Day Traders - Losing
We live in an instantaneous, electronic day trading world.
Most traders these days are dissapointed as they have not found a way to make money, bored with break even results at best, and those who suffer personal and financiall losses, over and over, with the hope of winning some day. All three types of loser fail to make real progress toward having a business the generates profits.
Those financially independent traders, who give day trading a try, quickly find it just another expensive hobby, like trips to Vegas. They become frustrated and then angry about losing - without the means to ever learn to win.
Eventually traders can become so frustrated they just quit (or they are thinking about quitting - soon).
Day trading is a serious, very challenging business where only the confident, competent, performance focused traders survive and then strive.
Day traders learn to win just like athletes learn to win.
Athletes and day traders who are passionate and committed about learning to win at the top of their game know they must engage the services of a best-in-class consultant / coach.
Why?
To get on a winner's track. To develop the confidence, competence, and performance excellence to get to the top of their game - just like a golfer or tennis player learning to play their game with a coach/pro to have the best chance of becoming a consistent winner - a champion.
However, most traders lose - why?
First, losers have a loser's attitude (unbridled bias and arrogance, with the need to be right about and control just about everything and everyone that's involved with their trading),
Second, losers trade a loser's game (an old-school trading game), and
Third, losers lack trader confidence, competence, and execution skills,
Fourth, losers trade on their own - hoping somehow they will make big bucks quick - without a system, without a coach, without learning to trade well.
Traders lose for the following reasons:
1. Obsessed with money - rather than learning to win,
2. Lack of risk capital (financial independence - excess net worth),
3. Biased decisions - chatter, arrogance, fear, greed,
4. Play a loser's game,
5. Lack the confidence and competence to win,
6. Trade on their own - rather than with a coach, in a trading room.
Since the tech bubble day trading has changed.
Attitudes have changed, plans and rules have changed, and sophisticated software is continuously redesigned by the few big boys at the top (hedge funds, etc.) to stay at the forefront of all this change so they can get whatever they want from all the losers at the bottom of the trading food chain.
Yet the losers don't change their losing ways. They just go on hoping and losing.
Losers are blind to the fact that the stock trading game has changed dramatically - along with all the rules, strategies, and execution skills needed to win.
Losers trade in a funk, vulnerably, not knowing what to do to turn from losing to winning. Losers go on playing an old-school game, applying old-school rules, refusing to change as they don't yet know of any other way to trade.
Losers have no idea what it's going to take to consistently win.
Big money loves it, market makers love it, and hedge funds love all the "dumb" losers out there. They love the money to be made from the crowd of losers.
The old game of day trading - the loser's game:
1. Show up too early, or
2. Show up too late,
3. Feel confused and bored - or both,
4. Trade with excess emotion (fear, greed, hope - constant companions),
5. Become - frustrated and then angry,
6. Blame - everyone (for sure yourself) and everyone you can,
7. Eventually get deenergized, discouraged, and finally,
8. They just quit.
The Problems Losers Have:
1. Cannot accept they are trading a loser's game,
2. Unaware a game exists for winning,
3. Remain in denial - thinking somehow they will eventually win.
Other contributing factors:
1. They don't take care of themselves - health, nutrition, rest,
2. They have low self-esteem - lack confidence and competence,
3. They lack balance in life - family, friends, and fun.
The mood of arrogance, a combination of pretending to know about (pre-conceived notions) and thinking they can have complete control over everything in their life is the primary source of all losing.
Arrogance is at the source of failed businesses, failed relationships, and losing in all kinds of sports (games) - especially the day trading game.
Losers will surely continue to lose until they allow serious intervention - change.
Losers need to learn to win like kids learn to play ever innovative computer games. But this learning is not possible until they see that their trading game, the one they've "mastered" for years, has been dead-ended for years now.
In summary, this is what I want you to know about losing. Your old trading game, the one that used to give you all those big winners, has gone the way of the model A.
We have a trading game that, no matter what the big money does with their game, we consistently win.
Sure we lose. Yet in losing we take the next step to winning. We learn to lose infrequently (small) with dignity; and win consistently (big) with grace. And so can you.
Comments, questions, suggestions:
Service@DayTradersWin.com
Additional information:
http//:www.DayTradersWin.com
"More powerfuul than the will to win is the courage to begin.”
"You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.”
Zig Ziglar
