Experts give you many trading advices. But there are few things they don’t tell you
As someone who has interest in trading, chances are that you have met the so-called experts. The guys you see promote their financial products such as signals and trainings online.
Some of these people even come to your town and pay an expensive ball room to offer you training on how to trade profitably and consistently. Chances are that you have paid for signals, tutorials, and conferences.
At the end of the day, chances are high that you have failed to succeed as a trader (Simple Ways to Avoid Scams).
This article explains a number of trading advices the ‘expert’ will never tell you.
#1 – Becoming a Professional Takes Time
There are two roads in trading: the narrow road and the wide road.
The wide road – the smooth one – is followed by so many traders. The road that anyone can pass, because it does not have meanders and the shortcomings of a smooth road.
Unfortunately, people who follow the wide road do not go very far. They use signals and don’t take time to prepare.
Followers of the narrow path are few. These are the people willing to go an extra mile, ready to read, watch, and practice how to trade. They also take time to be mentored by professionals who have succeeded in trading.
One of our trading advices to all new traders is to take this narrow path. It will be challenging but at the end of the day, things will add up for the better.
Another trading advice that the so-called experts never tell you is the number of times they are wrong. The fact is that there are no experts in trading.
We have seen very successful traders and investors make foolish mistakes. Remember, it is possible for one to have a winning streak only for one single trade to mess them up.
A good example is Lars Kurjer, the author of Money Mavericks. In the book, he describes how he rose ranks at Goldman Sachs, left to start a hedge fund, became a success before a single trade lost him a fortune.
The so-called experts, including from leading institutions like Goldman are usually wrong most of the time.
Another thing these people don’t tell you is that not everyone can become a trader. This is similar to all other fields out there. For instance, not everyone can become an entrepreneur, because being an entrepreneur takes time and passion for the business.
Also, not everyone can become a doctor, farmer, or a pilot. To become a successful trader, you need to have a lot of passion for the financial market and follow these trading advices.
You also need to be patient and resilient even when things don’t go your way. This is because things will not always go your way. At times, you will open trades optimistically only for them to go south.
The so-called experts never tell you that many people who get into trading fail. This is a fact.
As explained in the first step, many people like to follow the wide road. In this road, they trade without knowing what they are doing. They open their trading platforms and place a trade without doing any due diligence and lose their money. The fact is that a large percentage of people fail.
In fact, several researchers have found that only less than 2% of traders make it. Therefore, you should do your best to become a part of the minority side.
Most experts do not tell you that trading has its ups and downs. They show you their big houses, cars, and jewelry, but don’t tell you the sleepless nights they have gone through. They also don’t tell you the losses they have had to get where they are right now.
The fact is that trading has its ups and downs. Many time, trades will not go your way: you will make losses, and you will be stressed. By understanding this, you will be at a good place to trade and make good choices.
We'd like to hear from you. What’s your #1 takeaway or lesson from this article? Or maybe you have a question. Feel free to leave a comment below.
Live Trading with DTTW™ on YouTube
DTTW™ is proud to be the lead sponsor of TraderTV.LIVE™, the fastest-growing day trading channel on YouTube. With over 150k subscribers in less than a year, TraderTV.LIVE™ features a daily live trading broadcast, professional education and an active community.
Your ability to open a DTTW trading office or join one of our trading offices is subject to the laws and regulations in force in your jurisdiction. Due to current legal and regulatory requirements, United States citizens or residents are kindly asked to leave this website.
