Advice For A Struggling Trader

Your advice for Jake

Ok, so last week I asked you to help a trader – kinda like crowd-sourcing advice.
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Maybe you read it, or maybe you missed that one.
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Anyway, this trader was struggling with consistency. He had the knowledge but couldn’t seem to get traction.
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Screenshot from the email:

And I asked you for advice…

We had some really interesting and thoughtful replies.

Here are a few:

#1
Ed said he thought it was a confidence problem, specifically the confidence to NOT take a trade.

#2
Cynthia suggested he create a playbook for substandard conditions, where he can just trade away with a small size to satisfy his gambling tendencies!

#3
Dimo mentioned that he struggled with the same things but fixed it by:

  1. Creating a playbook of no more than 5 setups
  2. Spending time analysing which conditions are optimal vs sub-optimal for his method
  3. Observing himself – Is he motivated, frustrated, exhausted?
  4. Reducing position size by 50%
  5. Ensuring there’s a valid reason for each trade
  6. Reducing win expectations, 50% of the time he hits TP so adjust to accommodate that

#4
Chris suggested that when he breaks any rules he should donate money to his least favourite political party!

And many more great replies…

So there you have it, if you struggle with loads of knowledge but lack of traction, perhaps there’s something there worth a try?

This webinar Building Unwavering Trader Confidence might help and so might this one, Overcoming the Threat of Overtrading.