For many people, the road less traveled is less traveled for a reason. The road is long and often lonely. The stretches can seem to last forever, with no end in sight. It is a road to accountability, a road lined with mirrors all around, forcing us to look at ourselves in the eyes. Let’s face it. It’s much easier to find someone else to be the reason for our problems than it is for us carry around the burden of our decisions. Its a Human Nature to gives excuses and Trading is an Apt example of the same where traders will look for an excuse for loss and never become accountable themselves and as a result their trading carrer gets over pretty soon as they keep busting their trading account.
Today lets discuss the major excuse Loss making traders make and see any of them sound familiar to you! If Yes Get your act together and make sure that you becomes more accountable in your trades.
Market always move opposite to my Position
Losing a trade is tough but its part and parcel of trading life. Losing a trade Hurts initially especially if you’ve spent considerable time making your trading plan and then executing it to a tee. The loss particularly stings when price immediately reverses after hitting your SL.
Since there are tons of reasons why prices move, the best you can do is to prepare for as many scenarios as you can and make sure you enter a trade with the odds in your favor. After that also SL trigger accept it graciously and move on to another trades.
I cannot live with 20% return per month on my Capital
Check your expectations. Most of Retail traders come with small capital of 50k-1 Lakh and want to double there money asap trading in Options. Beginer Luck help them in making some quick returns which increase there greed and than 1 bad trades come and BOOM you lose out everything which you made in last 5-6 trades. One of the more common misconceptions about trading is that it can make you a load of money in short time. But, like in any high-performance endeavor, it takes a lot of time, effort, and discipline to become consistently profitable.
An athlete, for example, wouldn’t expect to win trophies just because he bought a racket and plays tennis once a week. He has to learn the tricks of the game, condition his body, and polish his skills and strategies before he can turn his passion into a living.
As traders, you need to learn the chart patterns, develop a professional traders mindset go through several trading systems chose the one which suits your trading style , and execute trading plans flawlessly and consistently before you can think about making living out of trading.
Trading is too complicated.
Yes when you do not know it its complicated. When You see Roger Feder or Novak playing tennis they make complicated shots looks very easy , but for that skills to develop its took lot of hard work dedication determination and above all the ability to stand and live your passion in difficult time. If a trader can do that Trading will become very easy else it will remain complicated all through the life.