It Was Never About the Charts: Why Most Traders Struggle (and How to Fix It)

It Was Never About the Charts

Most traders don’t blow up because they lacked a good entry.
They blow up because they lacked the mindset to stay consistent with what was working.

• They second-guess their setups…
• Chase when they promised they wouldn’t…
• Hold through drawdowns hoping for a miracle…
• Or abandon a strategy the second it hits a losing streak.

That’s not a technical issue. That’s a belief issue. A mindset issue. A human issue.
And if we don’t talk about it — if we keep pretending more chart time alone will fix it — we’re just setting ourselves up to repeat the same cycle again and again.

I know because I lived it. And it almost took me out.

My Story: From Motel Room to Market Mentor

I didn’t grow up in a house where wealth was expected.
I didn’t even grow up in a house that I could always count on.

When I was six, I found myself waking up in a dingy motel room in the middle of the night.
My mom gently told me to get dressed — my dad was coming to pick me up. She couldn’t do it anymore.
We were homeless. She was handing me off.

That night planted the seeds of so many beliefs I didn’t even know I carried:

• That money (or lack of it) could make people disappear.
• That success meant survival — not freedom.
• That security could vanish in a moment.

Fast-forward a few decades. I’d “made it” — a solid career, a growing trading account, even a few big wins.
But underneath all of it was a fear of losing it all. Again.

And that fear? It showed up in my trades.

• I’d cling too long to losers, hoping they’d turn.
• I’d hesitate on setups I knew were high quality.
• I’d overtrade, chasing progress, never quite satisfied.

From the outside, it looked like a strategy problem.
But deep down, it was old beliefs quietly running the show.

The Jesse Livermore Trap

Most traders know the name Jesse Livermore — the man who shorted the 1929 crash and made over $100 million doing it (equivalent to $1.6B today).
But what many forget is how that story ended.

Livermore didn’t fail because he lacked a system.
He failed because he stopped following it. Again and again.

• He’d climb the mountain… then blow up.
• Make a fortune… then lose it all.

The problem wasn’t strategy. It was sabotage — the kind that sneaks in when your external skill outgrows your internal foundation.

That’s the trap.
And if we don’t address the beliefs driving our decisions, we’re walking the same path with fancier tools.

Read Jesse Livermore’s timeless quotes for deeper insight into his trading mindset.

Why Most Traders Self-Sabotage

I’ve coached hundreds of traders over the years, and here’s what I’ve found:
Every self-sabotaging action in the market can be traced back to a belief.

• “I’m not good enough.” → Hesitation and early exits.
• “If I win, I’ll lose it anyway.” → Overtrading, revenge trades.
• “I don’t deserve success.” → Scaling too early, taking low-probability shots.

These beliefs don’t start in the market.
They start in childhood, past jobs, failed relationships — moments where we learned what felt “safe.”

And here’s the thing: beliefs don’t shout.
They whisper.
They operate quietly in the background like outdated software — shaping how we see risk, how we interpret pain, and what we think we’re worth.

If you’ve ever said “I don’t know why I did that,”
…it’s probably a belief you haven’t uncovered yet.

The Awareness Fix

Here’s the good news: those belief patterns we talked about? They’re not permanent.
But they don’t change just from reading books or “trying harder.”
They change when you build awareness and structure.

Because without structure…

• Even the best journal entries won’t translate into better trades.
• Your beliefs will take the wheel the second emotions spike.

That’s why, before I dive into journaling or advanced strategy with any trader…
…I start with this:

👉 Download the 9-Point Trading System Health Checklist

It’s a quick, 2-minute audit to help you spot the real gaps in your trading system —
the ones quietly causing inconsistency, hesitation, and frustration.

You’ll walk away knowing:

• Where structure is missing in your system
• Which habits are pulling you off-plan
• What to fix first to create calm, clarity, and confidence under pressure

Because the truth is:
If your system isn’t structurally sound, your mindset will always be fighting an uphill battle.
This checklist is your first step out of the cycle—
And into real, sustainable growth.

The Journaling Shift: From Logs to Leverage

Once structure is in place, that’s when journaling really starts to shine.
Too many traders treat journaling like a checklist.

• Date? ✔
• Entry? ✔
• Exit? ✔
• Profit/Loss? ✔

That’s not a journal. That’s a log.
Real journaling is where awareness is built.
It’s where you stop trading blind and start seeing your patterns in 4K.

The best trading journals ask questions like:

• What was I thinking just before I entered this trade?
• What emotion was strongest at the time? (Fear? Greed? Doubt?)
• Did I follow my plan? If not, what pulled me off track?
• What belief might have driven that behavior?

Over time, journaling like this starts to reveal your “emotional fingerprints.”

• You’ll notice, for example, that you only hesitate after three red trades in a row.
• Or that you chase when you feel behind on your monthly goals.
• Or that you scale out of winners the moment they hit last week’s high.

Those aren’t random mistakes.
They’re patterns. Clues.
And every one of them points back to a belief.

When you journal like this consistently, the game changes.
You stop blaming the market.
You stop feeling stuck.
And you start developing true internal control — the kind that doesn’t get shaken by a red day or a reversal bar.

Final Thoughts

If you’re struggling with hesitation…
If your account always gives back your gains…
If trading feels like a never-ending emotional rollercoaster…

You don’t need more information.
You need transformation.

It starts by looking inward.
It starts by getting honest about what’s really holding you back.
And it starts with one simple question:

What if the breakthrough you’re chasing in the market… starts in your mindset?

About the Author

Michael Lamothe is the founder of MARA Wealth and the author of The Trading Mindwheel. He helps serious part-time traders stop treating trading like a hobby — and start building the mindset, structure, and systems to trade like professionals.

Michael’s journey started part-time in 1999, juggling markets, a full-time job, and family life. Through deep study, real-world experience, and mentorship from legends like Mark Minervini, he built a framework that turned his own trading around — and now helps others do the same.

Today, through MARA’s coaching, books, and Accelerator Program, Michael teaches traders how to master the eight essential trading skills, eliminate self-sabotage, and build consistent, conviction-driven growth — all without quitting their day jobs.

📘 Learn more at marawealth.com
📘 Get the book at tradingmindwheel.com