10 reasons why you will never get rich trading

rich

rich

Here is something a little bit different…

  1. You believe you will get rich trading – You have wild dreams of hitting it big, finding some magic indicator or system that will make you rich. I can guarantee 99% of people who attempt trading will never ever make consistent profit, let alone get rich.
  2. You believe trading is a 2 hour a day or less expedition – and why not, ‘VP of No Nonsense Forex’ who proclaims he is a Professional Prop Trader with zero evidence, says he only trades 15 minutes a day.
  3. You are a retail trader with a price and time chart – all you have is price and time on a chart yet you are proclaiming where “liquidity” is sitting or any other myriad of ‘Michael Huddlestone ICT’ nonsense you can spout. You are up against machines and teams of people with far more capital and resources than you – most aren’t trading charts FYI.
  4. Your account size is $50-$100,000 – sorry sweetcheeks you are going to need more than this to go full time. No really, you do.
    Social Media is awash of gamblers on micro accounts claiming 200% for the month – showing their pretty Myfxbook one day chart – they are not trading for a living.
  5. You spend all your time on technical analysis – ever head of risk management and psychology? – both far more important than technical analysis yet people spend all their time discussing price.
  6. You chase price round a chart – You have no plan, you simply chase price up and down and around the screen. This is a recipe for disaster. Get a plan or stick to your 9-5.
  7. You have no concept of risk management – if you go all in when you think it will turn, its called gambling. Anything above 1%-3% risk is likely to be gambling and you will blow up in the long run.
  8. You are emotionally unstable or have a low emotional intelligence (emotional quotient) and cannot control your discipline – this is going to be an uphill struggle. Trading is a psychological game of risk.
  9. You cannot accept you are simply a problem/pathalogical gambler – You have lost thousands, you have spent years trying to ‘crack it’ – guess what? You never will.
  10. You think or pretend you know it all – there are people who know far, far more than you and me – posting pretty charts on Tradingview and Social Media when secretly your trading execution absolutely sucks… Book a date with reality.
    Bonus points for anyone 17-25 that trades a micro/demo account for under 2 years, posting mt4 mobile screenshots on social media calling themselves a ‘trader’ as a status thing to show how cool you are…. We all know the truth.