Why do we make trading excuses? (5 reasons)
It is an innate habit to make excuses in life.
We make excuses because it is the easy way out.
And let me tell you.
With trading, there is no EASY way.
As I like to say trading is the easiest hard way to make money.
It starts with NOT making stupid excuses such as:
Excuse #1: “I don’t know enough about the markets – so I won’t trade yet”
People don’t trade because of one thing.
People may make this excuse because they have not put in the time and effort to research and understand the stock or market they are trading in.
They make this excuse that they believe the market is a difficult, advanced and complex world to financially grow.
If you passed school, or university – you can definitely learn how trading charts work and how the market operates.
Besides, it’s just demand, supply and volume and the rest is micro and macro economics (which you don’t even need). I know some 20 year olds who dropped out of school to learn to trade the markets and they are doing fine (for now).
Excuse #2: “I’m scared of losing money – so I’m not going to trade”.
Sure you’re worried about financial loss and that you can blow your account.
Besides 98% of traders fail, because of this.
But you do know you can start with a demo (paper) account in the mean time. Once you see consistent paper returns and that you have a solid and adept strategy, you can start depositing little by little.
Money is no excuse when you can learn to trade – for free!
Excuse #3: “I won’t be able to stick to the strategy”
Most people make this excuse because either:
They do not have a proven and profitable strategy.
They do have a strategy but do not have the confidence to trade it.
They do NOT have the faith to actually take the discipline to take a trade when the system lines up according to the strat.
They don’t think they’ll be able to focus on trading because, they are distracted by other things in their lives.
This is a mind game, so work on yourself before you trade for yourself.
Excuse #4: “I can’t stand the fact of losing”
Back to ego, pride and integrity.
Let me try and help you with this one.
When you buy yourself clothes, cars or other material stuff.
You do know you’re spending your hard earned money – poof – gone.
With business, you have monthly costs fixed and variable.
With ilfe you have expenses and unexpected doctor appointments.
All of these come with an opportunity cost. I lose this to get that.
Trading shouldn’t be any different. You lose a bit of capital off one trade, to bank a higher return the next time.
Rinse and repeat and your losses will start to feel like costs of the business. Your winners will feel like the money to pay for some of the costs next month.
Cut your ego out because every week and month you spend and waste money – it’s called maturity.
Excuse #5: “I’m waiting for better conditions”
When the market Is not that favourable, how do you know when it will turn back?
You just need one day, one week or one month – and your portfolio could head to all time highs.
It’s not our jobs to trade when markets are favourable or not. It’s our job to follow the proven strategy because we know it will yield a consistent return over time.
Also… When you do eventually get into trading – then what?
Are you going to stop trading again because the market isn’t feeling right for your strategy? I should hope not. You’ll be entering into a discretion and subjective form of trading which eventually ends up to be a losing strategy.
I hope this helps and makes you realise that excuses are nothing more than going back into a comfort zone of no change and progress…
When later in life you’ll realise.
Your comfort zone, was uncomfortable to begin with.
Trade well, live free.
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