Most people who read this blog are interested primarily in trading and so won’t be aware of a certain personality trait that I possess. In actual fact it’s possible that anyone reading this who does actually know me (hi!) may not be aware of this fact…
I have a tendency towards extremes…
How does this manifest itself in the real world? I took up running (from a standing start) and went on to complete an ultra-marathon a few years later. I’ve spent a lot of the last five years in the gym and now look totally different physically… These are a couple of the more obvious examples.
So when it comes to trading my intention is to become really, really proficient. One way I’ve done this in other areas is to read about whatever subject (like psychology) a lot… and with trading I offer up exhibit A) which is a pile of about 30 books just on trading.
Yes, I don’t yet have a smart phone (see older post as to the reason why) and the picture resolution is bad so apologies for that…
It’s a big pile and I’ve read them all. Some I’ve read twice.
Now here is the hint I’m giving to people trying to learn to trade. You can learn a lot of things from books. However all the big steps forward that I’ve personally made as a trader have come from direct exposure to someone who is actually trading in the current market environment.
Let me repeat that.
You need to find someone to teach you to trade.
You need to get exposure to people who are successfully trading at the same time that you are trying to learn. They will know what works ’cause they’re doing it. For all sorts of psychological and other reasons listening to someone talking about trading is way more applicable to the real world of your trading now than the stack of books I’ve (badly) photographed above.
As a side note, stay off forums. Traders aren’t posting shit on forums. Traders are trading. Much the same way that the people talking about the markets with hindsight on TV aren’t trading either 😉
Here’s where new people wanting to make money trading get conned (notice I said make money trading, not learn to trade – I’ll come back to that some other post) There are people selling all sorts of shortcuts that promise to teach them to trade in a weekend. These sharks promise the earth but delivering less than sod all. If you want to learn properly about trading then you will more than likely need to invest in some training but please check them out first
Happily, there are also some genuine individuals out in the world who do want you to succeed and even better are prepared to give away free and useful advice!
People! Grab these opportunities with both hands and listen to what they have to say. If you were an aspiring professional sportsman and one of the guys who is out there winning medals offered to give you advice for free then you’d take it, right?!
So with the point I’ve made in mind (find a good tutor – duh!) I suggest you grab the last few remaining free training spots being offered this week from Mike (@FTSEDay on Twitter) which are on a first come first served basis so email email@example.com
I wrote a blog about the last session here which has helped me get my head around an issue I had with trading. So there you have it. Find someone to teach you that’s doing it, not writing books about how they used to do it and practice