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Watch The Video Online: Market coach Doug Hirschhorn, PhD, discusses the six reasons some traders will never make money.While there are a lot of traders out there, many of them don’t make any money. Well, it’s time for a wake-up call folks. Here are six reasons why you do not — and may not ever — make money as a trader:
You don’t put in the proper amount of effort. You don’t put in the full-time commitment it requires to be profitable in trading because you treat it like a hobby. Trading is not a part-time job. It’s serious business.
Failure to be disciplined and consistent with your process. There’s no excuse for this. It’s all up to you.
Trading like a gambler instead of a trader. You’re taking irresponsible risks rather than thinking in terms of probabilities and trading when you have an edge.
Actually putting on trades without a solid game plan. What are you thinking? You must know your game plan and execute it.
You over think things. Trading is a simple game — up, down, sideways. Keep it simple and make money.
Not trusting yourself to do what you know you need to do. You spend too much time listening to other people. Trust yourself and execute what you know.
The good news: every one of these things is entirely in your control. All you have to do is choose to make things happen.
Video: Market coach Doug Hirschhorn, PhD, discusses the differences between the sexes when it comes to investing.
Traditionally, men dominate the financial services industry. But given the past year’s events, many people find themselves wondering if that’s a good (or bad) thing. View the video online now.
In fact, there are five reasons why your wife or girlfriend may be a better investor than you:
Awareness Women are generally more comfortable going through the process of gaining self-awareness than men. And self-awareness is critical to successful trading.
Ego Typically, women get far less wrapped up in the “I/Me” involved in the decision-making process. Remember, trading is about making money, not being right.
Strategy Men react, while women tend to reflect. It’s reacting that leads to impulsive trading and sloppy mistakes. Reflection, on the other hand, leads to game plans and process.
Growth Women are often more comfortable going outside themselves to find information. They have a growth mindset and are more open to learning from their mistakes.
Stability Let’s face it, men are driven by greed, while women are more likely to be driven by comfort and stability.
It really is enough to make you wonder: If more women were running the show on Wall Street, would we be in a better economic environment today?
Todd Gordon is a senior technical strategist & trader at Forex.com. In part one of this interview with market coach Doug Hirschhorn, he discusses the approach he’s developed in his 10 years of trading. His most important lesson: Learning how to sit on his hands. View the video online.
When someone sits down to make their first trade, Gordon says, you feel like your job is to start trading. It’s a natural inclination.
People tend to feel the need to work all day long. But in the world of trading, that’s counterproductive. The first thing you need to learn to do is to watch the market and leave your trading platform alone. Then, when you start to see opportunities that match up with your trading style, you’re more inclined to enter the market.
If you’re just banging away all day, you’re not learning to be selective in your trades.
It’s also important to know you’re not meant to trade all markets. You need to have the patience, experience and discipline to look at a market and say, ‘is this market good enough for my money?’ That only comes from experience. So, if you’re a new trader, don’t get too discouraged if you aren’t able to identify your favorable markets. In time, you need to realize there are certain situations where you should be in the market and more situations when you probably shouldn’t.
By nature, I’m a technical trader. I favor Elliott Wave analysis. What that’s done for me is bring about disciplined pattern recognition. So I know when I should be in a market and when I should be out.
I take it a step further: With pattern recognition, I should be able to see the trade at least three hours before I put the trade in the fund. And it’s a rule I have—if I haven’t committed my trade to paper, I’m not allowed to trade more than 50 percent of the allowed size of the fund on a particular idea.
Plan your trade, trade your plan literally means see the trade in the future, realize this is a value area where you want to be involved in the market. Then, once you’ve had time to digest the trade, let it come to you and execute without hesitation.
The world got pretty ‘bulled up’ on dollars. And then all of a sudden, China was off about 20 percent from its highs, crossed into bear market territory, and the world was buying dollars for the risk aversion trade. Then the oil inventories number on Wednesday just blew the dollar out of the water.
People might be second guessing that game plan, but I’m saying probably another 2 to 3 percent down on the dollar, around 77, 77 ½ on the dollar index, but I’m going to be looking for that value area to start buying dollars again.
Remember, says Gordon, identify value areas based on your style of looking at the markets. And have the patience to let the market come to you. Don’t chase a market, there’s an opportunity right around the corner if you miss this one.
Some are standing on the sidelines, and others are thinking about jumping back into the investing game, but is the recession over? Should you wait more time, before jumping in?
In reality, the recession has nothing to do with human feelings and thoughts that cross your mind. Technically speaking, humans had the same fears about money 100 years ago, and they’ll continue to have the same fears 100 years from now.
It’s all a matter of whether you can control your feelings enough to make your trades succeed for you. Watch this video (as I connect with CNBC and some of its experts). This should help you decide whether it’s your time or not.
Everyone can achieve inner greatness. The key is to set goals. And while that may seem obvious, there are very few people out there who understand how to do this properly. For that reason, I’ve created a five-step process called C.H.A.M.P. Video: Market coach Doug Hirschhorn, PhD, discusses what it takes for traders and any other professional to achieve greatness.
C is Controllable. No one can control everything that happens to them, but you can set goals that are entirely within your control. That said, money goals are not what I’m talking about here.
H is Hard. Goals should not be easy. Rather, they should challenge and push you to the next level.
A is Accountable. You either have to answer to yourself or allow someone else to hold you accountable.
M is Measurable. Make sure you’re able to quantify your progress along the way. It’s the best way to keep your eye on where you’re going.
P is Positive. Your approach should be positive. Think about what to do and avoid telling yourself what not to do.
By following this simple, five-step process, you can find your internal level of greatness in whatever you do.
Think better, invest smarter. Click here to view the online video of this post.
