Hey Market Pilots,
Patience and persistence are needed if one is going to be successful in the markets. I am reminded of that when new subscribers come into my service and express concern that they aren’t making money. There can certainly be multiple reasons for the lack of performance in one’s trading account, but as an instructor, I tend to notice these concerns arise when the market gets in a funk.
I never want new traders or subscribers to lose money, feel they aren’t being looked after, or feel like they signed up for a losing service. So I ask for some details to better understand where they are coming from and if there are any adjustments I can help them make that would change their account performance.
A big one I hear is that the subscriber missed some really successful trades. I’m sure this is the worst feeling because the opportunity was there and somehow it was just missed. I have been there. In fact, that happens to me every day because there are simply too many stocks to trade and not enough money for me to trade them all, so I miss great moves all the time. As far as the performance of the service though, a subscriber probably needs to take every trade presented because we never really know which ones are going to be the big winners. And for a novice to try and decide which of the trades, being put out by a coach, they should take, sounds like an interesting game of darts.
Getting back to the premise of new subscribers wondering if they picked the wrong service, I find that I start getting emails about account performance if the subscriber joined a few weeks prior to the market getting out of a nice trend. The market just fell out of a multi-month trend on 9/3/2020. Therefore, anyone who joined just before that is catching the tail end of a trend. The number of solid trades probably declined, stops started getting hit, moves became erratic, and the subscriber immediately wondered about the success of the service they just signed up for.
I totally get it. We obviously project ourselves as professionals that know how to lure money out of the market, and we do. But we don’t do it every day. There are times when trading is easy and there are times it is very difficult. We just now stepped into difficult territory. What I ask from my subscribers, especially the new ones getting to know me, spending their money on me, RISKING their money with me, is to have patience and persistence. Trading is a marathon, but the results do come over time if you stick to it with the proper guidance and discipline. Patience is needed because the market isn’t ripe to trade every day or even every week. Patience is also needed because big trades can take days or weeks to set up and then you have to ride them.
I sit back sometimes and can’t believe I am where I am, that I work alongside John Carter with a great team at Simpler Trading. Or that I am no longer the student (although we are always a student of the market) and that I am now teaching so many others how to succeed in the markets. I am so grateful for every single trader who chooses to listen to me. I enjoy the Moxie chat room and the socialness it brings to the relatively solo sport of trading.
So, to all the new traders and/or the new subscribers, welcome to the world of trading; It is one hell of an experience and I hope I can help make it more enjoyable. Just remember, patience and persistence, there is always a new day to trade.
Over and Out,
Your Profit Pilot.