What,The,Hardest,Thing,Stock,F finance, share, loan What Is The Hardest Thing A Stock, Futures Or Forex Trader W

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1. Learn the jargon – no way, this is easy and it just takes time. 2. Find a profitable trading system – there are hundreds of thousands of them, in fact many are just given away for free nowadays. 3. Back test and paper trade – c’mon, I know many people don’t like hard work but you’re way off here. 4. Learning to read charts – kids like reading charts as they look at the green thing and they say, “Hey that’s going up”, or if they see a red thing they say “that’s going down”. 5. Setting goals – important because if you don’t have a goal, you’re floating aimlessly; but not the hardest. 6. Thinking successfully – no matter who you are or where you are there is always something you are good at. If this is so you already know how to be successful. 7. Being true to yourself – knowing who you are is indeed a quality that sets one apart from the rest and is therefore one of the hardest things a trader will ever have to learn, but not the hardest. 8. Cut losses short – it is hard to do this for many but it is definitely not the hardest. 9. Logging trades – as we are lazy this is done by a very few, but this does not make it the hardest, not by a long shot. 10. Keep emotions at bay – trading without emotions is very hard, but as we are humans the proper definition is more like managing emotions; but either way it is not the hardest thing a trader will ever have to do. 11. Remain independent – listening to other’s advice whether it is a newsletter, internet forum, or just your buddy next door is very easy to do as we like to follow other people by nature so to do the opposite is hard, but not the hardest. 12. Sticking to the rules of a plan or system – this is indeed hard but not the hardest, and the reason is because this is too general a statement; many people trade with only rules for analyzing or entering or exiting, but most never have a complete set of rules for all three. 13. Sticking to the rules for all three (analyzing, entering and exiting) – getting closer but still not there just yet. 14. Holding on to winning trades – BINGO! If we look back to points 12 and 13, I made about sticking to rules for exiting, this should start to open your eyes to the hardest thing a trader will ever have to do – hold on to winning trades. Why is this so difficult? For one, most place more emphasis on seeking opportunities and rules for entering than on anything else to do with running a trading business. And this is exactly how the whole “trading” thing is marketed. Very few traders have rules for exiting. But even those that do have rules for exiting, only a small minority will stick to them, and this is because we as traders can not get past thinking about the money. Money rules us as traders and probably rules us in our lives too. If you go back over all the points above I can tell you that all of them contribute in some way to the most difficult thing a trader will do; hold on to winning trades. For example, if you think you’re a successful trader then why would you cut your profits short? Because if you thought you were a success you would know yourself and where you need emotional management, you would learn any jargon and how to analyze, you would have a goal, and you would have a plan to go with it, which means you would have a system with rules for analyzing, entering and exiting, and you would have a fair idea how this system performs, which means you would have back-tested or paper traded it, and you’d cut losses short and you’d log all trades, you’d remain independent, and finally you’d stick to all the rules. What a trader will face is the situation where they cut a profit short and take a look at what they made for that trade; this will send out a good feeling throughout their body. What will compound this feeling is if they look a little later on to see their decision was justified because the trade would have resulted in a loss if they’d not closed it out earlier. The problem is this good feeling we are experiencing is encouraging bad behaviour whether it’s breaking rules, trading without a plan or whatever. To continue on this path will lead you to having to find more winning trades because the trades you do get wrong will cost you more than what you make from the profitable ones. Now here comes the litmus test: If you cut a profit short only to see it would have been a lot more profitable had you held on longer or used your exit rules then this should hurt – I mean really hurt, but not because of the lost opportunity but because you see it as a failure on your part. If it doesn’t then success means very little to you. All traders will go through the process of seeing themselves in a winning trade only to see it end up as a loss. This is inevitable. Apart from having someone look over your shoulder to prevent you breaking rules or cutting profits short, the only person who can do this is you! If you find yourself cutting profits short then look for your weakest links in your trading business. I have given you many here to ponder.