Though I didn’t know this would be my career path, becoming a trader has been a very fulfilling part of my life. In the beginning, it was a way for me to independently provide for Leo and me, but it’s turned into so much more.
I feel lucky to have found something I love to do. But no one starts out knowing how to trade. It’s a skill that needs to continually be assessed and scrutinized in order to be successful. As we wind down this whirlwind of a year, I’ve found myself reflecting on the biggest lessons I’ve learned thus far in my career.
So I decided to put them into a concise letter here…
1) A trading career is not linear.
This lesson is a big one. Often, people think there will be a magical point in time at which you cross a finish line and therefore reach ‘success.’ That’s incorrect. It’s better if you understand that trading’s a lifelong journey and there will be mountains to climb, avalanches you get caught in, and many times when there is smooth sailing (and sometimes it’ll be all three in one day!). There’s no threshold you’ll cross in which you know everything, so coming to peace that there will be good and bad days indefinitely is key.
2) The market’s always changing and you have to be a chameleon.
Like the weather, the market’s always changing, and you have to be ready to turn on a dime with its every whim. Even if you learn a specific pattern, it’ll appear under different circumstances. Traders must learn how to recognize a change in the market and make adjustments accordingly. The market will most certainly not change on your behalf. No matter how badly you want the market to act a certain way, sometimes it doesn’t pan out that way and it’s best to be with the current than against it.
3) Don’t focus on money.
When I first got into trading I only focused on the dollar amount, but that was a big mistake. This lesson was difficult for me to learn because of course, we all want to make money trading, isn’t that the point?! Well yes, but I’ve found that when traders only focus on how much they can make, it’s actually what causes them to lose. Instead, traders should focus on being the best trader they can be — and then the money will follow. Being too focused on money causes mistakes. Don’t be focused on how much money you can make on a trade, but instead focus on whether it’s truly the right set up for your trading style. Trust me, this approach will save you lots of money in the long run!
These are my biggest lessons learned, but as I mentioned, trading is a lifelong journey. I’ll continue to collect these lessons along the way and I’m excited to see what the next five, ten, and beyond years will teach me as I continue doing what I love.
Tell me, what are some of your biggest lessons learned throughout your trading?
I can totally relate to the Dont Focus on Money point. We are so eager as a new trader to make money because we see others doing it and we want that financial freedom. Simpler Trading, yourself, John and Raghee have really opened my eyes to the fact that day in day out diligence to get better and perfect your craft/skill is at the heart of long term success. I look forward to staying engaged and being that lifelong student for lifelong profits!
Brett
Sacramento, CA
Thanks for these, Danielle. Very helpful!
I’m sorry, but with all due respect (and I mean that), your post sounds more like an excuse or weak apology for a poor perfance quarter on behalf of Staked Profits Mastery. The majority of the trades this quarter were either losers or flat, with only one “magic combo”. For $2400/year subscription, I would have hoped for better. I also note that, lately, you really haven’t been sticking to the “rules” of the indicators, especially the Turbo Candles, Turbo VZO, and SqueezePro. And when you deviate from the recommended instructions of how to use those indicators, it makes me wonder why I purchased them. I’m really not trying to be critical, but I am hoping for better trade recommendations this upcoming quarter. Thank you.
Hi Rick, I’ve never posted on this forum before, but fell compelled after reading your post. In my personal opinion:
1. This trading room is not a stock picking service, but an opportunity in an interactive format to share and learn beyond what Danielle teaches in her formal classes.
2. I would really be worried if every idea or trade worked out perfectly. To much of that in many other services, I prefer the candid trade ideas demonstrated in real markets as they happen and not simulated trades after the fact. We cannot make any money with simulations that push the envelope if our emotions during live trades.
3. The comprehensive classes, tools, chart setups, checklists and indicators along with recorded live trades provide a foundation for all of us to leverage so we don’t have to do the trial and error journey.
4. If the goal Is pure repeatable trade analysis, then mechanical automated systems trading is the approach. I personally have created and traded real money with programmed systems with success, but they are not that adaptive and require and are missing the human intelligence, etc. So, I find a discretionary approach based on rules with flexibility to adjust as needed are actually more advanced and enjoyable to trade. We just need to know when to deviate with guidelines.
5. I have taken all of Danielle’s classes and mix in some of John’s and Bruce;s classes. Take all the ingreadences and make it your own, then you own the results ;-). Best of luck to all of us, and your courage to make an honest post.
Sorry about all the grammar issues, pecking this out late at night on my mobile device. Hope that does not diminish the message.