“I missed a great trading opportunity today because I didn’t get my advisers email telling me about it. I could have logged into the website but no one reminded me to do it.”
“I want to change my career but no one will give me a chance.”
“I can’t code my trading software and no one will help me.”
For the last 30 years I’ve worked in the financial markets and I’ve run a trading education and stock market advisory service for the last 17 of those years. In that time I have met thousands of investors and many of our clients have been with us for more than 10 years.
I’ve heard more excuses as to why people are not successful traders than golf balls that I’ve lost. Most days I will be contacted by someone wanting help with their trading but with a million excuses why they can’t do it.
Enough, People! Stop with the excuses. It’s boring and it’s getting you nowhere!
Here’s an exercise for you to do over the next week:
Every time you are asked to do something, or think that you should do something, grab a piece of paper or the notepad in your phone and write down your answer. Did you make an excuse? Write it down.
At the end of the week look back over your answers.
Now, re-write the list changing any negative answers into a positive. For example:
What you said: I didn’t buy TOL (Toll Holdings Limited) despite my strategy signalling a buy because I didn’t think the chart looked any good.
What you should have said: My strategy says to buy TOL. I will buy TOL.
Example 2:
What you said: I can’t create my own trading strategy because I don’t know how to code Amibroker (or any other trading software).
What you should have said: I want to create my own trading strategy. I am going to Google “coding Amibroker for beginners” and I will set aside 10 minutes each day to practice and build on my coding skills. (Now grab your phone and set an alarm for say 5pm each day to remind you to do your 10 minutes of study).
Or my personal favourite: The markets are rigged. I can’t make money because the smart money is preempting my every move. (Believe me, the “Smart Money” don’t give a toss about you!)
What you should have said: I lost money on that last trade but I don’t understand why. I am going to look back over my trading rules and make sure I understand exactly why my strategy works, how it makes money and ensure that my money management rules are sound.
I’m going to say this one more time: your excuses are boring and are getting you nowhere. If you want to be a successful trader pull your finger out and work hard to be one. No one is going to do it for you.
Nick Radge is Head of Trading & Research at The Chartist. Drop him an email if you have any questions but don’t you dare make any excuses!