Everyone has a different story and every successful trader had to face various challenges and obstacles when they started out. Those who claim they didn’t struggle at all obviously never traded in their life. We all have a different learning curve and approached trading with a different mentality and from different angles.
What was your biggest obstacle you had to overcome before you felt you were on the right track?
I think to me it was to trust myself that I would figure it out and get to the point where I could create a strategy that works for me in order to achieve consistent trading profits. I remember when I decided to trade I had no idea what I was getting into and I did take the time to educate myself to the point I felt comfortable to open my very first account and place my first trade.
My biggest obstacle for trading and basically for all endeavours is the un-necessary transparency of my lottery ticket, my gambling cards, my trading style and positions. It is basically an invasion of privacy that provides no room for success and or profit.
For example, if your lotto numbers are known ahead of time then there is no way I am wasting time playing the lottery. Theoritically, if your gambling cards are seen through hidden cameras in the casino why bother playing against casino coolers. Why trade if your trade positions are known by your broker and others?
Too much transparency was the real problem for me until I found my PERSONAL EDGE. I guess everybody needs to find their edge.
My biggest obstacle was my lack of confidence. Even when I made the right decision about my trading I doubted myself and I made mistakes due to my doubts. It can be a pretty difficult thing to overcome, but I think it’s perfectly possible. I know I am getting better at it.
Being under-age: I had to wait until I was 18 before I could open a real-money account; that was the main reason I was on “demo” for so long. Probably it wasn’t such a bad thing, really.
As a newbie I can honestly say Patients my patients to allow from my what I see as a potential trade setup to develop at my predefined price. I am also moving away from the idea of using many indicators as I find they tend to sway my judgment too often. Sometimes it seems that I am picking the right indicator to agree with my idea and not where the market it headed.
In my first month live, I grew $3000 to $5200 and thought I was a natural.
Luckily I withdrew my $2200 profit and started month 2 with my $3000 again, because I blew 90% of it
Scared the life out of me, seeing how easy it is to lose money here.