Self-Sabotage

My trading coach gave some of the things that people do to self-sabotage their trading success:
  • Chase trades
  • Too many strategies
  • Using strategies that are not proven to work
  • Unfocused (not clear mind), too many distractions
  • Psychological baggage
  • Not trading the plan
  • Does not have a detailed, written trading plan
  • Wrong or incomplete knowledge
  • Tinkering too much
  • Do not get down to business
  • Not committed
  • Not persevering

Where do I fall? Truth be told, at one point or another, I've experienced all of these. Sort of embarrassing to admit that, but it's true.

Where am I now?

  • Unfocused, too many distractions
  • Not trading my written plan, which results in sometimes chasing trades
  • Psychological baggage (at this point, not really sure what this is)

I'm still working on my trading plan, as it's quite lengthy, but I do have a detailed, written trading strategy that works for volatile and non-volatile markets for bearish and bullish plays. It can also work for BUPS and BCS.

It was a bit of a challenge to hear my trading coach say this. He said a skilled trader with the correct knowledge, discipline, strategies and execution can take a $2000 account to well over a million in a year. It seems almost unfathomable, but if you take the power of doubling, this CAN be done.

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