So you want to become a harmonic pattern trader. Against all odds, you are working hard to get the method down pat; you are surviving the emotional turmoil and the inner voice that tells you, you can’t do it. How do you survive the external voices of your loved ones and friends who say, ‘why don’t you go and get a real job’? The ones who say, ‘you sit at the computer screen all day doing nothing’… ‘there’s no reason you can’t do the shopping and the housework…you sit at home all day’…
First you have to hold on to your composure. Then you need to prove those well-meaning people or people who don’t identify with what you are doing, wrong. To hold on to your self-control, you need to realize that these dream stealers don’t mean any harm. Their problem is, they don’t have belief in the method or your choice of career. I reiterate, it is not belief in you that is their issue, it is their lack of belief in what you are doing.
- The first step is to make sure you have a sound knowledge of the harmonic pattern trading method. To that method, you need to add consistency and discipline. You need to approach your trades with the same constant analysis in each instance.
- You need to have a trading plan. You need to follow that plan to the letter of the law. In that plan you need to build in a risk tolerance that will not hurt your account balance if any one trade doesn’t go the way you want it to go. The plan must have which pairs you will trade. You can adjust the plan and take pairs out if you discover their spread is too onerous.
- You need to have a good broker. A dodgy broker is not conducive to a trader’s success. You shouldn’t always go for the tightest spreads; you should go for the reliability factor and know that your money won’t walk out the door if the broker has a bad month.
- You need to have belief in yourself and live up to your own expectations. You need to not take trades based on fear or greed; not to jump into a trade because you think you will miss out on catching and riding a wave. You’re not a surfer, so why bother to try to ride every wave that comes your way? You are a trader. You need to be discerning, unemotional, steadfast and cool-headed.
- You need to understand if you have a losing streak, that it shouldn’t dent your approach to trading. Everyone has losing streaks. It is a matter of keeping those losers small and appreciating your winners. You have to remember that trading is taken over a succession of trades, not just a few.
- Don’t show your dream-stealers your trades on a daily basis. They will be emotional if they see big winners or a few small losers in a row. While you have worked hard to become unemotional, they haven’t had that advantage.
Then you need the money to roll in so the naysayers can take a new look at your bank balance and know that you’re pretty good at what you do, after all. Oh, and then you can smile with genuine fondness and tell them that by sitting in front of the computer all day, you are keeping them in the lifestyle that they love. Once you do get the money rolling in, your partner will want to see it consistently roll in too. This is another good reason why when you trade your results have to be consistent so that you can correctly budget your expenses etc. Even if you’re just doing this part time for a little extra cash (and I know quite a few of you who are really successful trading that way) it’s still good to be consistent with your actions and your results. Then the people around you will be happy.
I went through this when my family said i should keep my job but i am working hard to prove to them that i can be a great trader. I like this article because it’s true that you can’t let people steal your dreams. thank you for your words of encouragement
True…the demands of the household and the chores are never finished. I have to make a balance of both and trading makes it easier than going out to work. Nice words, thanks maggie
this article is excellent, it is so true that if you let them people will steal your dreams but I haven’t let them yet and i’m still going strong. Very good reinforcement Maggie