Are you currently struggling as a trader? Do you generally lose money despite having some good deals? Don’t worry. You’re not alone. you are actually the majority. It is a well-known fact that most traders lose money consistently in the markets. Trading does not escape the 20-80 Pareto principle.Just like in the start-up world, where nearly all start-ups fail.There’s a very simple rule you need to remember. If you want to get results that are different from the results of the majority, you must start doing what the majority does not. In any area where high performance is desired, the majority of people often make mistakes. Few would do different things. According to studies, only a very small number of people are inclined to do anything different.And the vast majority of people just keep on doing the same things, hitting the wall again and again. “Insanity: Doing the Same Thing Over and Over and Expecting Different Results” – Albert Einstein
Doing things you don’t necessarily want to do
My own experience and much later We met with traders and identified five key questions that separate successful and unsuccessful traders.Now think about your trading and ask yourself the following questions:
– Do I take full responsibility for my results? Do I have a winning trading strategy? A backtested winning strategy or a strategy used by some of the few who actually make money consistently in the markets? Do I have written rules based on what I have observed in the past? – do I record every single trade I make?- Do I often do post analysis by looking back at past trades to see if I have made some mistakes? If you answered “no” to any of these questions, it is very likely that this is the reason why you are not making money in the market. Making any of the following sounds more emphatic can take time and can sometimes be seen as strenuous and burdensome.I can’t count the number of unsuccessful traders I know who are too lazy to come up with a well-defined strategy, write down their rules, and most importantly, do post-analysis. They often say that they do not have the time for that. We never have the time to do this. Successful people, just like everyone else, only have 24 hours in a day. They don’t have the time either.But they make the time for doing the things that need to be done in order to reach their goals. By saying I don’t have time, you’re basically saying, “I’m too lazy to do this. I would rather lose money than do what is necessary for me to succeed. You are acting like the majority by insisting that I have the time.And to have results that are different from the majority, you need to start doing things that the majority do not do. Then why are you not making any money?