|Whats up trader
I often get the question ,what does it take to be a trader and my answer is usually the same ” laptop and capital” .Now this is a simplified answer because being a trader and a consistently profitable one are two different things.
The forex market is booming ,more traders ,more gurus ,more brokers,more indicators ,more automated systems but guess what? retail traders are still losing money on a phenomenal level and only a few are picking the fruits of their hard work and why is that will give you my take on what the biggest building blocks most traders face.
1.Underestimating the amount of work needed- This is a common one because I have heard people giving 3 day workshops that teach people how to trade ,unless you are unusually different from every single person on the planet you will never learn how to trade profitably in 3 days .there is no use in a taking 2 weeks leave from work because you wont learn how to trade in 2 weeks you need to work hard doing backtests ,reviews,assessments,journal ling and all this other stuff
2.They over estimate the pay off- Most traders want to become millionaires within a year they want to make “the big money ” with a small $ 100 trading account.A bank trader will look to make millions a year from trading thats because they have the capital to do so and unlike the retail trader they will have the necessary trading coaching plus all the support they need .
3.They understand that trading is not about charts- Most trader will go around looking for the fanciest charts and template or go out on social media and look for the guy with the most squiggly line and want to be like that .Trading is not about how well you read charts it might have been but not anymore and the only people who understand this are the consistent winners