|

Why Can't I Make Money [Video]

“I got a mentor, did my homework, understand the fundamentals, and backtesting my technicals, but why am I still losing money? Is trading just a scam?”

I cried and burst out to my girlfriend years ago when I blew up my account, again. It was not only about the financial loss, but it was frustrated because nothing seems to work and the market certainly did not reward my handworks. I felt unfair, I felt being cheated, and I felt angry, very very angry.

Fast forward, I still lose money every day (like today) and every trade, as I always love to tell beginners, “learn to love your losses because it’s part of the game.” It’s true, no matter how good your winning rate is, you will always have losses. You might have 95% of winning percentage in your backtesting, but that still means you will have 5% of losing trades and you never know when that 5% of losses will appear. Most importantly, you never knew how much trades you will have in your lifetime. 5% of 100,000 trades is still 5000 losing trades. Some people just couldn’t take it.

Yes, that is it. Some people simply cannot deal with the losses or setbacks in life. Trading is all about the execution, and the execution is all about your emotions. Sure, you need to have a good analysis, a good strategy and an approach to your trade, but when you execute the trade and start managing them, that is an emotional game.

Trading psychology is perhaps the most ignored area in all trading courses because it’s tough to teach as trading psychology is just a self-discovering journey for every trader to experience. Everyone loves to talk about the strategies, the winning rates, the forecast, and predictions, but what separates traders from success to failures is the execution. No matter how good your plan is, someone has to pull the trigger.

The sooner you spend the time to work on your trading psychology, the better off you will be in this game. And no, EA will not help you because you will let it run when it makes money, but you will turn it off when it started losing - even though you shouldn’t. However, your emotions get in of your way, and you just couldn’t trust the EA anymore. I know because I’ve been there myself.

Finally, be completely honest about your losses as you would toward you wins. Have a trading journal, and enjoy this journey of becoming a great trader. Take a look at today’s video to learn more.

Author

Enho Kuo

Enho Kuo

Enho Kuo

Enho Kuo was an aspiring filmmaker/actor who entered the world of trading with zero knowledge in finance and economy, and stumbled miserably on his early path.

More from Enho Kuo
Share:

Editor's Picks

XRP turns bearish as US inflation jitters hit crypto

Ripple is stuck in a bearish trend, trading near $1.30 on Thursday. The remittance token’s bearish shift reflects the broader cryptocurrency market, which remains under heavy selling amid concerns about accelerating inflation in the US.

Pi Network extends losses ahead of Protocol v28 Mainnet upgrade

Pi Network (PI) trades around $0.0780 at press time on Thursday, rising from $0.0740 earlier in the day. Pi Mainnet is scheduled for the Protocol v28 upgrade on Friday, focusing on data handling and smart contract maintenance.

Crypto Today: Bitcoin, Ethereum and XRP test short-term support amid market-wide selling

Cryptocurrency prices remain under intense selling pressure on Thursday, with Bitcoin struggling to hold above $81,000 after testing its key demand area near $80,000. Ethereum reflects Bitcoin’s weakening technical outlook, edging lower below $2,400.

Bitcoin slips below $81,000 amid inflation fears, ETF outflows

Bitcoin extends losses, slipping below $81,000 on Thursday as hotter-than-expected US inflation data weigh on market sentiment. Institutional demand weakens as BTC spot ETFs recorded an outflow of over $261 million on Wednesday.

Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.