Biggest SUCCESS Stoppers for a Trader Part 1
Trading as you know is a fantastic alternative to grow your wealth.
However, it is not without its challenges.
In fact, there are several success stoppers that traders face that can derail their trading efforts.
Let’s look at four of them.
STOPPER #1: Same Old Routine
One of the biggest success stoppers for a trader is falling into the same old routine.
It is easy to get into a rut and continue doing the same things day in and day out.
However, this can lead to a lack of progress and stagnant trading results.
Yes you need the same ‘ol strategy, risk management rules and criteria for a consistent track record.
But you also need to be open to try new things and adapting to changing market conditions.
You can do this by:
Backtesting and forward testing other strategies.
Adapting new markets into your trading
Identifying new market environments
Even improving your current indicators and chart layouts
Always looking out for better brokers, chart platforms and sources to help your trading
Improving your calculators and trading tools.
STOPPER #2: Self-Doubt
This can cripple a trader’s confidence and ability to make sound trading decisions.
It is natural to experience doubts and fears when trading.
But make sure you don’t let it take over and lead you to emotional decisions, doubting during drawdowns and missed trading opportunities because of how you feel rather than what the charts say.
To overcome this success stopper, you should focus on building your confidence and self-belief through trusting your proven track record.
You can do this by keeping a trading journal to track your successes and failure.
Also seek out the advice of a mentor or coach, and regularly review their trading plan to ensure they are on the right track – to help with your own confidence.
STOPPER #3: Procrastination
Procrastination is a common success stopper for traders.
It is easy to put off making trading decisions or taking action on a new trading strategy.
However, procrastination can lead to you never taking action which means:
To overcome this success stopper, traders should develop a sense of urgency and take action quickly.
Adapt the 1,2,3 JUST DO IT mentality as I mentioned in the previous video.
Break down larger tasks into bite sized and more manageable ones and set deadlines to complete on time.
STOPPER #4: No Big Idea
Finally, having no big idea or vision for their trading can be a major success stopper for traders.
You need to know your goals, strategy, risk profile and trading personality.
When you do this you will have the BIG idea on what you need to progress and thrive.
Stop these stoppers before they stop you from achieving trading greatness.
Let me know if this helps.
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Enjoy and remember…
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