MANAGING EXPECTATIONS

Managing Expectations

MANAGING EXPECTATIONS

This is probably one of the most important concepts to grasp. Without keeping your expectations in check, its going to be near on impossible to succeed, even if you have a sound understanding of the concepts.

Firstly, I am going to reinforce that the RTM methods provide individuals with the ability to see through the fog that is the manipulation and propaganda. Yes, as we have seen time and time again, the win rates and reward can be phenomenal however, they are not guaranteed and you need to know some hard hitting truths before moving on to the lessons within the marketpedia section of the site.

1. LOSSES OCCUR
Believe me, you will lose trades, even with the application of the methods taught here. All too often, frustrated members post a trade that has taken a loss and they can’t move on from it. They dwell on why they took a loss and it eats away infecting their mind with a sense of doubt and insecurity.

You need to be able to deal with the losses. Reflection and post trade analysis is important however, you will not always find a logical reason for the loss. These anomalies do occur for a number of reasons. You need to believe in your analytical skills and your ability to read price.
Please do not take this to mean that a long string of losses is the norm. If this occurs, you are most likely not applying the methodology correctly. It’s important to also post your losses and have them peer reviewed where appropriate.

2. PATIENCE
Indeed this is a virtue and is paramount for success. Should you wish to embark on a career in trading, you will learn very quickly the pitfalls of trying to continuously be in and out of positions in the market. Such a mindset is that of the gambler who acts on impulse and will find any reason, no matter how flawed to take a trade.
Instead focus on the very best setups where it’s a ‘perfect storm’ of elements all stacked in your favour. Sure, you may have to wait for these setups but they are less stressful and provide the highest chance of keeping you in tune with the Institutional Traders.

3. UNREALISTIC TARGETS
It still eludes me as to why some believe they can do a few days or weeks of training and research then move on to making millions of dollars in the market. For starters, its not a standard vocation or career path. It’s a negative sum game designed to play on your emotions and keep you playing and it’s no different to the slot machines in the Bellagio lobby

All too often individuals place self-imposed targets. The common ones are “I need to make X pips per week or I have to make x % per month. Such a mindset manifests into a state of stress, anxiety and even depression.

Often you will hear about traders who are successful trading their own account and are offered positions in boutique prop firms. The truth is that many ‘burn out’. The common denominator is the fact they are having targets imposed upon them which they ordinarily did not have whilst trading with their own funds.

4. STATE OF MIND
The worst times to trade are when you are not in a positive state of mind. Trading should be avoided if you are ill, stressed or feel you are second guessing yourself. Remember it’s already a negative sum game. Don’t further stack the odds against you.

5. COOKIE CUTTER APPROACH
There is no one size fits all ‘cheat sheets’ at RTM. You are given the knowledge and mindset of how to approach trading and its up to you to put your own spin on it. There are infinite ways to trade whilst using RTM methodologies. Remember we are not all carbon copies of each other. Take your time and put the effort into your craft.

We wish you all the best!

Article by "Edge"