Most traders come to the markets because they see a way to break from the 9-5 routine. They want to make their own decisions, say” bye bye” to working for the boss man (or woman), set their own time schedules and routines. There is a magnetic attraction to the idea that you can make money, sitting in your pajamas, typing on a keyboard and doing what is called “playing” the markets. Playing at home in pajamas… sounds like a teenage slumber party with lots of fun, doesn’t it?
But wait—it can’t be that easy, can it?
Of course not.
If it was that simple and a sure thing, everyone would not only be doing it, but would be happy, joyous and free. Clearly that is not the case.
I believe that everyone can attain personal and financial success using his or her own unique ability. Many of you have proven this in life outside the markets. You are successful in real estate, accounting, medicine, engineering, the law, sales, etc.
So why are you struggling with the markets and why is this pajama game not working so well?
The answer is really quite simple, and—just like so many secrets—is hidden in plain view. The type of thinking that made you successful in life outside the markets is the mirror image of that in the markets. In “regular” jobs, in the world of real life—there are rules. These rules are set down by other people. Other people make rules and you follow them. If you do not follow the rules, you risk for losing your job or your license.
Think of medicine: a doctor must abide by many rules set forth by state medical boards. If they do not, they are warned, disciplined and may have their licenses revoked. The rules are out there and doctors follow them—or don’t (at their own peril and that of their patients.)
Now we come to the markets. Yes- there are rules of trading set by regulators, exchanges and the brokerages, but they really are minimal in the overall scheme of things.