http://www.premiertraderuniversity.com/ptucourse - FREE TRADING COURSE I’m sure that most of you will already be aware of the number of people out there who are willing to take your money from you and give you little to nothing in return. This is no different in the world of trading. But for all the fakery out there, the number 1 trading CON that stands head and shoulders above the rest - the Commitment Of Newbies. Newbies tend to come in looking for a system or method to trade rather than to learn and hone their skills. With such an easy parallel drawn between the outcome of single events being winners and losers, newbies frequently get sucked into the “well this doesn’t work” line of thinking when things aren’t going so well. http://www.netpicks.com/trading-article/whats-number-1-trading-con/

2. I’m sure that most of you will already
be aware of the number of people out
there who are willing to take your
money from you and give you little to
nothing in return. This is no different
in the world of trading.

3. But for all the fakery out there, the
number 1 trading CON that stands
head and shoulders above the rest -
the Commitment Of Newbies.

4. Newbies tend to come in looking for a
system or method to trade rather than
to learn and hone their skills.

5. With such an easy parallel drawn
between the outcome of single events
being winners and losers, newbies
frequently get sucked into the “well
this doesn’t work” line of thinking
when things aren’t going well.

6. The simple fact that they’re usually
trading either to make money or to
conquer the markets, motivates them
to discard whatever system they’re
currently looking at and go on the hunt
for another.

7. their drive and short-term results-
based conclusions demand them to do
so in order to find success – to find the
key to unlock untold riches that the
markets promise.

8. The trouble is, often people don’t
understand the root causes of failure
and because of this, their commitment
isn’t always steadfast.

9. What a newbie tends to do when they
try a system and lose money, is blame
the methods and systems they’ve
utilized instead of asking questions
about their own level of application.

10. Over time and having spent lots of
money, they can become bitter over
having had their money taken from
them by unscrupulous vendors and
this only serves to further mask the
real issues they face.

11. The way some people go about
learning to trade could be best
described as hobbyist in nature.
Frequently they achieve a high level of
knowledge, understanding and
expertise in the trading world.

12. But all too often, you’ll also find a lack
of professional business-like
application that’s needed to be
successful in the long run.

13. How a newbie starts out in their
trading is indicative of whether they
have a chance of success in this
business.

14. A newbie who is organized, motivated
and committed is clearly going to have
a much better chance of making it
than someone who is not.

15. Someone who has a desire to be a
success, but fails to get to grips with
measurable performance is always
likely to struggle.

16. The hobbyist newbie traders have
other traits that make them stand out
too. They want to learn and tend to
use the time they have for trading to
investigate new methods, strategies,
indicators and innovative software
platforms.

17. They spend less time on what they
themselves are doing and more on
what everyone else is doing. They give
over some of the time they have
available to trading, rather than
making time for trading.

18. When they face set-backs, they take
some time away from the markets
instead of redoubling their efforts.

19. They frequently trade based on
subjective opinions rather than facts.
They fail to define and work to a
structure - i.e. they haven’t got a trade
plan.

20. The language a newbie trader uses in
their self-talk is usually non-committal
too. When they want to do something,
they “try” or “have a go” rather than
“do” or “assess”.

21. They figure that the market “should”
do something but when it looks like it
might not, they “hope” or “wish” that
the market will turn around and not
hand them a loss.

22. A professional however, is more likely
to readily accept the loss and use the
valuable information the market is
giving them relative to their original
expectations.

23. The type of chatter that goes on inside
a trader’s head can have a huge
influence on whether they are
successful or not. In fact, the same can
be said about success and failure in
any walk of life. Using non-committal
language breeds non-committal
actions.

24. The biggest trading CON out there is
the commitment of newbies. However
enthusiastic an individual is, if they
don’t have the commitment needed to
act in a professional way, they are
likely doomed to failure. But it’s about
being committed to the right things.

25. So ask yourself whether you avoid
spending time on the most important
aspect of all – your personal trading. If
you do, there’s a danger that you’ll
become a hobbyist trader.