1. Get rid of your trading worries once and for all
Before you begin reading this trading advice blog, take a journey with me back to January 2003… You’d see me sitting on the side of the bed, a 35 year old man, balling his eyes out. Pathetic? This is how I got there…
I’d been trading on and off since 1999. I’d burned through my account twice ($30,000) on the learning curve and this third time around I’d been absolutely determined to make it work. For a year I’d worked my balls off preparing. Working nights to save money, studying, and trading on the simulator during market hours, honing my method.
This time I’d been really careful, and I thought I’d learned from my mistakes. I was 100% confident in my method - that day in day out it could make a profit. I’d been conservative and realistic in practicing, trying to get as close as possible to real coniditions.
I didn’t have a lot of money, I’d already blown my wife and I’s savings, but I’d put together $12,000 and I thought, given my careful preparation that this was comfortable. In mid October 2002 I was ready and I began trading again…
By January, three months later on the day you first joined me, I had $3000 left in my account -I’d just lost another $1000 in one day. I was completely out of control, trading like a mad man, all signs of discipline out of the window. I was filled with panic, anxiety and pain. My wife was so mad with me -that I’d lost all the money again- she packed her bags and left me. It was an all time low.
The challenge of the struggling trader
A struggling trader has a unique cross to bear. Not only the challenge of learning a profession that requires skill and self mastery, but also what feels like the almost insurmountable challenge of staying positive, of overcoming the painful emotions of loss and failure that haunt our present decisions, unless we deal with them effectively.
This blog
I decided to write this blog based on my experience, and in brotherhood with traders that are going through similar experiences — that have a great determination to succeed but that are hurting from the learning process. Its not too late. There are specific things that you can do, step by step, to turn your trading around. I did it. Five years later I’m a reformed trader. My wife came back, and I’m consistently profitable. Good luck, and keep the faith! You can do it!
Next blog post: What’s it going to take to become profitable?
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