Ten-thousand in Education and still not profitable! | Trading Reviews and Vendors


futures.io - futures trading strategies, market news, trading charts and platforms


Trading Reviews and Vendors


Discuss and review vendors of commercial trading products, trading rooms and services, trading indicators or third-party paid add-ons




 

Ten-thousand in Education and still not profitable!

  #328 (permalink)

London, United Kingdom
 
Trading Experience: Beginner
Platform: Sierra / NT7 / Jigsaw
Broker/Data: NinjaTrader Brokerage
Favorite Futures: CL
 
kab0000's Avatar
 
Posts: 46 since Feb 2015
Thanks: 1,938 given, 42 received


Slipknot511 View Post
success has much less to do with education and much more to do with discipline and the right mindset.
Discipline will lead to consistency. With even a modicum of consistency, patterns in your behavior can be identified and adjusted. Without some sort of consistency, it is impossible to improve as a trader since your results will essentially be random. If your results are random, you can't even identify problems much less correct them.
This is why everyone says you must keep a trade journal & log all of your trades. But I can tell you, if you don't stick with one method and trade it consistently, that trading journal is useless.
Most all traders want instant success or they have unrealistic goals. This leads them to "system search". They will try a system for a few days or weeks and if their expectations aren't met, they will move on, assuming that the system is the reason they are not making money. The reality is that poor behavior patterns are the reason they fail. But without sticking with one system long enough, those patterns never have a chance to reveal themselves.
Sooner or later you have to admit that the only common denominator in all of the failed systems you tried is you. Once you can fully embrace this, then you can stick with one system, even if you consistently lose, long enough to start seeing the behavior patterns that are causing you to lose. Only then can you stand a chance at correcting the true weak link in your trading... and it has nothing to do with how much you have spent on education.

@Slipknot511

These are wise words (IMHO) and if there was anything that amounted to a holy grail then this would be it. Stick to a system and realise mindset and discipline are as important if not more important than the system itself. You hear this a lot but I don't think most get it.

Simplicity is the ultimate sophistication - Leonardo da Vinci
Visit my futures io Trade Journal Reply With Quote