In today’s episode, we are going to be speaking on the benefits of being part of a trading community!
More specifically, we will be looking at some of the challenges that new traders face when learning to trade on their own, and how being part of a trading community can provide them with the resources to address each of these challenges.
We’ve experienced the benefits of being in a community first hand and when speaking with many other successful traders, they often mention that having a community to lean on was one of the key factors that influenced their own paths towards consistent profitability! It’s that important for your success!The dream in your heart may be bigger than the environment in which you find yourself. Sometimes you have to get out of that environment to see that dream fulfilled Click To Tweet
So what are the challenges that new traders face when they start trading live capital?
Well, it’s easy to get lost when you first start out because there is a sea of information out there on trading strategies and indicators.
Most of it is useless and irrelevant but there are some hidden gems if you know what to look for!
You can learn how to read candlesticks on YouTube, find free strategies on Google, and put it all together into a plan and then go and trade it with some success on demo.
But here’s the catch! When you go live, the results are going to be a lot different because emotions will inevitably start to creep into your trading and sabotage your plans.
Finding a strategy or making a plan is not the hard part of this journey! The difficulty lies in the execution which comes with a whole bunch of psychological challenges that most new traders are not prepared for!
The issue here is that when you are new and don’t have any guidance, you are more prone to make some of the common newbie mistakes. And it might not be clear to you where you are going wrong, so that makes it even more difficult to find a solution.
This, in turn, leads to even more confusion, frustration and unfortunately, this is the phase at which most new traders remain stuck in before they decide to quit after a streak of losses.
Whether it’s with us here at TRADEPRO Academy or somewhere else, there are plenty of benefits of being part of a trading community!
The Impact of Community on Humans
The people we surround ourselves with are the biggest influence on our behavior, attitudes, and results.
Who you are around — what they’ve got you thinking, saying, doing, and becoming — sets the course of your life.
In the words of motivational speaker Jim Rohn: “You are the average of the five people you spend the most time with.”
The people you spend the most time with shape who you are.
They determine what conversations dominate your attention. They affect which attitudes and behaviors you are regularly exposed to. Eventually, you start to think as they think and behave as they behave.
Human beings are intrinsically tribal
What sports teams are you a fan of? Which ones do you dislike? Why?
What gym or fitness club do you belong to? Why?
What associations do you belong to?
Think of your friends, what do you all have in common? What unites you?
Now think about trading….
What do you want to be part of? You are a part of a community everywhere else!
In This Episode You Will Learn
- The challenges that new traders face when learning to trade on their own 04:33
- The away motivations that cause people not to want to join a community 10:40
- How human beings are tribal by nature 22:25
- The benefits of being in a trading community 25:30
- How trading communities act an emotional stop loss on drawdown days 37:00
- Using trading communities as a feedback mechanism for your trading development 51:02
Some Things We Also Discuss
- George’s experience with learning to trade before the digital age of information 06:30
- How an opinion that you accept can shift your entire reality 14:10
- How your current environment can be wearing you down 18:45
- How everything we learn is from somebody else 28:13
- How trading communities can provide you with a much-needed sense of accountability 42:15
- How a community can show you what’s really possible to achieve 55:10
- Connect with our community online: Trade Pro Academy
- Catch up with our earlier episodes: Mind Over Markets Podcast
- Check out our friend Danny Riley on Twitter
- Check out our friend Anthony Drager on Twitter