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The Benefits of Developing a Trading Edge
If you're looking to get the upper hand with trading, then your first priority is to develop a suitable mindset and trading psychology in which failure can never be an option.
As anyone who has attended one my seminars can attest to, I always start of by stressing how critical it is that they convince themselves as to the importance of developing a trading plan. Let's face it, if you're not convinced how important it really is, there's little chance you'll take the time to develop a good plan.
Another critical factor which I always discuss in my seminars and trading education is the importance of having an edge. In other words, you need to make sure you have the upper hand because if you don't, you're simply waiting to self-destruct just like so many others.
While I always mention the importance of breaking away from the vast majority, most other instructors and coaches also mention it so if you're ever curious as to who we are referring to; we are making reference to the 80% of traders who fail. Yes, only 20% actually make money.
Just like so many others out there, I also don't have evidence to back the claim that 80% of traders fail. Interestingly enough, I was first under the impression that it was merely scare mongering.
The accuracy of such a sweeping statement is at best debatable, given the lack of proper statistical data and audited reports.
This was highlighted even further recently when I became involved in a discussion with another person who like me, also doubts the accuracy of these figures.
We in fact agreed that the 80% cliche could be better explained in different terms. Essentially, traders fall into one of three groups. At the bottom of the scale we have the 20% who fail entirely, in the middle we have 60% who achieve no remarkable milestones but they also don't fail, and at the top we have the 20% who are extremely successful. So, when I refer the vast majority, or the 80% group, I'm actually referring to the bottom 20% together with the 60% which are caught in the middle.
Looking at it this way, we see that only the minority of traders fail completely. However, most others are of course in the 60% group, unable to meet their own expectations. On the other hand, how is it that some move beyond this group to enter the 20% group at the top of the scale?
Successful trading is all about taking calculated risks so it's hardly surprising then, that a fear of failure can be a major obstacle. Fear of failure equates to a fear of taking risks. Another problem for many, is the misconception that failure can only ever be a bad thing because it really needn't be.
Those who provide coaching for people involved in sales can often be quoted as saying that one should not see failure as failure, but merely as an opportunity to improve. Of course this is particularly true with regards to trading business as well because essentially, if you burn you fingers once, you're going to be far more care the next time round.
Thomas Edison set out with a very definite goal all those years ago and inevitably, he encountered failure many times before eventually succeeding. Fortunately though, he never saw failure as failure. Instead, Thomas Edison simply declared that he discovered thousands of ways which were wrong.
The unfortunate thing about letting a fear of failure stand in your way, is that it often results in you giving up at a critical time. Many who throw in the towel simply don't realize how close they are to success.
Have you ever reminded yourself that life is short and that you only live once? I certainly have. In fact, I still do it all the time or at least everytime before taking a slightly higher risk. Once I commit to taking a risk, I also always ensure that I don't succumb to anxiety as a result.
In my opinion, I would even go as far as saying that one should disregard the entire concept of failure. By removing the entire fear of failure factor, you'll be setting yourself up perfectly for developing a trading edge and when you do, you'll be on your way to join the 20% who are highly successful. Stay positive, stay focused, and above all, don't be afraid of failure.
John Mayer - Edge of Desire (Acoustic) *HIGH QUALITY*