The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. I am here to do is help you achieve those dreams, and in order to do that we first must put these life-changing dreams and goals to one side and look at what’s actually going to get us there, we need to get smart, we need to be real and cut through the noise. Does anyone actually make money trading forex you love the money or the process?
REALLY LOVE THE PROCESS of learning about markets, studying and looking at charts and trading in general? Or, are you just sort of slugging along because you think you can make fast money? For most traders, especially beginning traders, the honest answer is the latter. Read that last sentence 5 times before you continue. How can you make an honest assessment of whether you are in love with money or the process of trading? You’re trading money you can’t afford to lose. If you’re doing this, it’ because you’re too focused on the money.
People who risk money they really cannot afford to lose are doing so because they want to make money fast and they are only thinking about the prize, not the possibility of losing that money. You’re thinking only of money, not enough about trading or your trading plan or strategy. The money is just a way to keep score in a game that tests your ability to remain disciplined and patient in a world of constant temptation. You’re already making plans of what you’ll do after you make XYZ money in the market, you only think about the rewards and not the risks. I know a lot of amateur traders who get super excited about the possibilities of what they will do with the money they make from trading. It’s great to have ambitions and goals, don’t get me wrong, but this cannot consume your thoughts. You trade for no good reason, even late at night before bed, pressing some buttons for the gamblers endorphin release, you need to be in a trade.
If you end up trading all the time, entering one as another one closes out, you don’t want to trade anymore, you NEED it. Stick to major markets, major Forex pairs and major stock indices and commodities, don’t trade every market under the sun, this will cause you to over-analyze and over-trade and lose money. You should trade because you love trading, plain and simple. You’re becoming methodical and well-structured in your approach, making plans and keeping notes and spreadsheets, you’re taking this seriously. Once you start doing things like this you know you’re on the right track. Your family and friends don’t understand you any more, the conversations have turned into things people can’t relate to, you feel alone, isolated, and feel desperate to find others who think the same way. Trading, more than anything else, is about self-improvement.
Show me a successful trader and I will show you a person successful in other areas of his or her life. LIFE success not just of trading success. You are competitive, you like the competition. Conclusion If you want to get fit and healthy and achieve your optimal body composition, you must fall in love with the process of working out and eating healthy, because if you don’t fall in love with it all, you will never continue to do the little things day in and day out that lead to the type of body you want. To succeed at trading you must let go of the need to control the outcome.
You must fall in love with the process if you want to get the results you’re looking for. Don’t worry if you’re not yet feeling this quite yet or doing the things I discussed above, just stick with the plethora of inspirational and educative lessons on my blog and then study the chapters in my professional trading courses as well as follow along with the daily market analysis I post for members. What did you think of this lesson? Please share it with us in the comments below! A sent Prophet in the market, full of knowledge, understanding and wisdom to prepare and guide us. Since i have started following you , Market understanding of mine has rapidly increased dramatically .
I sincerely appreciate what you have done to the journey of my trading lessons and those of others who have been inspired by you. I got covered with you prof. Nial, you put it very well! I have been watching Bitcoin this weekend not that I am interested in trading it, but watching the chat in Tradingview was both hilarious and informative. I even seen people quoting learntotradethemarkets to support their analysis. I watched it for several hours as each post was coming in about every half second.