Embrace the Suck if You Want to Make it in Trading

There's a phrase that I've been hearing a lot lately: Embrace the suck. 

I recently binge watched a show called Remote Survival on Netflix. I recommend you watch at least one episode, it's really interesting, from a mindset perspective. It is a show where ordinary people have to survive out in the wild for 2 days.

Now that doesn't sound like much, but you would be surprised how difficult that is for some people. Quite honestly, I don't know how well I would hold up in that situation.

It is interesting to see how people deal with adversity. Just like in trading, some people fight through and others just give up. 

There's a phrase that I've been hearing a lot lately: Embrace the suck. 

I recently binge watched a show called Remote Survival on Netflix. I recommend you watch at least one episode, it's really interesting, from a mindset perspective. It is a show where ordinary people have to survive out in the wild for 2 days.

Now that doesn't sound like much, but you would be surprised how difficult that is for some people. Quite honestly, I don't know how well I would hold up in that situation.

It is interesting to see how people deal with adversity. Just like in trading, some people fight through and others just give up. 

Anyway…the people in this show have a radio connection to a survival specialist that guides them through the entire process. One of the specialists always tells his guy/gal: “Embrace the suck.”

If you haven't heard the term before, it basically means that the activity you are currently engaged in, will suck. So get past that it and figure out how to beat it.

In my opinion, trading doesn't suck. It is actually quite fun. Other people may think otherwise.

If you think it does suck, you should probably look for another profession.

But what does suck, when we are going through the learning process, is our trading performance. So if you are still trying to figure out how to trade consistently, then here are a few strategies that you can use to embrace the suck and fight your way through the learning process.

Not Bad Meaning Bad, But Bad Meaning Good

Losing trades are actually a good thing. A long losing streak is also good thing.

It tells you that you have work to do.

If you are losing money every month, let's not sugar coat it, you suck at trading.

Many people come to trading, thinking that it will be easy. They think that they can read an ebook over the weekend and they will start making money, come Monday morning.

That is how you can smell a trader who will fail, from a mile away.

Like any other profession, it doesn't work like that. Would you try to do brain surgery after you finished a course you bought off late night TV?

Of course not.

But even if you suck now, remember that it is a prerequisite for becoming a professional trader…

Most Pro Traders Were Terrible (at First)

Most professional traders agree that great traders are made, not born.  So take heart in the fact that almost all consistent traders didn't start that way.

Joel Kruger wanted to give up trading many times. But he stuck with it and he was able to quit his job as an analyst, to become be a full-time trader and educator. I've seen his track record, he is the real deal.

Rafael borrowed a ton of money from his family to start trading. He made a little money at first, but he got cocky and lost it all. That was a painful experience that he does not wish upon anyone.

One of my favorite books is When Super Traders Meet Kryptonite. It is a really good illustration of how even successful traders can suck, when they let their guard down. Sometimes enough to blow out their entire account.

…and of course, if you want to read about traders who really sucked and lost a lot of money early in their careers, read the Market Wizards books.

Read these books and listen to these interviews. They will give you some confidence that even the best traders in the world started out just like you. 

The Sign of a Trader Who Will Fail

A common phenomenon with amateur traders is that they open a MyFxBook to journal their trading and establish a track record.

That is great, all traders should do it!

But then what usually happens next? 

They hit a losing streak and it they shut down their account and start a new one. This goes on again and again, until they give up. They get stuck on the Trading Silodrome.

Traders do this because they want to show the world a perfect track record. They don't want to face their shortcomings.

But that is the worst thing that you can do…if you actually want to be successful.

So when you open your MyFxBook account (or any other similar tracking website), keep your account open the whole time. Remember that even professional traders have losing streaks. If you show your losing streaks, isn't that more professional?

Showing losses and gains will make your track record much more credible, even if it is painful now. 

Learn to Let Go

There is a lot in our past that we carry with us into the present day.

A lot more than we realize.

If you dwell on past events, past failures and mental programming that isn't getting you anywhere, then you need to figure out how to fix that.

I've found that meditating with binaural beats has helped a lot, but the process takes time. Don't rush it, just work at it a little every day.

Also consult with people who have been through the process. I have found Chris Capre's Advanced Traders Mindset course to be invaluable for this.

But there are many others, take some time to find one that you like.

There is no miracle cure. The key is to become more aware of what is holding you back. 

The answers are in your rattling around somewhere in your head. You just need to let go of your past and quiet your mind enough to find them. 

Go Easy on Yourself

This is related to learning to let go, but is worth mentioning on its own. 

Going easier on myself is something that I have been working on, but it's a process. For most people, the default reaction is to get down on themselves when they have a losing trade.

You have to remember that a losing trade is not necessarily a bad trade.

Even the most profitable trading systems have losing trades. But expending your mental capital by beating yourself up over losing trades, just means that you will be more likely to lose your next trade.

The biggest part of embracing the suck is to forgive yourself for your mistakes, learn to recognize the difference between normal losses and bad trading, and soldier on.

Final Thoughts

So if you are having a tough time right now, embrace the suck. Find a way to fight through it and become the trader you have always pictured yourself to be.

…and these strategies don't only apply to trading. Think about how you can apply this to other things in your life.

 

How do you embrace the suck? Share your best strategy in the comments below…

 

 

 

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