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Why Pro Traders Always Lose Money More Then Newbies
At times of world crisis there is always a fluster in the markets. Empires are both built and erased when markets swing. A lot of pro traders stress the importance of having strategies when it comes to making money in the markets. The truth is no strategy can protect you from market volatility. Your success when trading will be more dependent on your mindset and how you react to movements in the market. Emotion management is extremely important and often overlooked by the average trader. When you are reacting to the market with emotions rather than technical analysis you are putting yourself at a disadvantage. Let’s take a look at some of the most common emotions to watch out for when trading.
Fear Traders become fearful of the market usually for one of two reasons. Some are new to trading and have no idea what to do, so they don’t do much in fear of losing their funds. Another reason is a trader may have experienced a significant loss in the past and now the trader does not take risks that could have been profitable. In order to remove fear from your trades, you need to make sure you are managing your funds properly. You should never invest more money into the market than you can afford to lose. Plain and simple. If you know you can survive losing whatever you trade with, then you will be less worried about losing money and more capable of taking calculated risks. Your account will start to grow quickly once you’ve deleted fear.
Greed Have you ever heard the old saying, “Bulls make money, bears make money, and pigs get slaughtered”? This refers to market cycles and traders, meaning if you are greedy with your profits you will more than likely lose your money. Without realizing it, traders get greedy when their trades pass their profit targets and they remain in the market. They think that since a position is in their favor it will continue to be in their favor. Let me tell you, markets can fall as quickly as they rise. If your take profit goal is achieved, that means the trade did exactly what you thought it would. Why would you want to leave that position open? If your profit target was met, you should close the deal and look for the next trade setup. Don’t get greedy with your profits; take your profits and live to trade another day.
Revenge Sometimes when a trader suffers a loss in the market they will get feelings of revenge, sometimes without even being aware. Losing anything does not typically produce a good feeling, and losing funds can sometimes create a vengeful desire for more. Quite often, an inexperienced trader will try to recover a loss quickly only to be met with another loss due to lack of planning. As a trader you have to understand that you will lose out on some trades. Not every trade will go the way you want it to and that is completely normal. Instead of getting upset, try to take a look at why your analysis was wrong and use the information to set up a better trade next time.
Euphoria Perhaps the easiest way to lose your money is in a time of euphoria. When traders take a big profit or are successful in a series of trades, they can become overconfident in their trading abilities. This can lead to poor risk management and can send a trader into emotional disarray. When a trader gets too comfortable winning, he might forget what losing feels like. There isn’t a single trader on Earth with a 100% win ratio. Every trader will take a loss at some point, and you never know which trade it will be. It’s best to keep calm and collected when you are becoming more consistently profitable so you can properly manage your resources.
Developing a Trader’s Mindset It is not difficult to achieve a trader’s mindset, but it will take time. If you are new to trading, you must accept that the markets do not care about you. The markets are going to do what they will regardless of what you want or how you feel. You need to learn to use technical analysis to predict possible market movements. You must also develop a strategy or a few strategies that work for you. After you have established your risk/reward ratios, do not break them for any trade. If you stick to your plan, when you get to the markets you will be ready for whatever comes. You will be able to trade without emotions and you will start to see more consistent results.
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