People who get into trading have taken the plunge that very few people dare to do. Most people are stuck and/or happy with whatever perceived job security they may have. They are not willing to learn something new, let alone risk capital in the markets.
Most people never get started. And of the ones that do, many quit within the first few weeks of information overload and confusion. Others may quit within the first few charts that they see overloaded with technical indicators.
Others may stick with it for a few months or longer in their search for the holy grail with technical indicators, chart patterns, etc. They are getting very close to quitting trading as they are constantly wondering in their heads whether all the time they spent was truly worth it.
There are also horror stories of some traders who have been stuck in the technical indicator and/or price action trader cycle for five or ten years and not achieved success.
Motivated Traders Can Run Into A Hostile Environment
Then there are traders who have embraced taking on trading and want to learn and grow very quickly. They see the potential, but the only problem is that they run into resistance from their own family and friends. They may enter a hostile environment and it becomes difficult to cope with it.
Since so few people have taken the trading plunge and actually succeeded, very few people truly know what the trading journey looks like, what obstacles every trader faces, and what inner demons need to be conquered in order for success to be achieved.
Your parents may think you are crazy for attempting to become a trader. They wonder why you don’t choose a “traditional” career like becoming a doctor or a lawyer. They wonder whether there is any difference between what you are doing and people gambling in the casinos. They believe trading is too risky.
Next come your friends. They think you are crazy too for spending all those hours looking at charts or analyzing news releases and generating triggers and scenarios for market movements. They may have thought you have fallen for a get rich quick scheme. Eventually a friend comes along who claims to have “tried” forex trading and quit, then asks you why you are continuing attempting to trade forex since he believes it is a “rigged” game. Your friend thinks the central bankers and goldman sachs of the world just rig the market and you can’t make any money.
There can be one night when you decide to skip a night out with friends because you have prepared for a news release during the London open. You have done your order flow research and know the news release can be market moving. You know you need to be in tip top shape to take advantage of it. Many of your friends cannot relate to that. They think you are a weirdo for waking up in the middle of the night to risk money in a rigged game.
You try to have a conversation with them about trading and the markets but they don’t understand what the hell you are talking about.
Then when you go meet new people and introduce yourself and what you do, they start criticizing your profession and railing against the “evil speculators, the greedy speculators, the immoral speculators that contribute nothing to society.” They are going to try to make you feel guilty.
Never mind the people criticizing you have absolutely no clue the challenges that you had to overcome to be a successful trader. They do not know because they gave up on that journey long time ago. They couldn’t handle the pain and just went back to their comfort zone and instead just love to criticize. Or they never had the balls to take the trading plunge in the first place.
These are just some of the many challenges that every trader faces when they go through the journey. You have a bunch of people who think you are crazy. You have another group of people who just keep on criticizing you or your profession. You have another group that tries to make you feel guilty.
All sorts of people in your current environment who can be consciously or unconsciously working against your success as a trader. The best thing you can do is to spend the least possible time with them, and find new people who can be part of your new trading success environment, whether they are fellow traders, or non traders who have an upbeat view on life and your profession.