A Question

In her most recent email, Louise Bedford (TheTradingGame) told this interesting story:

“WITH HER VOICE trembling, she asked, “But when do I start making money?”

Tears began to roll down her face.

Yet… she had no written trading plan, no knowledge about trading and had only ever placed three trades.

I stared at her like a Labrador that has heard a high-pitched noise.

Really? I mean… REALLY?

She was a classic “Now” trader.

She wants the results NOW, but doesn’t think she needs to put in the work.

She wants to have fun NOW. Spend NOW. Call herself a trader, NOW!

Yes, it’s so important to live in the NOW, but if you don’t have one eye on your future, it’s unrealistic”.

I thought: So true this is for so many of the newbies coming into the game.

They want the market to adapt to their needs and schedules. As Louisa says, they want results, but they don’t want to put in, (or they don’t realise that they need to put in), the work needed to succeed.

Trading is the most difficult game in the world. Given that we are dealing with uncertainty, the nature of the market is against our hardwiring. On the other hand, where in the world do you have a profession where over 90% of competitors, are actively contributing to your well-being. This assumes, of course, that you are among the winning 10%.

So, to which side of the fence do you belong: the 90% who lose or 10% who are consistent winners? And, if you belong to the former group, what steps are you going to take to move from 90% to 10%?

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