5 Things Stopping YOU from Trading Success
Trading is a game of focus.
With nothing but sheer will, determination, and persistence.
And if you have a never-give up attitude, you can break out of the 98% of traders who fail.
And when you have the strategy, risk management and rules right by your side – there are other challenged you’ll face.
And these challenges can stop you from achieving success in financial trading.
Read carefully and answer truthfully.
#1: Half-hearted approach
One of the most significant barriers to success in financial trading is a half-hearted approach.
If you are not fully committed to the process and do not take it seriously, you are unlikely to achieve success.
Trading requires a lot of time, effort, and dedication, and if you are not willing to put in the work, you will not see the results you want.
Yes, you don’t need to spend more than 15 minutes a day looking at the market. Yes, you don’t need to be glued to screens all day. Yes, you don’t even have to take trades every day.
But you do need to commit for years on end, week after week, month after month – trading into your lifestyle.
A half-hearted approach can lead to poor decision making and missed opportunities, which can quickly add up and cause significant losses.
Doubt is another major factor that can hold you back in financial trading. It is normal to feel uncertain when you make decisions.
Doubt is something that creeps up where you have this too good to be true mentality.
And it stops you from conquering this attitude.
And when doubt takes over a ton of things can go wrong including:
Loss in confidence
Alter in your current trading system
Search for something “better”
Failure to take the trade
Failure to follow your risk and reward criteria
And so on…
When doubt creeps in, it is essential to take a step back and reassess your strategy, yourself, your track record and your approach to trading.
Have a careful conversation with yourself and get your mind right.
Many traders become overly concerned about the risks involved and the potential for losses, which can cause them to miss out on opportunities.
They aren’t used to losing.
They are not brought up to take losses.
They are not brought up to risk where they can avoid it.
While it is important to be aware of the risks, excessive concern can lead to a failure to act when opportunities arise.
To overcome this barrier, it is essential to have a well-defined risk management strategy and to stick to it, even when it feels uncomfortable.
#4: Worry and Fear
These are the two most significant emotions that can stop you from winning.
When traders become overly worried about the potential for losses, they don’t take trades, they take premature profits, they cut their losses far too early and they don’t let their profits run.
Fear can make you do the most dangerous thing you can do as a trader.
Hold onto losing positions for too long in the hopes that there will be a miracle recovery.
And what happens then… Bigger losses, lower confidence and damage to your trading plan when worry and fear takes over…
#5: Little Motivation
And if you take into all the above challenges into account, this can lead to…
You lose your purpose, your goals, your dream and you become part of the statistic of losing traders.
To overcome this barrier, it is important to set clear goals, work on yourself, remember your WHY and HOW and put in the work and effort to achieve them.
Overcome these five barriers (half-hearted approach, doubt, concern, worry and fear, and little motivation) and you’ll see the light…
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