The beauty of the internet and technology is that it opened up a lot of access to aspiring traders in terms of knowledge sharing participation that we didn’t have in the past. At the same time, it introduced a tremendous variable in the stock market and many newbies are struggling with information overload where they can find many ways to trade profitably. Different trading styles and strategies can be accessed everywhere and it can only take you so far in your trading journey.
There are so many things to choose from – broker platforms, trading styles, set-ups, trend following, range following, breakouts, bottom picking, momentum indicators, trend indicators, volume profiles, and many others.
To assess one’s level of understanding of being drowned in information that might hit the mental and emotional saturation point of an individual, we need to ask: do any of these statements reflect where you are right now with your desire to be a successful trader?
- I don’t know where to start.
- I am so overwhelmed from all of the information available.
- I’m not sure what kind of trading strategy I’d like to follow.
- My perfectionism hits hard on me.
- The fear of failure is stopping me from moving forward.
If any of the above is applicable to you, then don’t panic.
It’s quite normal for starters and these kinds of thoughts don’t ever go away.
It’s PART of the trader’s journey.
As you make progress toward becoming a successful trader, you must learn how to be able to cut through with the noise, control your thoughts and HACK your thinking about the market to make them work for you–not against you.
Here’s a simple hack for all of you: DON’T LEARN EVERYTHING ASAP.
Just try to learn what you need to learn at this very moment.
It could help you to make the wisest possible workaround of your time and energy, narrow your search focus, and makes you understand how, where or who to get help from.
When overwhelming content comes your way, always ask yourself before you dive in, “Is this something that’s useful for me right now?”
If yes, then, by all means, learn it will all your heart.
If not, save it for later. You can always come when it is the right time.
“Essentialism is not about how to get more things done; it’s about how to get the right things done.” ~ Essentialism: The Disciplined Pursuit of Less by Greg McKeown
Here’s another takeaway:
STEP BACK. Simplified.
A good time to do it? Friday nights or weekends. Why? To refresh your mind before the market restart again.
Get yourself into the rhythm where you need to be reminded of your starting standpoint, learn which one works for you, and keep it constant.
You may not know where to start right now, but the truth is, it’s an amazing advantage you have because you are actually already going to the right path by being here.
This is not an easy game.
It can be simple, but it’s never easy and it can be overwhelming most of the time, so always be patient with it.
Remember that TRADING is a window of opportunity and it is your choice if you want to be part of that open window. If it’s closed, back off. If it’s open, push it like you would during a trade or when you want to fight with a momentum.
Focus on one thing and you’ll be ahead of the curve in no time.