It has been a while since the last post and a lot has changed in the world. COVID-19 has everyone locked indoors, and meanwhile, the rich seem to keep getting richer. Pandemic has us all on the edge of our seats, creating opportunities which people have never seen before.
- Virtual gyms are now a big deal 🏋🏾♂️
- Working from home has become the norm 👨🏾💻
- global air pollution had dropped at an astonishing rate 🤷🏾♂️
But where does that leave you and me? In a position to get back on track, and understand how we can thrive in a recession-proof industry. Now more than ever, we must understand how to manage our money and let our money work for us. So on that note, let us get right back to where we left off with the second part of this series.
You can find part 1 here: Do You Know Your Enemy? -Part 1-
Do You Know Your Enemy?
From part one, we can understand that as human beings, we will find a way to hold ourselves back even when we do not mean to. Once we are over that mental hurdle, there is a bigger one that comes along. It is the people who we should fear the most because they will drag you down until they succeed in stopping you from reaching your goal.
Yes! I am talking about the haters, the same people who will stand by you through thick and thin just to see you fail. Let me be very clear about the type of people I am talking about. The hater will debate about your process, mindset, mission and even your intellect just to ensure you don’t get too far before they can catch onto your idea, and then wholly take ownership for themselves. Now let me outline why these people are the worst people to have around on your trading journey and what you need to do when you encounter them
They are on the top of the list because there is always someone who knows it all. They don’t know anything, and I will come onto that in a moment. They will tell you why trading is not for you, and how much hard work you have to put in just lose all your money. It is no wonder why these are the worst people to have around you because they make trading seem like a scary business. Friends tend to always know someone from the banking world or have spent some length of time trading, and these are the two “rough” statements that come to mind 😅
” I have a friend who is a banker, and he makes millions. You can’t play in that market because they trade with huge positions and have quant analysts working for him.”
Let me put the record straight, yes bankers / institutional traders can make millions off their trades due to the large sizes they have to move. Traders trade based on the market information in front of them. Analyst analyses the market and build models for clients and traders if needed. While they go hand in hand and these people are smart (some are even rocket scientist) trading IS NOT ROCKET SCIENCE. You don’t need me to repeat the last part but just remember you don’t need a PHD to become a consistently profitable trader. 👩🏾🏫👨🏾🎓
” I was trading a few years back but ended up losing a lot of money. Plus I bought a few trading courses on how to read the market,s and I was still losing money.”
You are not them, and they are not you. Your friend’s past experiences are not your future, and their failure will be your road to success. Trading is not for everyone because of the limelight it gets in the media. If you genuinely want to ensure that friends don’t hold you back then don’t tell them you are trading unless they tell you they have been looking at trading the markets. Then you can work together and succeed.
🤪 Let me be careful what I say here as I just don’t know who reads these blog post. The family are a blessing and sometimes just a pain in the behind. It is hard to avoid telling your family that you want to become a trader because they are in your life, but there will be one who thinks they know what is best for you.
They don’t want you to take any risks in life, and trading is too far off the Risk-O-Meter to instantly support your dreams. Sad in a way because once they realise the opportunity you have carved out, it would benefit everyone to learn how to manage their money. Like with most families, you can not get rid of them, so my advice is to just nod your head and go do what you were going to do anyway (prove them wrong). 😏
Last but not least, the trolls. Trolls are the super haters of the world, and they only come out once you have the confidence to post your trading ideas. It is a sad world out there, but trolls are always lurking, waiting for you to slip up (losing trade). When it comes to the trolls, you must use the mindset you have learnt with friends and family.
- Avoid them by limiting what you are sharing on social media
- Share your content or trading ideas on platforms which appreciate the process and mindset of a trader. Tradingview and Networking events come to mind.
On the other hand, something that is tried and tested here at Ionic Capital is to start your own social network of people under your control. There are multiple platforms you can use now, but when you control the environment, you can remove any trolling or bad comments toward your or others.
And that all folks!
Thank you for reading this post, and I hope this has helped you keep a fresh mindset on your road to success. Do not let anyone deter you away from your goals, and remember success comes with failure along the way. 🤩
“Invest in a better future” – Ionic Capital.