Comment on Mr Consistent returning incredible returns
commented on
29 Jan 2014, 10:36 AM
Mak_T,
The reason could be multifold. When i say ‘you’ in the below pointers, its not literally you but its just a figurative speech.
1. Fear of losing – if this is your only disposable money, this fear would literally haunt to the core. Everyone has an humble start and you gotta take it slow. I have written a big post on how to start trading full-time/part time gradually. The only way to overcome this fear is to understand that it exists and have a big cushion outside of trading capital. This might sound counter-intuitive but thats what it is.
2. You want the perfect trade..in other words, you don’t want a losing one. This is the reason to search for more confirmation from unknown/unexplored indicators. Been there, done that.
3. You don’t have confidence in your system – real trading with 1 lot for 3 months would help.
4. You have the strong urge to make money ASAP. This one reason could play a big spoilsport in our quest of mastering this game. As i said earlier, if a trader trades to meet monthly expenses, its going to be extremely difficult to increase acct size and has a lasting effect on psychology.
5. You are in a drawdown and has a strong urge to make it back to breakeven ASAP. This can force us to not follow the plan.
Hope it helps.