I heard this saying a few years ago: “If you have to ask you shouldn’t be trading”
And I thought to myself, wow, that’s such a simple, yet powerful statement!
Think about it. If you had a reliable, trading system that consistently got you trading profits, would you EVER have to ask anyone else’s opinion? Would you have to ask anyone questions about trading?
You see, too many traders today are asking question after question without bothering to find out the answers for themselves. These people scour online forums and websites, asking questions about trading and waiting for someone to provide a quick reply. And in the end, these people don’t really learn anything except how to confuse themselves.
I think you’ll agree with me that good traders are action-orientated. They look for news reports to read, plan out their trading systems, and execute their orders based on their research and knowledge. But what good traders Don’t do however, is to ask other traders’ opinions. One good reason for this is because more than 90% of the traders in the World today are losing traders anyway! Why get advice from people who can’t trade for themselves?
Also, if you keep posing questions to different people, you’ll eventually get very confused yourself. This is because many people trade in different ways. If you’re a long-term trend trader, why ask advice from a day trader? If you’re a value investor, then why seek an opinion from a momentum trader? This is a complete waste of time and effort.
Asking too many questions takes away your ability to feel responsible for your own actions. If a trade fails, it’s not your fault right? After all, you took this trading advice from someone else… let’s just blame that guy! He gave you bad trading advice and it’s his fault that you lost money!
But guess what, that guy doesn’t care. He’s not the one losing money… you are! So take full ownership of your trading career, and find out the answers to your own questions if you have to. Don’t rely on anyone else but yourself.
To learn more, download my free 26-page guide here:
"Forex Trading Traps!"
Harold Hsu is the owner of http://ForexSystemProfits.com where he provides premium Forex trading information and resources.
