Why 99% of traders fail. Questioning trading myths | Traders Improved (#70)

99% of traders fail, yet 99% do the same things all the time. Be different and step outside the box.

When I started out, I followed all the classic "trading laws" such as the trend is your friend, multi-timeframe analysis is the way to go, only trade the majors, and so on...

I was struggling and never felt 100% comfortable with trading. It wasn't until I started doing this differently and started questioning those "trading myths" that my trading saw improvements.

I stopped trend trading and explored different approaches. And suddenly the charts made a lot more sense.

I stopped doing multi-timeframe analysis and my confusion stopped. 

I started looking at a lot of different Forex pairs, instead of just the majors. And suddenly I could find way more and way better trades.

 

Those old myths might have had their right to exist 10, 20 or 30 years ago. But maybe the market and trading, in general, has changed. You need to start questioning things. Don't just blindly accept what people tell you and try how a different approach would feel.