There are LOTS of new traders in the markets at the moment.
It’s a knock-on effect of people working from home or being furloughed from their jobs.
So I’ve been nosing around some online trading communities. I’ve been trying to get a feel for what people are trying to achieve at the moment. And also the things they’re struggling with.
(I even reactivated my account in a notorious trading forum I was in back in 2003!)
And what I’m seeing is traders with GREAT technical skills.
Even relative beginners are posting great trading ideas in these groups I’ve been lurking in.
They can post-up annotated charts like nobody’s business and their analysis can be good (if a little bloated and over-complicated.)
Many of them already have the analysis skills they need. They’d do well to focus on money management and mindset now. THIS is where they’d make big leaps ahead.
But I see the same story again and again…
Most of them focus on the next fancy charting trick.
They want more and more exotic entry tactics instead of honing the ones they have.
And I do sympathise. There seems to be a feeling of incompleteness when you first start trading, doesn’t there? Like you’re always missing out on some special secret only the ‘elite’ know about.
But I’m convinced the only secret is focus and discipline.
That it only needs one good method. One way of jumping into the market that puts you on the back of a trending move. And you can build an entire career on it.
But you do need to direct your focus in the right place once you have your method.
So what is it that gets in the way? What stops intelligent, skilled people acting in their own best interest?
I have my ideas. And I’m getting to work on something I think will help.
But I’d love to know what YOU think.
I’m looking for feedback for traders in these categories…
1) You are a new trader trying to find your feet
2) You are an experienced trader but wrestle with discipline and focus
3) You are an accomplished trader and can look back to see the obstacles you overcame
If you fit one of these descriptions hit reply.
Tell me in a sentence or two what you think blocks traders from success.
I’ll get back to you personally with my own theory. And what I think solves it.
Hope to hear from you soon!