Comfortable Lies and Uncomfortable Truths
"We do not err because truth is difficult to see. It is visible at a glance. We err because the lie is more comfortable."
… Alexander Solzhenitsyn
Are comfortable lies holding you back from making progress as a trader?
Is the time and effort you currently devote towards the comfortable lies, perhaps better spent in learning to accept some of the uncomfortable truths?
Comfortable Lie:
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Market insider shares secrets to massive success. Only 5 copies left. Be one of the lucky few to own the Forex Orgasmatron.
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There are no market insiders sharing secrets. There are no secrets.
The Forex Orgasmatron will never leave you satisfied! There is no Holy
Grail magic system that can make all your dreams come true. Success
requires talent. Talent requires time and effort to develop.
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I just need to trade this pattern with discipline and I’ll be a success.
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Trading is not about blindly taking pattern based entries. Trading is
about knowing when to take your pattern based entry and when to avoid
it. And on those occasions when you do take the entry, it’s then about
knowing when to hold your position and when to scratch it.
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If I just set a target of three times my risk then I only need to be right 25%
of the time.
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As you increase your target, your winning percentage will also
reduce. You cannot just increase your target and expect to maintain the
same winning percentage. Quite likely you may end up getting close to
that 25% winning rate. How will that affect your mindset? Targets need
to be suited to the market environment. Sometimes, in some environments,
the market will not offer three times risk.
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I just need to trade without emotion and I’ll be fine.
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You can’t! You’re human! Emotions are part of being who you are. You cannot just
block them out. You need to understand them and learn to work with them.
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The broker took out my stop.
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Perhaps you put your stop in a really dumb place!
And there are just so many more.
Reconsider every belief you have about trading, and in particular your own development as a trader.
Ask yourself seriously… is it actually just a comfortable lie?
Here are some uncomfortable truths… to replace some of your lies:
Progress will be made when you start working with reality; learning to operate and manage risk within an environment of uncertainty.
Develop a strategy based upon the reality of the market environment – identify areas on the price chart which will likely be sources of other trader orderflow. And then learn how to exploit those areas.
Study market structure!
Study risk management!
Study learning theory!
Study decision making, in particular as it relates to uncertainty!
Study peak performance psychology!
And implement processes of deliberate practice; learning to trust your strategy and your ability to trade it despite any doubt and anxiety, through a process of trial and error.
It's not about learning some entry rules and trading them like a robot. It's about "becoming" a trader.
The truth hurts. And it doesn’t sell e-books. But it’s still the truth! And the sooner one accepts it; the sooner they can get started on the real journey towards “becoming” a trader.
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