Joe Ross
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This question was sent to me from one of our students: “Hey Joe! I'm really committed to trading. I read the main financial rags every morning. I’m tuned in to Bloomberg and CNBC. I pore over dozens of charts every night, and pretty much whenever I’m not busy trading. I’m working hard but it is not paying off. What am I doing wrong?”
I can see that you are truly motivated, but I wonder if you are working effectively or just keeping busy. Just because you’re doing a lot of work does not mean you are moving forward. You are working to build your skills as a trader, but you may not be doing so efficiently. In fact, you may actually be standing still despite all the time and effort you are putting in. You don't need to spend hours and hours studying markets if it doesn't lead to your making profits. You have to realize that much of what you are seeing on financial TV is nothing more than entertainment. You need to work efficiently and make sure that the time you spend learning about trading and the markets has a payoff.
It's not easy to become a profitable trader. Only 10% of those who make the attempt succeed. Sure, it does take persistence and a lot of hard work. But trading is not like having a job. Just because you go to work every day does not entitle you to take home a pay check. Trading is more about coming up with a plan for reaching a specific goal, and making then making a profitable trade.
A good trader can often make a year’s pay in a matter of minutes. Successful traders are not required to spend a full work-week making a living.
The point is that if you're a wannabe trader, you can't work with the misconception that all the work you do will result in a payoff. There are only so many hours in a day that you can work, so you must spend that time efficiently.
I can see that you are truly motivated, but I wonder if you are working effectively or just keeping busy. Just because you’re doing a lot of work does not mean you are moving forward. You are working to build your skills as a trader, but you may not be doing so efficiently. In fact, you may actually be standing still despite all the time and effort you are putting in. You don't need to spend hours and hours studying markets if it doesn't lead to your making profits. You have to realize that much of what you are seeing on financial TV is nothing more than entertainment. You need to work efficiently and make sure that the time you spend learning about trading and the markets has a payoff.
It's not easy to become a profitable trader. Only 10% of those who make the attempt succeed. Sure, it does take persistence and a lot of hard work. But trading is not like having a job. Just because you go to work every day does not entitle you to take home a pay check. Trading is more about coming up with a plan for reaching a specific goal, and making then making a profitable trade.
A good trader can often make a year’s pay in a matter of minutes. Successful traders are not required to spend a full work-week making a living.
The point is that if you're a wannabe trader, you can't work with the misconception that all the work you do will result in a payoff. There are only so many hours in a day that you can work, so you must spend that time efficiently.
