Loustar1

Hello and thanks for starting this topic. Why do more than 90% of traders lose? First and foremost they lose because they don't know how to trade. They don't know how to trade because they never took the time to truly learn what trading really is and how it works. The never took the time to truly learn how to trade because by the time they found their way to trading, they were in a hurry to make money and would believe all of the hype that led them there. They believed all of the hype because they are usually dissatisfied with their current financial situation and are looking for a quick fix for it. They look for a quick fix because all of their "hard work" has never led them to their monetary dreams and they have lost all faith in hard work and it's benefits. Not wanting to work hard in order to have their financial dreams leaves them in a mindset that makes them easy prey for the hucksters that promise riches beyond their wildest dreams with a few clicks of the mouse. They are now willing to risk much of their hard earned money in the trading world with virtually no formal or structured education/mentoring and promptly begin losing money and self confidence at a rate faster than anything they have ever tried before, and they soon become part of the woeful 90% we've all heard about. The truth of the matter is that the exact thing that's needed to succeed in the trading game is the very thing most are running from -- >> hard work. Most that come to trading bring with them a mindset that hard work hasn't worked for them in the past and they look at trading as the "easy" - "work smarter instead of working harder" solution. After all, how hard can it be to click a mouse a few times? I challenge you to find ANYONE that is successful in ANY profession to tell you that hard work wasn't a key (if not THE key) to their success. The "hard work" in this business doesn't come from watching charts or compiling a bunch of indicators into a system. It comes from doing the tough mental work - understanding who you are as a person - how you handle risk - how you deal with the unknown outcome of a trade - how much discipline can you bring to bear in your trading. Success comes from learning how to trade with an open mind, accepting the fact that you are not as smart as you think you are and then deciding to "work" as "hard" as necessary to become as smart as you need to be to succeed as a trader. Success in trading (or any field for that matter) is an INSIDE JOB. It all starts in your brain and how you use it. It's not about intellengence or how many degrees you have hanging above your desk. There are many great traders that are consistantly profitable that have come from modest backgrounds and some with no prior trading experience. It's about combining the will to succeed with hard work. This combination disiplines has rarely failed anyone who has used them to their full extent. No one selling you a $5,000 course or a $97 ebook will tell you this up front. This is why the sellers of the courses ( I'm not saying that they're all bad) focus on the raw emotion of wanting to get rich in their salespitches instead of telling you that you need to prepare to work at this for at least three years before you can grow into the mindset that will allow you to become a successfully consistant trader. If you were told the truth upfront, they would probably lose a sale. I will have more to say about this in my next post (have to get on with my other life) and will also touch on what you can do to get yourself on the right track. (I have nothing to sell, don't worry). I find this next question something that you should spend some time with. It's a sort of "thinking out of the box" kind of question. We all can agree for now that 90% of all traders fail. Yes? My question is this -- >> What EXACTLY are the 10% that win consistantly doing? -- And why aren't we talking about that? Be Well Loustar1