We live in a very coddled society today. When I acted up in my childhood, my dad would take out a belt. Now you so much as say the word belt and you’ll have child services at your house. I don’t believe in spanking my kids because I recognize that they are little cavemen and just don’t know any better. Anyway, I prefer the death stare of my hot-blooded Italian wife — a look I wouldn’t wish upon my worst enemy. But I think that we need to open our eyes to the consequences of coddling throughout society, and that includes how it affects new traders.
New traders today are fed a line of bullshit on social media where trading is portrayed as is a land of bubble gum and raindrops. Even worse, they’re constantly being told that “If you work hard, all your dreams will come true.”
There’s a fundamental problem with that blanket promise, of course. That is that almost all new traders are attracted to the light. It’s the same reason that all tourists go to Times Square instead of the lower east side of Manhattan. And once you are committed to the light, all your habits get magnified.
Let’s take an example of something I sometimes see new traders doing — trading the pre-market high list. If you’re doing this, I can practically guarantee that you have serious flaws in your trading but are blinded to them. You’re trading a scenario in which 95% of the meat is already off the bone, yet you’re exposed to the 90% of traders who lose money. And you’re probably not trading enough size to make it worthwhile anyway. That’s just one example, but there are plenty of others.
The Access a Trader community provides guidance and a learnable process. But what it does not provide is coddling. The madness has to stop.
Habits and process are all a trader has. Developing good ones early on is a must. I’ve said it many times before and I’ll say it again — trading is supposed to be boring. In fact, the more boring the better. Learn to walk before you try to run, and just maybe you’ll wind up in that 10% of profitable traders.