Social Media Traders: Why Many Fail
In a world of embellishments, of how things appear to be versus what things are. This post should be very relatable, for I am going to write based on personal experience I’ve had with many traders. Specifically traders I have met on my journey, through social media who have failed and blown-up their trading accounts. These traders were very smart and passionate about trading and the markets. They were forever perfecting the strategies and putting in the necessary study time; all things great -in making great traders. But, there were characteristics flaws, yes we all have them, but certain flaws are detrimental to becoming a successful trader. Haughtiness and Grandiosity is what were often displayed, they were often to busy worrying about what the next social media trader was doing. So consumed with the social media trading lives of many that they forgot their main purpose, as well as goals. They started competing with the perception of others performances rather than their own.
From constantly competing, thinking that everyone is watching, they lost sight of what was important, what could have been achievable based on their own reality, rather than the distortions that were mostly reflected on social media. These traders were now broken-because their focus was lost, their performance became lack-luster, until eventually their accounts vanished.
The Market Humbles Everyone but the experiences are often different for many reasons. Many are able to bounce back and reclaim focus, but unfortunately some never find their way back.
Social Media is a great platform for retail traders, for trading is a lonely profession. The camaraderie that can form between traders is excellent in nature. It is the competing aspect of it that can do more harm than good. Always strive to compete against yourself, focusing on your needs, and a way to make yourself a better trader and a better person.
Always remember- “what you eat wont make me shit”