If you want to know how to trade, you must know yourself and your trading. You probably wonder what that is and what I mean by that, let me do my best to elaborate.
If you’re reading this you are likely a member of StockTwits or Twitter and follow many traders and watch them ‘rake in the money’. I can speak from experience in this regard – they don’t always make money and their strategy is not the only ‘right’ one. When I first started to trade I would follow so many traders on Twitter and watch them trade everyday and seemingly make money each and everyday. I wanted that, but oh how naive I was – just because they could do it did not mean I could or that they had the only way figured out.
Twitter community has a tendency to only show you the good times. Sometimes a trader will Tweet out that they had a losing trade, but more often than not the bad trades that these traders take will be down-played and not spoken about often. On the flip side, the good trades are going to talked about constantly – it’s just the nature of the selfish world we live in. To be clear; I am guilty of this myself. I often Tweet both my good and bad trades but only really elaborate on the good ones.
My aim is this; do not be discouraged or deceived – the traders you often aspire to be are the same ones that the trader himself is aspiring to be. More often than not when learning to trade we are not comparing ourselves to real traders that are ‘so amazing’, but rather comparing ourselves to an untainable imagined trader that people often place on display as a sort of facade.
To be a trader you must drop the unrealistic expectations and comparisons. To be a good trader you must drop the stress of making money. To be a good trader, trading must not be enthralled in trading. To be a good trader, you’ve got to have a realistic expectation. To be a good trader, you be patient. To be a good trader, you must know you’re not ‘a great trader’.
How do you get to this point? Below are a couple points I want to offer you on that subject:
- Drop your expectations
- Live your life outside the charts – don’t think about it all the time, please
- Learn from others, but don’t expect to do what they do
- Be patient
- Don’t change your strategy because someone else is better than you – who cares
- Read and Learn but don’t expect it to come in a day
All real traders ‘know’ they are a trader, they have a sense of communication (of sorts) with the charts. They’ve seen the patterns enough that they come more naturally and fluidly. So, please remember you can do it – anyone ‘can’ – but it’ll take losing your expectations and losing your unhealthy desire to do so.