I think we all go into this thinking it’s going to be easy. You see the instagram bios, “turned $50 into $5,000 in two months with my strategy, click the link below to find out more”. You work at it for 6 months and blow up an account or two. Now you just think you’re a gambler, but you still have hope. You study and work at it for another 6 months, and one more blown account later you’re at the same place you were at 6 months ago. Now you think you’ve wasted a year. You think you’re doing too much. School plus work plus trading is too much for you to handle. It can’t be done you say to yourself. You don’t think you can do it all. It’s been a year already. You should be taking pictures next to your Ferrari by now. What is the hold up! Why can’t you succeed?
I’ll ask you again. What makes YOU different? I can almost guarantee an overwhelming majority of people who read this will relate. I can also almost guarantee that an overwhelming majority do not have an answer to the question I’ve been asking this whole blog post so far. If you don’t know what makes you different then guess what, you aren’t different. You are the same as the other 90% of people who attempt to trade but fail. That’s not what you want to hear, but it’s the harsh reality. How many people keep track of their trading statistics? Win percentage, average win and loss, average hold time, profit per trade.. etc etc. How many people print out their charts? How many people write down their thought process for each trade? How many people write down what they think their strengths and weaknesses are? How many people have a risk management plan written out? How many people have a trading plan written out? How many people know what setups they focus on? How many people strictly focus on one or two setups before adding more to their playbook? How many people don’t focus on their P&L, but just focus on getting better every day? How many people are real with themselves and what this is going to take?
To make it as a professional trader is one of the most difficult endeavors someone can ever take on. It ranks up there with making it as a professional athlete. Are we being real with ourselves? Are we doing enough to BE better and not just feel better? Are we lying to ourselves when we look in the mirror? This is such a tough industry and it is so widely misunderstood. It will test your patience, character, demeanor, and faith. You will be on top of the world one Friday afternoon only to feel like the scum of the earth come the next Monday morning. I’ve seen a common theme of 3-5 years of serious dedication before profitability becomes consistent. I’ve also heard of a fair share of stories that took 10 years to reach that level. I’ve heard of NO true stories of people starting with $50 and one year of work later buying themselves a Ferrari from trading profits. This blog post is not meant to discourage you. It is meant to present you with a real question, and one that will help you. What makes YOU different? Why should you succeed? Why should you be part of the 10%? If you work on being different in not only your work ethic and dedication, but also your trading style, then you can give yourself a real chance of joining the 10%. However, you must stay humble because there is nothing that lasts forever. What works this year in the markets may not work next year. There is no guarantee. This is why you must always work to get better each day no matter how bad or good you are. Always work to be different than the rest. If you stay different, you will stay successful.
You can reach me at..
@TraderStos on Instagram
**Please note that trading is risky and I am not qualified to give investment advice. You should invest your money at your own risk and only after you have done your due diligence. Do not take anything here as a recommendation to buy or sell any securities. I am willing to talk trading strategies and connect with other traders via email or instagram.