There’s a troubling notion in the world of trading that has been germinated (like a bacterial, or viral disease) amongst the trading advertising marketplace that has hyped up trading products so much that people think they need to get rich even faster than instantaneously with not only 100% winning but 110% winning. You think I’m kidding but that’s the emotional state a lot of my customers have, unfortunately. I say unfortunately because it hurts those customers – it hurts them as traders.
Now this is not necessarily their fault, although the emotional state of 110% winning is kind of embarrassing… But it’s mostly the fault of these crafty marketers who got hold of the trading industry, in particular the Forex industry and were allowed to put out so many crazy ads and sales page websites that were just exaggerated lies. It was unbelievable what people were putting on their websites. They must’ve been from countries had no marketing loss whatsoever. They were faking trading records and they were faking bank statements – it was crazy! And some people still do that!
The problem with all that is that that kind of stuff is exciting. We all kind of secretly hope that, that is true. But unfortunately that’s a very bad mindset. It’s a bad mindset because it will get you to lose a lot of money. It’s like a virus that’s hard to get rid of. It’s like a stench coming out of old carpet you try to keep washing out. Ultimately you just need to rip out the carpet and burn it. The same goes for this crazy mentality of getting rich 10 years ago instantly with 110% winning.
If you step back a little from it all to realize that this month it is really stupid. What I’m telling you is that it’s hard to get rid of that mindset. And having such a mindset will cause you get to make all sorts of crazy and counterproductive trading mistakes. Having this mentality will also keep you from being a successful trader. And with the leverage of options, properly compounded with proper position sizing in combination with a good options trading system the potential to make a lot of money overtime is very possible. But the secret is that doing so is a methodical process. It’s the turtle versus the hare.
Anyways I could go on for 20 more pages related to this topic. But what I wanted to tell you here today is that I don’t want you to have this mentality because it’s gonna prevent you from becoming successful trading. You need to treat trading is a real business or a real job for those of you who can relate to that better. (and I think sometimes the better analogy is to treat train as your job because when you have a job you usually have a boss who supervises you. That supervision brings about a certain amount of seriousness. That seriousness is necessary for you to become successful in trading).
This mentality of 110% winning is like the plague. Need to humble yourself to a system. Need to humble yourself to the markets and be willing to take when the market is getting but not demand when the market is not giving. And just realize the marketplace can be very generous if you wait on it.