Over my many years in the stock market, I’ve heard every kind of excuse as to why people won’t consider trading.
Some say they don’t have disposable income to trade while others feel the market is stacked against them…
And in this unpredictable, volatile market … I hear more excuses than ever.
I can’t tell you how many times I’ve heard traders say that the market “always does the opposite” of what they do.
According to these unlucky traders … If they buy calls, the market tanks. If they buy puts, the market rallies…
If you trade long enough, you’ll probably experience a period like this at some point (I know the feeling). But it should never become an excuse.
At the end of the day, it’s your decisions that determine your success (or lack thereof).
And ultimately, this is a big reason why I love trading so much. I’m in control of my destiny.
Now, this isn’t to say the market can’t occasionally surprise even the most experienced traders. Of course, it can.
But if it does, don’t blame the market. Identify what was incorrect in your decision-making, then vow to never make that error again.
If you find yourself making excuses for your trading errors, looking for anything to blame but yourself, keep reading…
The Importance of Accountability
A big part of trading is accountability. You’ve gotta take responsibility for your actions in the market.
However, I see a lot of traders that love to take credit for their gains but hate to own their losses.
It seems like every loss has some excuse attached to it…
But I’ve got a harsh dose of reality for those misguided traders. Here’s the truth…
If you lose money, it’s no one’s fault but your own.
Here are some of the excuses I hear over and over again…
“The Money Excuse”
Trading isn’t for everyone. Unlike most careers, there’s no guarantee you’ll ever make a single cent in the stock market.
That said, I often hear some serious misconceptions about how much money is needed to start trading…
“I don’t have enough money. If I had more money, I would open a trading account.”
Let me tell you, this is nonsense…
Throughout my career, I’ve conducted multiple small-account challenges, where I’ve forced myself to go from trading a 7-figure account to a 4- or 5-figure account.
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I’ve crushed those challenges, which proves it’s not about starting with money … It’s about possessing skill and experience.
In fact, starting your trading journey with millions of dollars would probably end in disaster.
First, you’d have too much capital available to risk before developing a reliable strategy that works for you.
How much should you bet on each trade? What kind of contracts are you most comfortable trading?
These questions will answer themselves over time as you discover what works for you (and what doesn’t).
By consistently stacking small wins, one after another, you’ll build your account up naturally.
(This is yet another reason why I advocate for trading options — they allow for maximum leverage on a small amount of capital.)
Bottom line: Don’t use the money excuse, it’s bogus.
“The Time Excuse”
I hear some people say “I don’t have enough time to trade. If I had more free time, I would dedicate myself to learning how to trade.”
But this never really made sense to me…
You see, the same people who will complain about not having the time to learn how to trade will spend years earning a degree that gets them nowhere.
Or worse, they’ll sit around and play video games all day.
This leads me to another tough pill you need to swallow…
To be a winning trader, you have to make sacrifices. And one of those major sacrifices is time. Take it from me…
I work all day every day. Granted, I love what I do, but I didn’t get here by being lazy and watching Netflix.
When I’m not actively hosting a webinar, writing one of these blog posts, or actively trading the markets — I’m studying and looking for ways to improve my performance.
(I manage to cram all of this in while being a dedicated father to the three little Croocks running around my house!)
If you really examine how you spend your days, you’ll probably find there’s some mind-numbing waste of time you engage in regularly that could easily be replaced with studying.
Plus, don’t sleep on part-time traders. I know many who work tirelessly at trading while still finding time to complete the tasks required for their day job.
So, I don’t wanna hear the time excuse. If you wanna become a successful trader, you’ve gotta find the time to focus on your goals.
The ‘Knowledge Excuse’
Last, but not least, I hear would-be traders saying they don’t have the knowledge to trade effectively.
These misguided newbies think you need to have the business acumen of Warren Buffett to be a decent trader.
But again, this is a fallacy…
When I first started in Tim Sykes’ Trading Challenge … I knew practically nothing about trading the stock market.
That said, I have a passion and dedication to my craft that few others can match. I transcribed every one of Sykes’ webinars and watched them THREE TIMES each!
Then, once I discovered the options market, I was prepared to apply what I’d learned from my previous studying.
If you don’t understand the markets enough to trade yet, don’t use that as an excuse to avoid the game altogether.
I didn’t come to the markets with comprehensive trading knowledge and I’ve still made $4 million+ throughout my career.
But don’t just take it from me. Look at one of my top students, Jenny Smith…
Jenny doesn’t have any fancy financial degrees. She started trading in 2020 and had zero experience with the stock market at the time!
Despite her lack of prior knowledge, Jenny has become a fantastic options trader, earning $196,000+ … and counting!
Jenny displays what I look for in every student. She’s focused, dedicated, and supremely talented.
And most critically, she didn’t have any specialized knowledge when she started.
With that in mind, I don’t wanna hear “the knowledge excuse” from anyone!
Excuses, excuses, excuses! I’m tired of hearing them…
The stock market doesn’t hand anyone anything on a silver platter. You’ve gotta work unbelievably hard if you plan to be a successful trader.
So, lose the excuses. Get serious about taking accountability for your performance and you’ll potentially be a better trader for it.