Over my many years in the stock market, I’ve heard every kind of excuse for why specific traders aren’t having success.
Some say they don’t have enough money to trade while others feel the market is stacked against them…
In 2022, as market volatility is reaching a multi-year high, 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, your trading decisions 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’
I’m not sure why some traders feel they would trade differently with more money, but I hear it all the time…
“I don’t have enough money. If I had more money, I would trade better.”
And 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.
I’ve crushed those challenges, which proves it’s not about starting with money … It’s about possessing skill and experience.
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While everyone else is focused on the record number inflation…
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You won’t want to miss it.
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 strategy that works for you.
Second, you need to develop a system of risk tolerance before putting serious money into the markets.
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 see what works for you.
By consistently stacking small wins one after another, you’ll build your account value 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 money to trade. If I had more money, I would trade more effectively.”
This never really made sense to me…
The same people who will complain about not having the time to learn how to trade will spend years getting a degree that gets them nowhere.
FREE training from Tim Sykes & Bohen (Watch this)
Tomorrow right after market open…
I expect these 20 stocks could move FAST.
To make sure you get the names of these tickers, before it’s too late…
Or worse, they’ll play video games all day.
This leads me to another tough pill you need to swallow…
Financial freedom — especially through trading — doesn’t come easy.
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 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.
It was my mentor, Tim Sykes, who first showed me the importance of accountability and the value of hard studying.
Sykes has been studying the crypto markets with millionaire trader Matt Monaco, and they’ve got something VERY EXCITING planned for next week…
DON’T MISS Tim and Matt’s emergency conference — The Final Crypto Shock — on September 15 at 8 p.m. Eastern … click here to sign up NOW!
As Sykes knows better than anyone, the market’s never closed to a truly dedicated trader. It’s a long journey to the top of the stock market, there are no shortcuts.
That said, I guarantee there’s some mind-numbing waste of time you engage in every day 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.
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 … you’ll be a better trader for it.