If you answered yes, then Get Out Of Your Own F**king Way!!!
My apologies if that offends you and double sorry for those of the fairer sex but…
This information really can mean the difference between being in the 5% group of traders who make money and the 95% who wish they were making money. So… For this reason I wanted to make absolutely certain I grabbed hold of your ear.
I’ve been mentoring traders since 2000 and every few months I get an email like this…
“Hey Jeff, Your program does not work, I want my money back.”.
I then write back and say I would be happy to, but since you left no details, let me see if I can pinpoint where your problem is. I then ask them a few basic questions like…
“Did you remember to place your stops in the areas I mentioned?”
“Did you remember to ride your trades to the profit areas I taught you?”
“Did you have a clear-cut setup in place or did you jump the gun?”
And here is the typical reply…
“Well, I didn’t really place a protective stop because I thought I would just wait and see what the market does next.
Then they said, “as far as the targets go, I didn’t use them as I got nervous about how the market was behaving and bailed out after I was up a few dollars. ”
In answer to the final question I would get something like… “Well… Sometimes yes, but other times I was getting a little bored and decided to jump the gun a bit”. Sometimes they would say, “well I also decided to to throw another indicator into your system for more confirmation”.
I then said, listen I am still ok with you getting a refund, but please do me this one small favor and show me some of the trades you took.
I then did the math again applying the rules properly and they went from being a loser to earning some significant profits. Once they saw this, I could hear the ‘penny drop’ and a long “oohhhh” over the internet.
I said, “no method is ever going to be perfect, but in this case you beat yourself. Instead of following the rules, you changed a winning strategy into a losing one.
I then said, “the simple truth is my strategy didn’t fail you, you failed you!”
And this my friends, is what I see all the time. I now know after working with well over 11,000 traders that the markets don’t beat traders, instead 90% of the time traders beat themselves.
So the next time you go buy any trading book, DVD program or attend a seminar and it doesn’t SEEM to work, see if anything I just discussed rings a bell. I can tell you from personal experience that I have dug up old trading books and startegies that I thought were useless 15 years ago and now can make them work. Why?… Because after careful examination, I realized much of the time I was simply sabatoging myself.
This is a mega-huge topic and I will write a follow up article in the near future.
Hope this gives you some food for thought and ultimately put more money in your pocket.