Having traded and spoken with many traders in other over the years, I’ve found that the vast majority never really achieve their full potential, and in fact many spend years in a fruitless search for trading success.
I get letters and emails from traders all the time that pretty much boil down to something like this -
Hey guys,
I really need some help. I’ve tried everything I know of to become a successful trader, and I’m belting my head against that same old brick wall. I’ve been trading for about 3 years, I’ve spent thousands on courses, services, seminars and books, but I still can’t seem to make a buck. I’m actually embarrassed to tell you, but despite everything I’ve spent buying products and courses, I still lose money on the majority of my trades.
I’ve spent a huge amount of time on this and I’ve learned a hell of a lot, but with so many people making wild claims and promises that amount to nothing, I’ve just about had enough. I just need someone to help me understand the basics. I guess what I really want is to learn to trade profitably from somebody who’ll show me what to do.
Where can I find somebody who will teach me how to trade profitably? Can you help me or do I just forget about it and go and get a job? I know my fiance would be so darn happy if I gave it away and got a 9-5 job after all the dramas we’ve been through.
Sincerely,
Alan P. Trader
It’s so sad, but this kind of thing is repeated every day out there in the trading world. Good honest people are losing money trading the market and they just don’t know how to stop the bleeding. Trading can be the best lifestyle business anyone could ask for, but it can also be very difficult to master.
So if you can relate to our trading friend Alan above, how can finally turn things around and start trading the market profitably? Here’s the solution.
All great sportsmen and women have a coach. They always have somebody who can to help them perfect their game, keep them honest, and tell them when they are doing something they shouldn’t be doing.
All great businessmen and women have a mastermind or group of advisors or mentors to coach and guide them. All of the highest paid actors have agents or advisors who they admire, respect and learn from.
For you to become a top trader and achieve the success you want, you can’t expect to get there on your own either.
What you need to do is find an trading coach – somebody who is already successful – who can show you exactly what he or she does as they enter and exit profitable trades. Then get them to coach you so you can do the same.
Learning to trade from courses and books is a great start, but if you really want to master this business, you’ve got to go to somebody and get inside their head. You’ve got to be able to get immediate answers to your questions and study not only the actions of successful traders, but also the mindset they have as they go through each step of the trading process.
How do they handle losses? How do they handle profits? What are their trade confirmation signals? How do they know when a trade is going against them and what do they do to manage the situation? You simply can’t completely learn these things from books or courses. You have to watch a successful trader and go through it with them as they do it and let the experience rub off on you.
Going back to our sport example, can you imagine Arnold Palmer not having a golf coach and still winning majors? It most likely would never have happen would it? We all need somebody on the outside looking in to help up improve and see the things that we can’t see ourselves.
A mentor or coach can do that for us and can guide us towards becoming successful at anything we want to achieve. Trading is no different – in fact, it’s critical we have somebody in our corner when we go into the markets, watching our back, and looking out for us. Let’s face it; nobody else will.
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