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7 Things I Wish I Would Have Know Before I Started Trading.
- Marathon: I severely underestimated the amount of time, emotionally and financially, I was going to have to devote to this. I thought I was going to make 5k before lunch and then drive my Jaguar to Starbucks and screw off the rest of the day. How wrong I was. Trading took every ounce of everything I had. Now 17 years later I still work very hard. Trading is all I do. I have no time or energy to run other businesses or invest in other things. All I do is trade.
- Losing Is Not Personal: The market doesn’t care who you are and it has nothing against you. I know sometimes it feels like its out to get you but its not. I really used to take every loss I had personal like it was a reflection of me and if I lost it meant I was stupid.I mean you put a lot of work in on certain trades only to watch your money evaporate sometimes so it’s hard not to. Truth is what is stupid is feeling that way. Losses come with the territory, just the way it is, nothing personal
- Do Not Focus On Making Money: Sure this sounds like a contradiction but if you focus on making money you will almost always lose. Most traders I know don’t look at their P/L throughout the day. It may sound crazy since the reason you are trading is for financial gain but focusing on money is hindering your ability to perform at your best. Your focus should be on your trades. You focus on your trades and focus on making the right decisions the money part will take care of itself
- Spend More Time On The Basics: When I started out I was all about strategies. What I didn’t do is spend enough time learning the basics of how the market works and why my strategies work. There are many components to the market. Several news evens, PR reports, hit pieces, and political polices flood the market daily. You have to know how these events effect your money.
- You Are Only As Good As Your Last Trade: Your trading career will be built over years of hard work and thousands of trades. Most likely no one single trade will define you. Regardless of how much you have made or lost up to this point means nothing as you have to get up and do it all over again. I was silly enough to think in my early trading career I would nail one big trade and call it quits. Seventeen years later I’m still here.
- There Are No Sure Things: I don’t care how “for sure” you are about a trade. Or you guarantee a trade will work. There is no such thing as for sures and guarantees in trading, too many variables for that. Also there is no such thing a secret systems or magical software programs that will make you rich. Don’t fall for that garbage
- CNBC- All televised and printed financial news is mostly trash and it mostly unactionable as well. Three hour old news and 4 different opinions about stocks has absolutely no benefit you. Its even worse now with social media present as actionable news is out long before you hear about it on TV. Save your time, turn it off.