday. It is definitely worth learning them and starting to recognize supposed patterns. It does NOT mean that you need to be trying to trade all of these setups and patterns all of the time or at all. Stick to your best ones and once you've proven that you can keep your business alive, expand. The part about proving ones self is probably the biggest struggle that traders have because trading is a personal venture of self-discovery. If you can't control yourself then it is cheating and cheaters get caught out in the market - it shuts the business down. I think traders struggle with the cost of making a trade. What I mean is that you have to be willing to lose in order to win. The cost is anxiety, fear, money, and other(?). You have to put yourself through these stresses and conquer them (accept them - get along with them). And you have to pay the price when your wrong - and you will be wrong often. Sometime wrong by a penny or two - oof, but better safe than out of business. You have to know how much your are going to risk before you get into a trade, otherwise you are not risk taking, you are gambling - and the market is no place for gamblers. The market is a game of odds which is highly winnable. Anyway, that what I've been thinking. Cheers.
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