When we learn a new strategy and the person who taught it to us, continues to affirm that the trading method works the way it is, you may be afraid to change it. If the person has a certain reputation and is known that it’s not a SCAM, we will have even less reasons to change it. But we may still have some problems trading using that method and we may think that we didn’t understand how to trade the method.
We choose the trading strategies that we learn from others, basically because of three reasons:
- We don’t have enough experience
- We don’t want to take the responsibility
- We think that what others offer us, is better
We don’t have enough experience
It’s obvious that as we don’t have experience we can’t pretend to be able to create a trading by system ourselves. We will not make a computer program if we don’t have programming skills, right? So, as a newbie trader it’s fine to find trading systems on the internet or in a trading book or even to buy one. But remember that at this stage we are here to learn, we should have the right expectations. We shouldn’t expect to make profits right away. When we go to school, do we expect to make money starting from the second day? Of course not! The same should be true when we first come to trading.
We don’t want to take the responsibility
It’s difficult for a lot of us to admit that we were wrong and it’s easier for us to blame someone else for our failure. The same is true in trading. Isn’t it easier to blame the seller of the trading system? When we decided to trade based on a strategy we’ve bought we took the responsibility already.
We think that what others offer us is better
There are many reasons why we think that what others offer is better. We believe that the ones who write books and give seminars have more experience. Then, for marketing reasons, they will say that their strategies are much better than they actually are, or if they actually bring them that profits you may need a lot of experience to achieve those results.
When I took a private tutoring with a master trader, I thought that I would become a successful trader starting from the second day. I trusted him so much that I even wanted to start trading that method suddenly on the real account. I didn’t want to change the method, because I knew it wasn’t a good idea. I knew that if I changed it I would have to test it again. But after a while, when I saw that the trading method wasn’t giving the expected results, I decided that it would be inevitable to make some changes. Finally found some variations of that method that I tested for a couple of months. I felt afraid to trade it without the approval of the master trader who taught it to me. I saw that the modified method was generating profits, but I was afraid to trade it because the master trader didn’t use that variation. Finally I took the responsibility and started to trade it and that was a good idea.
Even if a trading method works fine for trader it may not work for other traders, so it may be necessary to adapt the trading method. Don’t be afraid to do this, even if you will make fewer trades or you will not have as much profit as you expected when you bought the trading system. By trading a method you will achieve more experience and you will start to observe other patterns, so one day you may become even better than the person who tutored you.