you're doing everything right yet your trading account keeps bleeding you continue to hit max draw down and fail one funded challenge after the next here's why and how to fix it for good now if you think about it trading and successful trading is very simple you need to have a trading edge that you put into a mechanical trading plan and you come to the market and consistently execute on if you do that at ever greater degrees of capital and funding you're going to make ever greater degrees of income from your trading but there are certain things that stand in your way of following that very simple process and once you have a mechanical edge and a proven trading plan all of them are psychological you have FOMO you're waiting for a particular setup to set up on that trading day and it gets close to your entry point but not quite there yet and you jump in early out of this fear of missing out on all this profit or you're in a trade and it's coming towards your stop loss you're about to get stopped out and you keep dragging your stop loss back out of the fear of getting tagged out and then missing out on the move or you get tagged into the trade and it runs in your direction and because of the fear of missing out on that unrealized profit that you're currently making you close down the trade early so it's FOMO that stops you from consistently sticking to your trading plan and having consistent profitability or overtrading for example coming to the market when you know it isn't part of your plan to trade and you continue to trade you continue to take setups that aren't even remotely close to what's in your trading plan out of this desire to continue to overtrade and maybe you're sitting up a little bit for the week or for the month and you give all those profits back to the market or maybe you were just slightly in draw down in this state of anxiety and the overtrading has pushed you even deeper into draw down so it's this emotion that's driving you over trading that stops you from doing this very simple process of just sticking to your trading plan and having consistent profitability or revenge trading for example taking a loss that you know was part of your plan and then spiraling out of control because you really wanted to win or taking a loss on a silly error a trade that wasn't part of your plan and then spiraling out out of this desire to make that profit back or you come to the market in the morning and you realize you missed this very simple setup that was according to your plan and that angers you and you want to come back to the market with revenge and make profit now so you overtrade and you take trades that aren't part of your plan and you introduce greed into your trading and the fear of never being a successful trader and then you blame and label yourself as having no patience or discipline and you beat yourself up for these behaviors and again trading is very simple it's just about sticking to your mechanical trading plan that's what's going to yield you consistent profitability yet we have all these psychological issues fomo overtrading fear greed closing trades early revenge trading no patience and no discipline that stop us from doing that very simple task of sticking to our trading plan now what if I was to say that each of these trading psychology issues overtrading FOMO revenge trading fear greed closing positions down early no patience and discipline stem from the exact same root cause and that root cause whether you want to hear it or not is a state of desperation too many traders are trading out of a state of desperation to make money here and now and that is what ultimately kills them from having consistent profitability over a long period of time you see as a trader we develop an edge based on previous back tested data that edges over a large sample space 100 trades for example not each of those trades is profitable you're going to have a sample space of wins and losses you're going to have a certain strike rate but if you were to replicate that edge over the next 100 trades you're more than likely to approximate that same edge over a large sample space yet it's the desperation to have to make money here and now that drives us into wanting to make every individual trade profitable and this desire to have every single individual trade profitable which is unrealistic and it drives those emotional challenges that I described before and undermines your ability to do the very simple task of sticking to your trading plan and having consistent profitability as a result it's desperation that's the silent killer that's killing your trading profits and I'm going to show you how you can remove desperation from your trading so you can do that very simple task of sticking to your trading plan and having consistent profitability and then continuing to scale to ever greater degrees of capital so you can continue to make more and more money from your trading leveraging the simple process of sticking to your trading plan now over the years I've had the opportunity to work with hundreds of traders one-on-one on this particular issue and there are common things that I see in their life that drive desperation the first thing is that they're disempowered in their finances they either don't have cash savings no cash savings or they don't have a secure source of income no income and both these things obviously drive a state of desperation they've got bills they've got expenses that come up and they're using trading as a way to try and make money quickly so they can pay those bills and pay those expenses without a doubt that is the biggest reason why traders fail that sense of having to make money now drives desperation drives them to overtrading over risking deviating from their trading plan and it ultimately gets them the opposite result of what they're desiring trading from a state of desperation when you have no savings and no income is not going to save you and although that's not the message you want to hear it's absolutely the truth that I've seen consistent over years of observing traders and throughout my own trading journey as well trading from a state of desperation that make money now because there is no income or no no cash savings is not the way to trade the first thing you want to be doing and making sure you do is getting a part-time or a full-time job that allows you to generate a guaranteed income or have some sort of a business that's already generating income that is guaranteed to generate you income you provide a product or a service whether that's your time to an employee or product or service to society and you get paid in fair exchange that's going to guarantee an income that is the income that you use to cover your expenses and all the while hopefully that income also allows you to build a cash cushion and cash savings and you want to focus on getting at least a 3month cash savings if you have $5,000 worth of expenses you want at least $15,000 of cash in the bank sitting there and what that allows you to do is it allows you to stabilize your psychology so you're no longer trading out of a state of desperation but you can let your edge play out over a large sample space and you can approximate consistent profitability so make sure you take care of your finances first and foremost if you need to a part-time or a full-time job they're wise to have to have guaranteed income to cover your expenses if you have a business that's already generating income great that is what covers your expenses and then you use the surplus of that income to build cash savings so that you can trade from a state of process and sticking to your trading plan as opposed to having to make money now which undermines your ability to approximate your edge the second place you want to look at if you take care of your finances and you got income coming in yet you're still trading out of a state of desperation and overtrading and revenge trading and overrisking is you want to look at all seven areas of life at times I see a state of desperate trading as a coping mechanism for being unfulfilled in the other areas of life and really there's just a sense of boredom throughout their days these traders and they come into the market and desperately trade and overtrade and over risk as a way to get some sort of excitement and some sense of feeling of accomplishment but again that's traders imposing their own will their own time frame onto a market that isn't willing to bend to your will so what's important is you go through all areas of life your health and fitness your family and relationships business finance mental spiritual social leadership and you have a look through all those areas of life and you figure out which of those areas are most deeply meaningful to you and you set goals in those areas and then you set high priority actions that you're inspired to do every day that are going to get you closer to accomplishing those goals so you have a little bit more of a balanced and holistic life so you're not just dependent on having to trade that day out of boredom and out of this sense of having to get satisfaction from the markets because you're already fulfilled by your life and trading just becomes a tool as opposed to it using you as a tool and the next thing to do to manage your desperation is to manage your greeds you know before we come to the market and take a trade there's a very specific reason why we're taking a particular trade and most traders 95% of traders those traders who are inconsistent are trading because they think they're going to get a certain benefit and positive outcome from that individual trade they're too short-term in their thinking and they're imposing their will on the market trying to get something from the market and what happens in that state is they become desperate for the fantasies they create in their mind they think that taking a certain trade is going to get them a certain dollar amount a certain percentage a certain funded account maybe a new car a new watch uh status recognition whatever it may be but they impose their own will and own ideas and own fantasies and benefits onto that trade and because of that they become desperate to trade because they think that trade is going to give them all those things they've associated to it or that dopamine and oxytocin they've associated that trade they want to get that quick win that good feeling so as a trader it becomes crucial to understand why am I taking this trade am I taking this trade because I think of a certain outcome that's going to be positive which is unrealistic because nobody knows the outcome of the individual trade or am I trading because it aligns with my trading plan that's a processbased decision that's a wise decision to make as a trader to take a trade because it aligns with your edge but on those trades you can't have expectations or greeds on the outcome because nobody knows the outcome it's much wiser to be balanced on the outcome and recognize it could be either a win or a loss i'm taking this trade because it aligns with my trading plan so in order to manage your greeds I encourage you to download my free bulletproof your trading mindset tool it's the exact process I give to my six-figure traders to help them manage their greeds before every trade it's completely free and that tool is a step-by-step questioning process that will help you ground your greeds remove emotions from your trading so you can do that very simple process of sticking to your mechanical trading plan taking the trades that line with your plan and having consistent profitability over the long run and the scaling to ever greater degrees of capital to make more and more money from your trading traders if you found this video useful don't forget to share it with your trading communities and trading friends and before you click away but firstly make sure you download the bulletproof your trading mindset tool i want you to watch this video that's going to pop up on your screen either here or here it's going to be a 15minute video where I break down the elite trader psychology and how you can embody it so you can have everything you want as a trader