Let me ask you, what type of trader are you?
Are you a good trader?
Maybe a bad one?
Are you a so-so trader, perhaps?
Are you making money in markets?
Are you winning all or just some of your trades?
In my estimation, there are three types of traders participating in markets:
- Winning traders
- Break-even traders
- Losing traders
The first type of trader is the Winning Trader. Those guys and girls are professionals. They represent 2 to 3% of the total traders. They work only a few hours per day with tons of experience. Very confident people. They are confident to the point where you would take their confidence for cockiness. They treat markets like their personal ATM machine. Those are the people that when asked if they want trading advice from you, they would answer ‘Please don’t give me one!’
There are no traders that win everything, and that’s the truth. But those guys can make their losing day up the next day with a single trade and then some. They are masters of risk control.
If you are one of those people, congratulations! Hats off to you!
The second type is the Break-even Trader. A frustrated person doesn’t see profits or losses. If this type of trader controls risk properly, he/she loses a small amounts of money in lots of trades and then “catches” that good one that brings him/her back to zero or, even worse, loses a big one and then, paralyzed with fear, cut “runners” too fast and after a long time gets back above the waterline.
This person fights with his/her spouse about trading pretty often. He or she is being asked to stop wasting time and get a different hobby.
If you are here, my advice is to get a mentor, because you are awful close to make it. You might need a few tweaks here and there in your trading plan, or risk management to start turning trades into profits. Don’t give up! And don’t listen to your spouse!
The third type is the Losing Trader. Depressed. Constantly wires money into the trading account and losses it fairly quickly. Starts trading his/her money gambling-style, based on a tip or single piece of news. That type of person will tell you that they win every now and then. Well, a broken clock will show the right time twice a day also, right?
Get a mentor before it is too late for you my friend!
There is another group of traders that I did not mention here. Traders that have lost everything. Those guys would not be able to perform before seeking psychological help first. So if you are a trader from group two or three, do everything you can to get to group number one and not four.
Financial freedom is a journey
Sign up now and gain unfettered access to all of the quality content and powerful Scouting Reports that our Pro Members enjoy for 15-days absolutely free with no strings attached and let us show you what your trading has been missing.
Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.
All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.