Ever feel frustrated with the endless P&L pics of mega gains on hot stocks on various social media platforms, whilst you’re still trying to work out where it went wrong???
If you’re comparing your own performance with others… don’t! It really truly doesn’t matter what other traders are doing at all, you are by far, much better off focussing on your own trading than getting envious or frustrated with how easy it seems for the so called Guru trader who’s busy posting pics of the Rollie in the Rarri whilst making $$$ from his/her phone! Surprise surprise, not everything on Social Media is real… and even if it was you simply do not know what their situation is, fund size, trading plan or appetite to risk is… or most importantly their true level of consistency.
Cutting out the noise, finding the style of trading that best suits you, and developing your own plan and strategy is THE BEST WAY TO SUCCEED!
When you ignore the others, and focus on you, you’ll start to achieve so much more. The name of the game is consistency, not grabbing a couple of G’s with a lucky big swing and then slowly (or very quickly in some cases) losing it all and then some 😳 because you can’t maintain the win streak. Forget what others are doing and work on you.
When you develop an understanding of what the market tends to do, and even more importantly develop an understanding of what YOU do, you’ll start to depend less on the choices of others and build confidence in your own method. Trying to follow other traders stock pics or watchlists, entry and exit points, and all others facets of trading isn’t sustainable. You shouldn’t be basing an entry on the fact that some other trader is saying it’s going to explode, and you shouldn’t be risking your money on a trade full stop if you don’t have your own plan in place.
Let your development happen, take your time and don’t pay any attention to what others are doing. Sure, learn from others… if you can filter out the BS there is plenty of material out there. Generally the traders who are happy to post commentary or recaps on their trades without any ulterior motives can provide really valuable info, and this can help your level of understanding. Use it, learn from it and let it grow your knowledge… but don’t rely or depend on it. You will be continually learning and developing, and that’s a good thing. Soak it all up as knowledge has the power to enable you to build the skills you need to be successful. Copying others might initially seem easier, but honestly it isn’t, it will lead to frustration, dissolution and losses. Take the time to learn, develop and ultimately control your own outcome… it does all boil down to you… no other way around it!
Find a set up that really makes sense to you, research it in detail and test it out on paper for a period of time to build your confidence with it. If it’s giving you a decent win rate and you’ve tested it out enough to know what to do when the set up fails then you’ll have a level of trust in your strategy that will overtake the fear/emotion/stress that can cloud your decision making. Plan the trade and trade the plan… and stick to it!
I hope this helps. Let me know what your favourite set up is and what style of trader you are.
All the best guys, and thanks for stopping by ✌️.