So it’s been a while since we have dropped a lesson on the platform, but today this is going to change. With experience accumulated over the years and get to see journeys of other new traders who join the marathon, the’re couple of things i need to share with you today. As the title of the lesson says “perfection is paralysis”, this is what i am going to focus on today.
Do you remember when you graduated your first Forex class or mentorship program? Everything looks good and super easy and all what it takes to conquer the markets is already in your hands. You get home and start reading the materials with the motivation to make money as soon as the market opens, but you encounter your first obstacle.
Real Charting experience is different from the theory you have learnt from the mentorship program. Things look different and you start to panic ” Oh my God, what is this? Looks like i have been scammed. The mentor did not cover everything, and so forth and so on. To be honest sketch charts are easy to grasp and simplifies everything compared to real time bar/candle stick charts. For a guy who has just jumped into trading for the first time this can be very complicated which gets us into another section of this lesson “Perfection”
First,you should not expect everything illustrated in theory should look exactly the same real time. Candle sticks involve highs and lows, open and closing price but in theory they are not stated and some classes offer very few experience with real time charts because almost 70% of providers are not yet experienced. This should be a foundation for many new traders as they would never face this problem of paralysis.
In trading paralysis happens in many ways but today we are going to cover how this happens for new traders just by failing to invest time to build the foundation of reading a price chart.
After the trader has graduated the so called master class with a weak foundation of reading a price chart this is always a the first step to failure, nothing will ever be clear onward, not to mention calculating positions sizes and trade management. These are all foundations that have to be laid well. I remember meeting a trader with 3 years of experience trading and i was astonished that he did not even know how to use a position size calculator and i automatically knew he was bashing. You can not be profitable so to speak and you do not know how to calculate your position size. What about risk reward and he was like ” what is that?”🤣 You have to be very careful when choosing a mentor, past results is not an indicative of future performance.
So when a trader is left on his own the he/she get stuck and can not move forward anymore. When the setups appear on the real time chart the trader level of doubt is increased and can not trust his or her decisions. Most of the time the trader will start second guessing which leads to many problems like over risking, emotions and many more all these effects will fire up the trading capital and eventually go broke.
Now i don’t want this to happen to you, trust me the experience is devastating, financially and emotionally and the only way is to prevent all these from happening by not cheating the process and choosing the right master class for you. You can never be perfect in the markets and some times you have to learn to live with it. The goal is to make money and be right all the time.