Will I get rich trading? Probably Not

Don’t throw that cup of coffee at your screen, I’m just being honest. Do some people get rich trading? Absolutely. The Internet is full of talented men who can hype everything from star gazing to the latest and greatest autopilot software programs for their trading signals. (But the star thing works great for my wife) Well, here today, on the World Wide Web, I am going to reveal the Holy Grail of trading. The surprise is that it will not be found sold on the ‘net, in fact, it is not a trading system at all. It is (drum roll, please) being honest with yourself. My goodness, that’s not very exciting after all the hype we’ve been given by the guru.

The truth is that many trading systems work, but few people can be honest enough with themselves to choose a system correctly. Most people who want to trade start by looking for a system that will beat the market. Now I know that some systems outperform others and by all means, you should look for the best one.

Where many struggling traders miss the boat is where they fail to understand that the best system is the one that matches their own personality. If a trader has good discipline he may not need a system that is too rigid. On the other end of the discipline spectrum, a trader would need a lot of rules to protect him.

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If any such trader tries to trade with other people’s systems, he would probably fail. When you try to trade a system that does not align with your need for discipline as an individual, you are destined to fight the trading system itself. The Holy Grail that many seek is the ability to correctly identify your strengths and weaknesses.

This sounds simple, but you’d be surprised how many people ignore certain weaknesses that they don’t want to admit to anyone, not even themselves. If more traders were first brutally honest with themselves and then designed a system tailored to their own attributes, we would have a lot more rich traders.

Will you get rich trading? If you have the honesty to choose the right system, and the discipline to follow that system, it may be possible.