Top 5 Excuses of Unsuccessful Traders
It is always easier to find reasons to avoid something than it is to find out how to master that same task. As an instructor, mentor, and long term successful trader I have heard all of the possible excuses.
The spectrum between ridiculous excuses and valid ones is extremely wide. However, while making excuses is much easier than making money in the markets, there is only one single thing holding you back from consistent profitability and achieving your dream of financial freedom. Let us first review the most common excuses that have come in my decade long trading and coaching career:
1) Time
Of all the single excuses I have heard, this one is by far the most pathetic. I am so busy and do not have time to trade! But guess what? You DO have time! You have just as much time as anyone else. You have 86,400 seconds a day, 365 days a year. How you are using your time tends to be the real problem.
Ask yourself these simple questions:
How many hours a week do I watch TV?
How many social media sites do I use?
Add those hours up alone and you have just found yourself some time! If you stop saying you don’t have time, you will even free up the time it took you to say it.
2) Knowledge
Not knowing is never a winning defense strategy in court. Now that you have found some time you need to use it more wisely. If you plan to trade profitably and take the craft seriously, a solid educational program like our TRADEPRO Foundations Course is a must. Yes there is a cost involved, but it is always less when you compare it to the capital you can lose when you start trading prematurely. Reading books and Investopedia is a great resource to get started, but reading something doesn’t mean you have understood it on a practical level necessary to apply it.
3) Capital
Not having money to start trading is a valid concern, and can even be a serious problem. But when does it become an excuse? If you said the same thing 5 years ago and you are in no better position today, then it is an excuse. At this point, it becomes a very similar excuse to not having enough time. You will need to tighten up your budget and start building up your trading capital. This is an entirely different topic that we will save for another time.
4) Discipline
Not surprisingly, this happens to be the excuse that I encounter the least. However, this also happens to be the excuse that affects most new traders. Without the ability to change your actions, routines and habits, you will never be able to change your experiences. Discipline is not all that difficult; the problem is more often the excuse we are going to look at next.
5) Motivation
What is your favorite activity in life? Why? There is a good chance this activity evokes strong emotions of satisfaction and fulfills your desires and dreams.
Trading has to get you excited to the same extent. Being drawn to the lucrative profits is okay, but you really need to be passionate about the lifestyle that is embodied into reaching those lucrative profits. Motivation is not something that can be taught, you either get it internally, externally or you lack it altogether.
You can walk a horse to water but you cannot make it drink. If you lack the motivation to free yourself from financial worries, be your own boss and live your dreams; then trading may not be for you. Once you start to see the bigger picture, motivation will never be a problem. It will be the solution.
We have discussed a comprehensive and recurring list of the most common excuses of unsuccessful traders. Each of these excuses will stall your development process and can even lead you to quit entirely. I am often asked how to overcome challenges, rise above excuses and propel the trading dream into a successful career.
The answer is always the same; action! Stop making excuses and do something about it. If you do nothing, you will achieve nothing.
The best part is that you do not have to reinvent the wheel, we have designed an entire trader conditioning system to provide you a holistic training and give you the best shot at trading success! All you have to do is act.
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The information contained in this post is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.
