Tommog

I have been a professional trader for 8 years and I say this not to be argumentative but helpful. The reason most traders fail is not psychological. They fail because they dont have an edge, This whole notion of "just follow the rules and you will make money" makes it easy for people to sell worthless systems and claim "the system is the least important part, just follow it and all the riches in the world are yours, the system isnt broken you are" I have been involved in the development of numerous trainee classes. Within 3-4 months their discipline is spot on. We have risk managers monitoring their positions, they have strict daily limits that the company wont let them breach and all manner of other tools to keep discipline and control in check. I know a lot of people trading from home dont have this, but that only proves my point further, that even with 100% perfect discipline some people still dont make money, You need to have an edge in the market. It is as simple as that, You need to exploit an inefficiency and these inefficiencies are always changing. The reason why most people fail is trading is one of, if not, the most competitive industry in the world and there are programmers running every possible variable you can imagine to find patterns yielding profits. I would love to be proven wrong an have someone show me they make consistent money month in month out with a simple moving average system or such like but my 8 years in this industry have resulted in me making money by constantly adapting and finding new edges and my bad periods have come when they stop working, not when i need some discipline check. My advice to any trader going through a rough patch is do more research, start building new approaches and cut back size until you find your groove again. Dont just keep trading some gurus system and let him tell you "its your discipline"