Many traders don’t care about money, despite saying otherwise.
They care about silly things.
But not about money.
When I was giving live trading seminars in the Czech Republic, I sometimes had up to 200 traders in the room. This is what it looked like:
And as you can imagine, with so many people, it was always challenging to please them all.
So, I always started by asking about their current hurdles. I wanted to make sure I covered as much as possible during the seminar.
But the hurdles people were sharing shocked me.
People seemed to care about silly things only…
Like what computer they should buy, what RAM they should use. How they should tax their returns (as if they had any already). What this and that button in TradeStation does. What indicator or broker I would recommend to them. And, of course, what about this or that trading strategy somebody posted on the internet.
But nobody ever asked me the most direct and important trading question ever:
How can I make money in trading?
Yes, I admit they were assuming this is what they’ll learn at the seminar (and they did). So they didn’t even bother to ask.
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But a few years and a few thousand clients later I realized, this was only part of the truth.
The other part was, that in many cases, making money was NOT their primary goal.
Many people were in trading for completely different reasons.
To have an interesting hobby.
To do something they can use to impress in social circles.
To “check things out”.
But in trading, what you want, is exactly what you get.
So, if you want to have a hobby, you’ll have an expensive hobby.
If you want to make an impression in social circles, you’ll be making an impression in social circles.
And if you want to check things out, you’ll just be checking things out.
So, if you REALLY want to become a trader, be brutally honest with yourself. Dig deep and uncover the TRUE reason why you want to be in the trading business.
Because it can quickly and easily become the most expensive hobby you ever have.
Your primary focus should always be on tangible RESULTS.
And as quick as possible.
That’s the only thing you should care about.
Tomas & Andrew
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