Alright. I cannot take it any more. The excuses just pile up a mile high & smells like bullshit. Here are my top 10 excuses I have heard about why traders cannot make money in the market & if you are thinking like this how you need to change:
- THE ALGOS ARE OUT OF CONTROL AND ARE TAKING MY STOPS. No, you are a moron. Only amateur chumps actually enter in hard stop orders nowadays if you are sitting in front on the computer. Try using a mental stop. A mental stop is simply this....if I want to stop out at $6, let's see the action around $6...if it goes to $6.05, let's not panic. Plenty of times algos are eating up those nickels to take you out. You will be surprised this one little change in your trading what it can do for you mentally.
- EVERYONE MAKES MONEY BUT ME. No, that is false. Social media is full of complete garbage. Most give an illusion that they are making money by posting winning tweets & never sharing a loser. I know a twitter account that has not posted a losing trade in 3 years. It's hysterical. These twitter posting only winning trades people are pathetic low self esteem losers that want to feel better about themselves. In turn, it makes the 'honest or new' trader feel they can't trade. Never base your mental aspect of trading off social media....it's unrealistic. 99% of tweets are literally un-actionable, hindsight, post after the fact moves & are completely worthless.
- THE ACTION IS CHOPPY & I CAN'T MAKE MONEY. This is true and false. The action is very choppy. The market is up 1% this year. I have never traded LESS. If you notice, after 11:30 AM eastern time when the Europe markets are closed the entire stock market is.....DEAD. When is the last time we had an intra-day reversal? Once a month? Everyday is a chop or trend day. YOU ARE OVERTRADING in this market if you are not making money. Enjoy the summer & stop pressing when a trade is not there.
- I CAN MAKE MONEY FOR 10 STRAIGHT DAYS BUT I LOSE IN ALL IN ONE DAY. This is the most common form of trading losses that you don't hear about. This defines most traders. Many think you need to make money everyday as a trader. You don't. You need to manage risk. So on the one day when a trader actually has a loss, they chase that loss thinking they need to make the money back that day and ADD to their losses! Take you fucking head out of your ass & look at the big picture. What are we trying to do here? Make money. It's not about being the MOST RIGHT. It's about making the big bucks on the day when you are RIGHT.
- I CAN'T PREDICT THE MACRO MARKET CORRECT & IT'S KILLING ME. Damn right you can't. Many can't. This is why most if not all traders do not make predictions. However you are a trader. Your job is to make money. The more stubborn you are, the more you will lose. I make money because I strongly believe in my research, but I refuse to add to losing positions or trades that are not working. I cut the losers quick & sometimes even reverse my thought process on market action. After all, let's face the cold, hard facts. If we could predict the MACRO market correct, we would not be doing stupid blogs & would be billionaires by now working for JP Morgan & selling our souls to the man.