benkal
Active Member
First and foremost TRADING is NOT a GET-RICH-QUICK-SCHEME!
RATHER TREAT TRADING LIKE A BUSINESS.
Here are signs you have the get-rich-quick mentality
1. You are OUTCOME driven rather than PROCESS driven- you don't want to learn the skill of trading, and the first questions you asked whoever introduced you to trading was " so how much do you make a day?" rather than guide me on how to be a consistently profitable trader.
2. You Don't match the correct lot size & leverage to your account size! take a $100 account for example; you use 1:1000-2000 leverage and 0.50 lot and hope & pray its a winner, well the market will humble you.
3. You quickly dismiss a strategy or trading plan that gives you a loss!- you believe in the Holy Grail Strategy, which unfortunately doesn't exist, then you will move to the next rumored "HIGHLY 100% PROFITABLE STRATEGY". LEARN TO FOCUS and know that LOSING is part of the game.
4. You want to see the results of your mentors right away- you want to see $1000+ profits on your platform just like your mentor, mind you its good inspiration but you may not be an advanced trader like them and they have the capital to make such returns while you want to risk big on a very small account which will be a very costly mistake
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*Add more; with solutions on how to deal with them
RATHER TREAT TRADING LIKE A BUSINESS.
Here are signs you have the get-rich-quick mentality
1. You are OUTCOME driven rather than PROCESS driven- you don't want to learn the skill of trading, and the first questions you asked whoever introduced you to trading was " so how much do you make a day?" rather than guide me on how to be a consistently profitable trader.
2. You Don't match the correct lot size & leverage to your account size! take a $100 account for example; you use 1:1000-2000 leverage and 0.50 lot and hope & pray its a winner, well the market will humble you.
3. You quickly dismiss a strategy or trading plan that gives you a loss!- you believe in the Holy Grail Strategy, which unfortunately doesn't exist, then you will move to the next rumored "HIGHLY 100% PROFITABLE STRATEGY". LEARN TO FOCUS and know that LOSING is part of the game.
4. You want to see the results of your mentors right away- you want to see $1000+ profits on your platform just like your mentor, mind you its good inspiration but you may not be an advanced trader like them and they have the capital to make such returns while you want to risk big on a very small account which will be a very costly mistake
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*Add more; with solutions on how to deal with them
