Trading Advices – What 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. 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. There is the narrow road, and the wide road. The wide road is followed by so many traders. This is the smooth road. The road that anyone can pass. 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. They are 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 my trading advices to all new traders is to take the narrow path. It will be challenging but at the end of the day, things will add up for the better.
#2 – They are Wrong Most of the Time
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.
#3 – Not Everyone Can Become a Trader
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. This is 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.
#4 – Many People Fail
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.
#5 – Trading Is Not Always Fun
Most experts do not tell you that trading has its ups and downs. They show you their big houses, cars, and jewelry. They 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. You will be stressed. By understanding this, you will be at a good place to trade and make good choices.