Whenever someone says they have been trading for X amount of years and want to become profitable, I ask the following questions and quickly realize most traders are just lazy.
1. Have you defined a strategy/ approach to the markets?
2. Was the edge/ strategy backtested and proven?
3. Do you have a systematic approach to your trading? If so define it.
4. Have you documented your trades? If so what’s your process?
5. What does your trading data/ trading journal tell you? (Assuming your track your trades because you should be)
6. What markets, sessions do you trade? When do you determine to stay cash or be aggressive?
7. How do you handle drawdowns? How do you handle consistent losing periods ?
You’ll quickly realize most people that say they want to become successful as a trader, don’t really focus on the process.
They’re more focused on looking good publicly than actually focusing on being great.
So let’s start being honest with ourselves and realize that unless we put in the REAL work that’s required, you won’t be profitable.
Pale Blue Dot is a photo of Earth that was taken by the Voyager 1 space probe in 1990 from a distance of about 6 billion kilometers (3.7 billion miles) as it was leaving our solar system. This is what Carl Sagan said about the photo:
"Look again at that dot. That's here. That's home. That's us. On it, everyone you love, everyone you know, everyone you ever heard of, every human being who ever was, lived out their lives. The aggregate of our joy and suffering, thousands of confident religions, ideologies, and economic doctrines, every hunter and forager, every hero and coward, every creator and destroyer of civilization, every king and peasant, every young couple in love, every mother and father, hopeful child, inventor, and explorer, every teacher of morals, every corrupt politician, every 'superstar,' every 'supreme leader,' every saint and sinner in the history of our species lived there — on a mote of dust suspended in a sunbeam.
The Earth is the only world known so far to harbor life. There is nowhere else, at least in the near future, to which our species could migrate. Visit, yes. Settle, not yet. Like it or not, for the moment the Earth is where we make our stand. It has been said that astronomy is a humbling and character-building experience. There is perhaps no better demonstration of the folly of human conceits than this distant image of our tiny world. To me, it underscores our responsibility to deal more kindly with one another, and to preserve and cherish the pale blue dot, the only home we've ever known.”
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“The moment you feel like you need to prove yourself, is the moment that you need to be silent and walk away” - a quote that changed my life.
Keep your head down, stay focused and build yourself up.
"You won't do it"
"Stick to a real job"
"It's not for you"
"It's too saturated"
"I'll believe it when I see it"
"Still working on that thing huh"
"Looks like things are starting to go well"
"Enjoy it whilst it lasts"
"You got lucky"
"I always believed in you"
Whenever you’re feeling greedy, ask yourself this simple question:
“How many months/years of a normal 9/5 job would it take me to make this amount of money?”
Then, once you have your answer, look it from a “freedom” point of view.
You won’t be too greedy anymore.