Forex & Stock Trading: Another Way Traders Sabotage Themselves

So yeah, when it comes to focusing on your strategy, there's another problem that, that really traders, they just shoot themselves in the foot and, and don't feel bad. I did the same thing. I'm not criticizing them, I'm not judging. It's kind of a natural thing, you know that when things aren't working, you know, you want to, you have that urge to fix it, to do something, not just sit there and, you know, keep taking a beating in the face. But the thing is, if you're going about it the wrong way, you're going to keep yourself stuck almost forever. Before we get started, make sure that you subscribe to this channel and if you're on YouTube, make sure that you go ahead and click the notification bell. One thing that I see of traders do, and unfortunately it's kind of a curse of, you know, really the people that have real good initiative and they've got the energy and the passion and they want to make it work and they don't mind putting in the effort and all that kind of stuff. Here's, here's where they're really shooting themselves in the foot is looking at new strategies all the time, looking at, you know, new. However people are making money in the market. And here's, here's the problem with that. If you're, you know, it's, let's say you're working with, you know, maybe a, you know, a trend following strategy and you know, you're wrestling with it, you're wrestling with it, can't quite get it to work. So you think, oh, hey, I've heard about this moving average crossover. So you go, you jump over here and now you're looking at moving average crossovers. Now, hey, I heard about vsa. You know, there's this guy using, he's really killing it. Well, I heard about ict and then, you know, watch this podcast and you're constantly jumping from system to system to system to system or strat, I should say strategy. Whether a strategy equals a system is a whole other video that I talk about because they're not the same. And if you think they are, it's totally going to keep you stuck forever and frustrated. Anyway, if you're constantly jumping from one strategy to the next. Here's the problem with that. Any whatever strategy you're going to use, you have to develop some good competence with that strategy. It's not a matter of just learning the strategy. You also have to learn to get good at it. And if you, you know, you try this one and you try it for a week or two and it just doesn't work and then jump to something new. You're constantly jumping back to square zero and you're starting over again. And that really, that's a problem because trading is not that simple. It is an occupation that requires skill. Part of the, part of it is the skill set that you need, the range of skills that you need, and it also is developing, developing competence with the different skills and even the skill of your strategy. I don't have very many traders that are master of, you know, tons of different strategies. They generally have one or two, maybe three. You know, they've got a small range of strategies or styles of strategies that they stick with, and they get really good at those strategies. That's very helpful when you're going to trade the markets. But if you're. Again, if you're constantly jumping from, you know, using candlesticks and looking for dojis and, and, oh, no, now I'm going to, you know, switch to, you know, Gartley patterns. And now I'm just going to ju over here and, you know, I'm going to trade this. And you're constantly, you know, putting new stuff in your head and, you know, keeping that squirrel cage running, and you're just jumping from one to the next. But you're constantly, you know, okay, I'll start with the strategy. I take two steps forward. Oh, wait a minute. I'll, you know, switch strategies. Bam, two steps back to square zero again. And you run in this loop of constantly starting over. And so do you need a good strategy? Of course you do. But the thing is, the whole jack of all trades, master of none trading is kind of the same way. If you know 50 different strategies but you haven't gotten good with any of them, the 50 don't really count. You need to start with one, develop it, develop your skill with it, develop your system or systems with it with that strategy and do it properly so you have the consistency. You can build the confidence in the strategy, build confidence in your system, build the confidence in yourself trading it. And that takes a little bit of time. But every time you jump to a new strategy, again, you're going back to square zero, both with your confidence with you and the competence and the whole nine yards. And so all you're doing is you're going forward and back and forward and back and forward and back. I mean, maybe different directions, but that's why, again, this game can be so frustrating because it's like, man, it seems like no matter what I try, it just doesn't work well. You have to be able to stick with something long enough to make it work and that's where you build the confidence along with again, picking up the skills. As long as you're trying to do this job without the proper skill set and the full skill set, it's going to be rough. This is not an occupation that you can just jump into it and figure it out. If you want to just figure it out through trial and error and trying 100 different strategies, it's going to take you 5 to 10, 20 years. If you want to actually get good at this, focus on the right skills and know how, then it gets easy. I mean, think about it. Trading does it has a certain skill requirement. If you're down here, it's going to be rough. You're not going to make a whole lot of money. It's going to be stressful and it's going to be an emotional experience because you're trying to do a job you don't have the skills for. But when you get to training and you focus on skills and you get up here and this is what the job requires, hey, it's easy now because your skills and know how and competence exceeds the requirements of the job. And again, that's how you make things easy is when you get better. It's just like Jim Rohn said, don't wish that it were easier, wish that you were better. There was wisdom in that state that saying, because when you get better, everything gets easier. The strategy is not going to make it easier. You need a decent strategy. But the strategy is not a magic wand, it's not a magic pill. You are what's going to make things different and your skill set, your rain. Do you, can you do all of the different things that you need to do to be good at this job and then yes, coupled with a strategy, then things will start to fall into place. So I hope this has been helpful. If it has, you know, give me a like down below. Subscribe to my channel so you can get, you know, get, get notified. When I publish videos every week I, I do this and this is, I'm really all about helping you become a skilled, competent trader so that you're good at this and life gets easy. That's really what I want to do for you. If you've been struggling, you're not sure where the, you know, the gaps are. Swingmyinsideouttrading.com I've got several free resources for you. Two different reports, a couple of different videos that'll help you understand what's going on, maybe where you do have gaps that you need to fill in. And if all else fails, you can book a call with me. We'll get on the phone, we'll get on a zoom call or phone. We can talk through your situation, see what's going on, see what's holding you back right now that's making this so frustrating. Uncover it. Figure out the best path to, you know, get you unstuck and really onto, you know, profitable. Enjoyable trading. So again, I hope this been helpful if it has shared with your friends. If you have friends who trade, they'll like you better if you keep passing them on. Good information like this helps them trade better, solves their frustrations. They'll like you better. Again, I hope it's been helpful. Talk to you soon. Cheers.