Listen, I don’t want you to be part of the 99% of traders that fail. And because of that, in this article, I’m going to tell you how to get ahead of the 99% of traders that fail. And if you are in that category right now, then I need you to pay close attention because in this article I’m going to talk to you about the insights that I got from, since I was working for €2 an hour to now managing multiple six figure accounts.
And now you might say this is just another article where he’s going to talk about the mental Game of poker, Market wizards, Trading in the zone, books that he just read and he thought, oh, let me make a article about this, because thinking in probabilities is always easy to say, am I right?
So, yes, I could tell you to develop a trading plan, to tell you to stick to risk management, to tell you to be disciplined, manage your emotions and everything that is said in the other articles. Why? Because that still stands. If everyone is preaching it, then maybe they are not wrong. And I got the idea for this article when I received a DM of someone asking me is it normal to be unprofitable in your first demo account?
To which I replied, of course. And it got me thinking as to why he thought that it was not normal to be unprofitable in your first demo account or your first trading account, whatever it is. And the reality is that our perception of trading is completely skewed because all of a sudden we have access to these people on Twitter, YouTube, Instagram, whatever. They are flashing their lifestyle and they are trying to impose these results onto you, where you think that now you have to go for prop firms to get into the leaderboard to then be able to flex on the Broke Boys.
The Importance of Experience
And that got me thinking onto what this red pill wave now on social media has been preaching to everyone. And I wanted to make things clear. I could be here giving you the same advice over and over again and it would still stand as good advice, but nothing would click until you have experience. And that’s the secret word, “Experience”. Because this is the most important point that I can give you.
How are you going to understand how you like trading if you never had the experience? How do you know how to manage your emotions if you never had experience? How do you know how to approach risk management if you never had experience?
Someone that just watched three videos and thinks that they are now consistent or have a consistent strategy is the same thing as someone that is watching videos on YouTube about how to bench 225 and now goes to the gym and tries to bench 225.
Before you are able to do that, you need to develop reps before you get to that goal. No pun intended. And so every time you ask yourself what’s the difference between you and someone that is consistent is that they execute.
And so every time you see people preaching, oh, it’s the psychology, it’s the psychology. Not really. You are just not able to press the Buy or sell button. And that’s why I think that every single time when someone says that psychology is a secret, they’re missing the initial point, which is if your technicals are not consistent, then your psychology is not going to make you profitable all around.
You can’t just shout affirmations trying to become a profitable trader. You actually have to put the work in and execute at the end of the day. So you need to develop this technical edge first, then applying it on the live markets either with a demo or with a live account.
I personally recommend a small live account. I started with $1,000 and of course now it’s been scaled up because only then when you are executing, is your inner demons going to get shown to you. That’s when you understand that you have FOMO. That’s when you understand that when you are in Drawdown, you are more in emotional. That’s when you understand that you close trades early. And this is when you have to dig into the why. And that’s when you go into the psychology part.
Getting a Job
But if you don’t have the experience, you have nothing to link the knowledge that you have to. The other way to get ahead of 99% of traders is doing what 99% of traders deem as something negative, which is getting a job.
This is a very important topic. Why? Because most of the time when people say that they are emotional, normally they are just over risking. And now you might say, oh, but I’m only risking 1% on the challenge.
Of course, but how much does that challenge mean to you? Are you all of a sudden putting all your life savings into one challenge? You should be doing this. And this is coming from me. I started working when I was 15 years old for €2 an hour, and I started valuing money.
And this is when you start understanding that, okay, I need to do this consistently. I need to do this in a way that I’m not going to blow all my funds into a trade. That’s when you start applying risk management.
Execution is Key
That’s when you start going for prop firm challenges, that you are comfortable. That is when everything starts piecing together, when you are calm and in the flow. This is when you can execute. And again, that’s the main message of this article, “Execution”.
Because if you do not execute, nothing that I can tell you in this channel is going to work. Why? I can give you a dozen risk management strategies. If you don’t test them out, how do you know if you are going to be comfortable with them?
I started by risking 0.5% on the challenges. Then I understood that’s not sustainable. Then I started risking 1%. Then I started risking 2%, which I do not recommend, but I started understanding that I was comfortable with it.
But if I did not test these things out, how could I even give you this information? The most valuable lessons that you are going to take in your trading career are coming from your own experience. And this is why, once again, the final message of this article and the main message of this article is execute, execute, execute.
And right now, if you are on a job, listen, I really do understand what you go through. But you also have to understand that it is a stepping stone. It’s going to give you the capital that is going to let you invest not only in courses, educators, and also prop firms.
It’s going to give you some financial stability so that you can execute calmly. You are not afraid of losing a funded account. Why? Because you are going for funded accounts that you don’t mind losing.
So always look at it in a positive way. Getting a job is basically you getting paid to be able to trade. And in the future having more financial stability or even time freedom. But those are cliches that I don’t really like to talk about.
I hope you did enjoy and let me know. Are you executing?