5 Key Advices To Share With Trader Who Is Struggling In Trading
Hello everyone:
Lately many of you have messaged me about getting FOMO and entering trades without confirmations.
In addition you can't seem to “not” enter trades when the market hasn't shaped up to your strategy and entry criteria.
I am hoping in today’s educational video it can help some of you guys to get back on track.
I want to share 5 main pieces of advice that can help out traders who are currently struggling.
These are experiences and lessons that I accumulate throughout the 8 years of trading and in hope to help some of you who are struggling in your current journey of trading.
1. Do “NOT” think about get rich quick in trading
-Trading is a marathon, not a sprint
-90-95% traders fail due to a combination of: Greed, FOMO, mindset/emotion, risk management, trading psychology.
-Trading is not a get rich quick scheme, but it can produce consistent, sustainable passive income if you can put in the time and effort
-Most try to jump to the result right away, without going through the journey, that is not how life works.
2. No trading strategies, style, method can give you 100% strike rate
-Trading is probability, not right or wrong.
-Understand you can have the best strategy in the world, and still not be profitable.
- Technical, Fundamental, Algo, EA...etc can all not work. This is why risk management is important to not over risk, over trade, over leverage your trading account
3. Backtest and journal
-Backtest your strategy so your brain acknowledges and recognizes it over and over again.
-Slowly build up confidence in your strategy and method. IT will come to you like second nature
-Journal all your wins and losses so you can review them. Work on them, accept your mistakes to grow and improve.
4. Control your EGO
-Human beings have ego to prove others are wrong and they are right
-We refuse to admit we made the error/mistakes, and blame others/external as the cause.
-Acknowledge that in trading, stop blaming the market, the broker, the mentor, the strategy...etc.
-Don't take things personally and be offended by it.
5. Never Give Up
-I blew several accounts in the beginning of trading career, gave up and quit trading multiple times
-I always ended up coming back to trading. After taking time off. Whether that is weeks or months in the beginning journey.
-No one is born into a trader, just like no one is born into a doctor, lawyer.
-If trading was that easy, then everyone would be rich.
-Success is measure by how many times you get back up when you failed
I hope these pointers can help you guys to get more focus and get back on track in trading.
Any questions, comments or feedback welcome to let me know, thank you
Jojo
Below I will share others educational videos that have direct relations to the topics above:
Trading Psychology: How to deal & manage losses/consecutive losses in trading ?
Trading Psychology: Revenge Trading
Trading Psychology: Fear Of Missing Out
Trading Psychology: Over Leveraged Trading
Trading Psychology: Is there Stop Loss Hunting in Trading ? How to deal with it ?
Prevent Blowing an account by backtesting:
Risk Management 101
Lately many of you have messaged me about getting FOMO and entering trades without confirmations.
In addition you can't seem to “not” enter trades when the market hasn't shaped up to your strategy and entry criteria.
I am hoping in today’s educational video it can help some of you guys to get back on track.
I want to share 5 main pieces of advice that can help out traders who are currently struggling.
These are experiences and lessons that I accumulate throughout the 8 years of trading and in hope to help some of you who are struggling in your current journey of trading.
1. Do “NOT” think about get rich quick in trading
-Trading is a marathon, not a sprint
-90-95% traders fail due to a combination of: Greed, FOMO, mindset/emotion, risk management, trading psychology.
-Trading is not a get rich quick scheme, but it can produce consistent, sustainable passive income if you can put in the time and effort
-Most try to jump to the result right away, without going through the journey, that is not how life works.
2. No trading strategies, style, method can give you 100% strike rate
-Trading is probability, not right or wrong.
-Understand you can have the best strategy in the world, and still not be profitable.
- Technical, Fundamental, Algo, EA...etc can all not work. This is why risk management is important to not over risk, over trade, over leverage your trading account
3. Backtest and journal
-Backtest your strategy so your brain acknowledges and recognizes it over and over again.
-Slowly build up confidence in your strategy and method. IT will come to you like second nature
-Journal all your wins and losses so you can review them. Work on them, accept your mistakes to grow and improve.
4. Control your EGO
-Human beings have ego to prove others are wrong and they are right
-We refuse to admit we made the error/mistakes, and blame others/external as the cause.
-Acknowledge that in trading, stop blaming the market, the broker, the mentor, the strategy...etc.
-Don't take things personally and be offended by it.
5. Never Give Up
-I blew several accounts in the beginning of trading career, gave up and quit trading multiple times
-I always ended up coming back to trading. After taking time off. Whether that is weeks or months in the beginning journey.
-No one is born into a trader, just like no one is born into a doctor, lawyer.
-If trading was that easy, then everyone would be rich.
-Success is measure by how many times you get back up when you failed
I hope these pointers can help you guys to get more focus and get back on track in trading.
Any questions, comments or feedback welcome to let me know, thank you
Jojo
Below I will share others educational videos that have direct relations to the topics above:
Trading Psychology: How to deal & manage losses/consecutive losses in trading ?
Trading Psychology: Revenge Trading
Trading Psychology: Fear Of Missing Out
Trading Psychology: Over Leveraged Trading
Trading Psychology: Is there Stop Loss Hunting in Trading ? How to deal with it ?
Prevent Blowing an account by backtesting:
Risk Management 101
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