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I always talk about the danger signs of trading. These are the reasons that many accounts go on tilt when they aren’t corrected.
Today, I want to talk about the subconscious pressure that a lot of traders are putting on themselves without even knowing it.
Here’s the deal. Many new traders become attracted to trading because they see the sexy. You know the sexy, right? The sexy is the dream. The Ferrari. The penthouse. The Audemars.
Back in 2003, a little-known guy by the name of Chris Moneymaker (real name) changed the world of poker forever. Chris was the average Joe who took his luck to Vegas by winning a $39 online qualifying event. He ended up winning the World Series of Poker Main Event and collected $2.5 million in the process. What followed were waves upon waves of other wannabe millionaires who were quitting their jobs in the hopes of winning a fortune playing poker. And so the poker revolution became known as the Moneymaker effect.
If you think about it, trading and poker are really similar. Neither requires an education. Both are easy to get into. And most of all, both are full of people who are infatuated with the sexy.
The problem is that the reality of trading isn’t sexy, and chasing after the sexy will almost always end poorly. New traders often want to succeed so badly that they subconsciously start pressing in their trades and getting too emotionally invested. Think about it — what’s the reality for a trader that has no education and no Plan B? When failure isn’t an option, you start seeing people getting panicked and trading recklessly. The game speeds up for them as their emotional levels increase until, eventually, every mouse-click becomes a nightmare. The end result is that they go on tilt just like many of the disciples from the Moneymaker effect.
As I always say, trading is the easiest business to get into, the easiest business to leave, and the hardest business to come back to. Slow and steady wins the race. Education, money management, and process are always the key.
Don’t fall victim to chasing the sexy — embrace the boring.
Happy trading.
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Ready to level up your trading and improve your win rates?
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