Struggling traders need to change big things | stockbee


Struggling traders need to change big things

If you are new to trading or struggling trader or spent several years with not much success, just doing little bit of tinkering  will not help you.

You need to make a substantial change to your trading .

That kind of change is not easy for that person because his current situation of being stuck in mud prevents him or her from even imagining or understanding that he needs to make big changes or completely rework his approach.

For that person the task  is to jump from lower orbit level to next higher orbit level in terms of understanding of markets, trading method, your own self efficacy belief, and your profit levels.

Significant  amount of energy and effort is required to jump from one level to the next in terms of trading success. Most of us who have been in market for decade or more and have prospered have gone through such orbital changes.

If you read the market Wizard book or biographies of successful traders , you will see that it took them anywhere from six to 10 years to jump orbits and reach level where they gained consistent success.

In the process they drastically changed their approach several times till they arrived at an optimal recipe that works for them in terms of instrument like futures, options, stocks , etf  and they also fund optimal time frame that suits their personality.

Many times that process of trader development is hidden to the world. That is the period no one wants to talk about when they achieve success. During that phase they try things which they would be even embarrassed to think about.

In process term that phase is important at it helps us crystallize our thinking and reject several approaches to trading mix like equity selection , entry, exit, stops, risk. For successful trader there are many settled issues like which stocks to buy, where to put stop, where to exit and so on. But for new trader these are daily struggle areas.

How can you avoid that learning curve and compress your learning cycle, by interacting with successful traders at any given opportunity. When you interact with them you learn a lot through the two way interaction.


Ratul said...

Hello Pradeep sir, Is there any way I can access and read about your setups? I am really fond of your blogs but find it difficult to build my own trade setup. Any guidance or direction will really help.

Pradeep Bonde said...

Read the posts highlighted in sidebar. I have discussed my setup multiple times.