Hey everyone,



So I was doing some thinking about trading as a retail trader, and what many books and almost all of trading courses teach.



It seems there is a highly emphasised mantra that is constantly spoken: “Trading is 90% mindset."



It really got me thinking. And even feeling a little resentful, if I'm to be completely honest.



It feels like it is implying "the course strategies all work" and "if you don't profit consistently" and "if you don't make money" or "[insert another phrase here]" it is always due to the trader's mindset. "It is the trader's fault." Meaning it is never the broker's fault. Or the fact that some strategies aren't meant to work in all markets.



It almost feels as though there is a disclaimer that trading teachers say: "If you take my course and you don't succeed, it's not my fault, just try harder, because it's your mindset that is the issue."



It's like an endless rabbit role that one can go down and never really return from. Thus it creates this endless purchasing of courses and books to "fix" the mindset.



It can lead to someone thinking “I just need to buy the next book, and hope it solves my mindset issue.” Or “this course will solve all my mindset problems.”



I just wanted to share my thoughts on this.

As a former pro in multiple venues I could do a daily post on just this. If there is interest or if a Q&A on this would be beneficial, let me know. I have many things that I am certain about and quite a few well supported theories on the industry, regulation, and retail.

-Dan

As a former pro in multiple venues I could do a daily post on just this. If there is interest or if a Q&A on this would be beneficial, let me know. I have many things that I am certain about and quite a few well supported theories on the industry, regulation, and retail.

-Dan

It feels like it is implying "the course strategies all work" and "if you don't profit consistently" and "if you don't make money" or "[insert another phrase here]" it is always due to the trader's mindset. "It is the trader's fault." Meaning it is never the broker's fault. Or the fact that some strategies aren't meant to work in all markets.

It almost feels as though there is a disclaimer that trading teachers say: "If you take my course and you don't succeed, it's not my fault, just try harder, because it's your mindset that is the issue."

Firstly I doubt that any fault can be the broker. They don't make the buy and sell decisions.

Secondly I agree that for the most part trader failure is the traders fault. I recommend that those starting in this business take the time to study why traders fail. Then avoid doing any of those things.

Can you give us an examples of any strategy you have followed exactly that didn't work for you.

As a former pro in multiple venues I could do a daily post on just this. If there is interest or if a Q&A on this would be beneficial, let me know. I have many things that I am certain about and quite a few well supported theories on the industry, regulation, and retail.

-Dan

I think can of some examples which, if adhered to, would hinder performance:
- the moving average crossover strategy. Buy when fast moving MA crosses over slow moving MA.
- pin bar
- trading only on higher timeframes (daily, weekly, monthly) and never trading off minute charts (1 min, 3 min, 5 min, 15 min)
- aiming for higher reward, when only wanting to risk very little (risking 1R and aiming 3R or 4R)

There are probably more that I haven't mentioned, it is around 5:48am so my thinking brain has not fully woken up yet.

I'll give you time to wake up.
My time zone opens the US/ Canadian markets at 6:30 am so I know the feeling.
I trade equities, so that is what I'm referring to.
I only trade on higher time frames, Daily charts.
I prefer risking a little to make a lot. You only need a few good trades that run hard to offset many small losses.