You may be suffering from two inter linked things. Fear and Procrastination. They are both the main reason for failure. It is the opposite of decision and Lack of decision making skill is on the top of reasons for failure as agreed by many scholars and writers around the world.
The ability to quickly and effectively arrive at a definite decision is the difference between successful and non successful traders/people. Hence the 10second rule.
Do you think you can take a setup within 10sec? If not procrastination might be the cause.
The fear of trading is what gives birth to procrastination. Its the killer of all opportunities.
How to cure Procrastination:
There are many books on this very important topic. I sometimes suffer from this and all the “coulda, shoulda, woulda” kill me afterwards. Bill Williams was asked what was the worst thing that could happen to him and he pointed towards procrastination. I would put in words like so, “If I were to see a setup and not take it that would kill my trading”
“Procrastination is always based on a dysfunctional world-view, such as that “short term relief or pleasure is better than sacrifice for long-term rewards,” along with irrational disregard for negative consequences. The procrastinator fails to engage in the appropriate course of action either due to a distraction of some sort or an inadequacy in their own behaviour. Various distractions and incompetencies that can cause procrastination include, but are not limited to:
- Anxiety and fear
- Arrogance, pride
- Bad habits
- Family problems
- Fear of failure
- Feeling overwhelmed
- Illconceived goals and unconscious motives
- Lack of awareness
- Lack of morals
- Lack of time management skills
- Low ambition
- Low frustration tolerance
- Low self-esteem
- Low tolerance to stress
- Objective conflict
- Perception of difficulty
- Poor attitude
- Poor self-control skills
- Poor study skills
- Uncertainty” (http://en.wikibooks.org/wiki/Overcoming_Procrastination/Causes
In later posts I will share how I deal with Procrastination problem and what is my Mind Exercises routines. They help me stay in control, relaxed with sharp focus and happy.
2 thoughts on “Do you know the system inside out but still not making money?”
I look forward to your thoughts on this. With trading being 80-90% mental we must always work on our perspective to keep our trading as efficient as possible.
Thanks for your comment. I'm working on a comprehensive tab for the mind bit. it should be ready by next week. this weekend i have updated the whole blog. Please have a read of the pages/tabs above… appreciate your feedback, same goes to the rest of the buddies. cheers