Overcoming Trading Problems Starts with Admitting You Have Them
Denial is one of the most dangerous stages in a trader’s journey. Almost every trader goes through a phase where they refuse to acknowledge their trading problems. How quickly—or if—they move past this stage often determines when, or if, they will achieve consistent profitability.
Much like the first step in Alcoholics Anonymous (AA)—admitting one has a problem with alcohol or substance abuse—traders must admit their own shortcomings. If you cannot acknowledge your trading problems, you cannot fix them. Ignoring them can be just as damaging to your account as alcoholism is to health. Denial ensures the repetition of the same mistakes until losses force you to stop trading or you finally wake up to reality.
Here’s a structured approach I call the Trader’s 6-Step Program to help you confront and resolve your trading issues:
Step 1 – Admit Your Trading Problems
Check your ego at the door. The longer you trade in denial, the longer you’ll struggle and lose money. Grab a pen and paper—don’t do this digitally or in your head—and write:
“I, [Your Name], admit that I consciously make the following trading mistakes repeatedly…”
List your mistakes honestly, for example:
- Mistake 1 – Poor discipline: I don’t stick to my strategy, take illogical trades, and over-trade.
- Mistake 2 – No trading plan: I procrastinate instead of creating one.
- Mistake 3 – …
Be brutally honest. Writing them down helps clarify the issues and becomes part of your plan for change.
Step 2 – Take a Break from Trading
After admitting your mistakes, step away from the markets to regain clarity. A pause helps you reflect, own your errors, and plan how to prevent them from repeating. Especially after significant drawdowns, this break is essential to regain perspective.
Step 3 – Make a Plan of Action
Now that you’ve identified your problems, write down a corresponding solution for each mistake. For example:
- Mistake: No trading plan → Solution: Create a clear, actionable trading plan and commit to it.
Writing a plan is only the first step—you must actively implement it to see real change.
Step 4 – Commit to Persistent Discipline
Success requires persistence: sticking to your strategy and trading plan even when it’s difficult. Successful traders control themselves, not the market. They enter trades logically and avoid impulsive actions. Without discipline and persistence, you cannot fix your trading problems or achieve consistent profitability.
Step 5 – Stop Trying to Control Everything
Trading inherently involves uncertainty. You cannot know what the market will do with 100% certainty. Overconfidence and arrogance often lead to over-trading and unnecessary risk. Accept that the only thing you can fully control is yourself: how often you trade and how much you risk per trade.
Step 6 – Commit to a Simple, Effective Trading Method
Many traders fail because they trade without a structured method, relying on random entries and messy indicators. To succeed, adopt a clear and methodical approach—such as price action trading—which focuses on the purest market data: price. A structured method simplifies decision-making and ensures you trade with logic rather than emotion.
Conclusion
Trading success requires honesty, discipline, and methodical action. By admitting your problems, taking a break, creating a plan, exercising persistent discipline, accepting uncertainty, and committing to a simple trading method, you give yourself the best chance to move past mistakes and achieve consistent results.
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