Does that sound familiar?<\/p>\n
Over the years, through actual live trading<\/a> and interviewing successful traders<\/a>, I have come to understand that there is a lot more to it than that.<\/p>\n These are the 5 reasons that you probably will lose money, even if you know the most profitable trading system ever developed.<\/p>\n Hopefully they will help you understand that there is a lot more to Forex trading than just having a great trading method.<\/p>\n Although I try to enter any type of education with an open mind, I do find myself bringing in my own preconceptions. It's only natural.<\/p>\n But if you bring in too many ideas that you think are “rules,” then you may be shooting yourself in the foot.<\/p>\n Take the time to consider that what you have learned in the past may have been completely wrong or you may have learned them incorrectly or conditions may have changed.<\/p>\n I never realized how much of a hurdle this can be until I worked with Rafael to create a course<\/a> centered around his trading method. There were several students who thought they knew better, but never even tried the system in live market conditions.<\/p>\n They thought that since they learned some of the concepts on Baby Pips or wherever, they weren't learning anything new or they thought it wouldn't work.<\/p>\n While Baby Pips is a great introduction to Forex trading, it doesn't actually teach you how to trade<\/strong>. Yes, read through the Baby Pips school again if you don't believe me.<\/p>\n So even if you did have the most profitable system ever sitting in front of you, your ideas of what will and won't work might muck it all up.<\/p>\n Therefore, try to keep an open mind about learning any new system. Judging it before it has had the chance to prove itself to you is like sending a racehorse to the glue factory before it has even run its first race.<\/p>\n This is something that almost everyone struggles with at some point.<\/p>\n Taking entries and exits consistently.<\/p>\n Following the trading plan.<\/p>\n Reviewing your trades.<\/p>\n Not falling asleep while trading.<\/p>\n Lacking discipline will certainly mess up the profitability of even the post outstanding trading system.<\/p>\n I don't know if there is one good way to fix this. The only answer I have is that you need to want it bad enough.<\/strong> If you really are dedicated to becoming a consistently profitable trader, then you will find a way.<\/p>\n This is a tough one to understand in the beginning but it makes all the difference.<\/p>\n One component of choosing a system that fits your personality is finding out which market conditions you trade best in. Rafael learned that he is a better counter trend trader<\/a>. I have found that I feel comfortable with either trend trading or counter trend trading.<\/p>\n Another component is time frame. Some people get impatient waiting for longer term trades to setup, so they might be better day traders.<\/p>\n Others (like me) don't like to sit in front of the screen and watch price wiggle up and down. So we prefer swing or position trading.<\/p>\n You also have to take into account is how much time you have available to trade. If you have a demanding day job, then watching the 5 minute chart like a hawk probably isn't the best thing for you.<\/p>\n So even the best trading system ever created will not work if it doesn't fit your individual personality and schedule. Pay close attention to what works for you and what doesn't.<\/p>\n Just because somebody else is killing it with a system, it doesn't necessarily mean that you will too.<\/p>\n Human nature seems leads us to believe that there are magic trading systems that will take us by the hand and lead us to the promised land of fortune and glory.<\/p>\n Or is it really human nature?<\/p>\n If we dig a little deeper, it may be more a result of how we are educated. We are punished for getting answers wrong and rewarded for being able to recall the one or two “correct” answers. Think back to your tests in school or what your parents taught you.<\/p>\n Therefore, most people who come to trading think it works the same way. Follow one set formula and you will succeed.<\/p>\n But even if you discover an amazing trader like Paul Rotter<\/a> or Ed Seykota<\/a> and learn their system, will that really lead to trading success?<\/p>\n Experience has shown me that just having their system is far from being a guarantee. I'm not the only one who feels this way. Many of the professional traders that I have interviewed feel the exact same way.<\/p>\n Sure, you do need to find a system that has had proven results. Yes, finding a mentor will help you much more than trying to do it on your own.<\/p>\n But that is just the starting point.<\/strong><\/p>\n So if you have tried trading systems in the past and failed to make money, consider that the answer may not be so black and white. There may be more shades of gray than you think.<\/p>\n I'm not talking about blind faith. I am talking about faith that comes from having confidence in something that you have seen work with your own eyes.<\/p>\n This is an important point that came up in my interview with Kim Krompass<\/a>. Even if you have the results of the trading system or even if the person who is teaching it trades for a living, it all comes down to if you will click your mouse and follow the system or not.<\/p>\n The only way that you will is if you have faith that the trading method does give you an edge.<\/p>\n But how do you develop this faith?<\/p>\n You can do three things:<\/p>\nWhy You Will Still Lose With The Most Profitable Trading System Ever<\/h2>\n
![\"Crash](\"https:\/\/www.tradingheroes.com\/wp-content\/uploads\/crash.jpg\")
<\/p>\n5. Preconceived Notions<\/h2>\n
4. Lack Of Discipline<\/h2>\n
3. Doesn't Fit Your Personality Or Schedule<\/h2>\n
2. The Education Myth<\/h2>\n
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<\/p>\n1. Not Cultivating Faith<\/h2>\n