Tag Archives: humility

Major Changes – Part 2 of 2

Okaaay… I’m feeling quite intimidated writing this post because somehow ‘Part 1’ generated 380+ page views and I’ve just gained my 200th follower on twitter. So no pressure there then!

Honestly I’m somewhat mystified by this (especially related to twitter) but never the less I really appreciate the interest, comments and support. Thanks 😀

You are all awesome.

—– At this point I paused to make tea and then got completely distracted by passiveaggressivenotes.com —–

and we’re back in the room…

Part 1 of this post closed with me making the point that to be truly successful you need to trade your own personality in the market.

You need to go through the process of breaking down what charts are telling you and then re-building a trading approach that you can connect with technically and emotionally.

I finally realised this in/around the same time as stumbling blindly across a Canadian trader called Chris Lori. Now I’m going to point out from the get-go that I’m not affiliated to Chris (or anyone) and what follows is my own entirely independent opinion.

I’m also going to stick my neck out a little and say that my intention is to get ridiculously good at this skill. If this wasn’t clear before from reading my blog it’s now in black and white. There’s a sector of my personality which doesn’t do half measures and it’s worth being aware of this in respect to the next part(s) below.

What I’ve not found anywhere is an explanation or framework for improving as a trader.

I know this may seem a little hard to believe but really, think about it for a moment… Who’s out there teaching the process of how to improve as a trader? How do you go about the process of learning without burning tons of cash? More importantly – How do you make sure that instead of learning at random what you’re gaining is targeted experience?

I feel compelled to make another ‘gym’ analogy here to help explain this last point…

In the last month it’s finally dawned on me that I need to slim down and change my body composition. I’ve lifted weights for years now but I’ve still got a bit of a spare tyre. Finally I’ve finally found out what to eat, the type, frequency and the amount of exercise I need to do. BUT I only discovered this after what’s essentially been years of random experimentation.

Just think about if I’d gone about trying different diets and workout routines in a structured manner? I’d have been there (where I want to be) years ago already. Guess what? It requires me to do exercises I dislike and to have way more self discipline – LOL

Now you need to follow me on this. The reason I flew all the way to Ft Lauderdale for a workshop was that Chris had put a slide up in a webinar that broke down the process of learning to trade in a extremely structured way. An outline that directly relates experience to feedback and building a discretionary trading model linked to ones own individual personality.

This is a scientific approach I can use!

I can teach myself to fish without having to radically re-shape my personality or to try to become something/someone I’m not. In addition this wasn’t based on indicators or even specific setups but more on an entirely price driven view of the market.

At this point readers who know about price action trading will assume I am talking about pin bars or specific candle patterns etc… or will think ‘yeah, I trade price action too…’

Nope, sorry. The point I’m going to really labor here is that most of the 4 day session was spent with Chris explaining the conceptual framework he’s built up about how price moves which is essentially irrelevant of the fact that you’ve got candle ‘x’ or shape ‘y’. This was all about what’s happening to price behind the fact that it’s represented by a candle which is linked to a time period. If you want to get more from this post then a good place to start is at Chris’s site where you can sign up to a whole bunch of very decent information/videos for free.

Other than that it’s worth pointing out that almost half of the 36(?) attendees had also previously been at one of his workshops. Some had paid to come back three/four times already. That’s really a great recommendation in itself

Now if you’ve a cynical disposition you’d assume that it was because they didn’t ‘get it’ in the first place. However it was clear to me they were back because, like any expert, it was worth learning even more from the depth of Chris’s forensic view of how price moves. Personally I believe Chris’s take on the market is exceptional – he is a very, very good trader.

It was also great fun talking to a bunch of relatively new (and some very experienced) traders and I can honestly say there weren’t any idiots there. Not one.

I picked up so much in Ft Lauderdale but crucially I learned to see the market in a way which actually makes sense to me. There’s so much depth and information there – when you know what to look for!

I now know how to use what I’m seeing so that I can come up with trades of my own that match my outlook. All of these things rely on a conceptual framework and not a bunch of setups from someone else which I myself may or may not be successful at trading.

So what am I currently doing with all this new-found knowledge?

  • Creating a structured learning plan based on taking apart one aspect of trading at a time and thoroughly understanding it
  • Building my own trading model just for GBPUSD

Now if you think about the detail behind just these two points you can see that we’re now very, very far from looking for short-cuts. It’s not quick, it’s not sexy and it requires hard work.

It may though be the only way to succeed and then to remain consistently profitable long term. No-one else can really tell you when to get in 😉

I hope you’ve enjoyed this post and got something out of it. If you’re feeling disappointed that I didn’t give away more specific information about Chris and his approach then I really recommend you check out his site which is really the tip of the iceberg.

Beyond that I can’t recommend enough that you actually come to a workshop. Barring the advent of the zombie apocalypse I’ll be going to the next one whenever/wherever it happens to be.

Thanks for reading.

Major changes – part 1 of 2

So approximately 18 months into what was supposed to be a two year project I’ve reached a very interesting point in my journey that I’d like to share…

If you’re looking to become profitable and consistent in this endeavour I seriously suggest you pay attention.

In part 1 I’m going to argue that as much as we’d all like to deny it the following is true. Learning other people’s specific setups and copying their trading methods does not work.

In part 2 I’m going to try to explain what this means as far as learning to trade goes and some of the things I’m doing about it. Part 2 will take me a couple of days to put together so lets kick off part 1 first.

So 18 months in and having extended my timeframe for becoming profitable on a consistent basis I have been very much on the point of giving up. Well, not quite, but the most ‘giving up-est’ I’ve been so far.

This prompted me to look around for what the profitable traders I’ve ran into have said about their own path to success and whether there were any common points. Here are some very lose observations: –

  1. The average timespan seems to be 3-6yrs to get really good
  2. If you dig a little deeper it’s mostly nearer 6yrs
  3. Those that seem to be consistent threw out the rulebook and developed their own trading methodology from scratch based on personal observations
  4. The majority of these individuals use ‘price action’ rather than charts with loads of indicators and wavy lines
  5. Some only trade one or a very few number of markets with very simple setups/rules
  6. Most of these rules are entirely dependent on experience which reinforces their discretionary approach
  7. Anyone who is very heavily promoting or selling themselves/their approach probably isn’t actually trading at all

So what does this tell me – other than I’m possibly screwed?

It’s been written over and over and over (which I’ve also completely ignored) that you can’t really trade someone else’s system/approach.

Acknowledging this truth would mean that I’m going to have to do a lot of hard work so I’ve ignored this up till now and not understood the point being made.

This statement removes the possibility of all short-cuts and frankly that’s a bit of a bugger.

However I now know this to be true from the following experience.

In October last year I signed up with Jimmy Young and went through his excellent and extensive training. There’s absolutely nothing wrong with Jimmy’s approach and he is a completely genuine, honest and straight-forward guy with 20+ years of trading experience. The amount of effort he puts into educating his students is frankly un-paralleled. He’s got some extremely talented students and I can’t find any fault at all in how he conducts himself.

He genuinely wants everyone he’s teaching to succeed

When snow storms took out his local power/internet in the US Jimmy decamped himself to a motel for 3 days so his students could still get the information he provides every day. No really – Jimmy’s sending out a 10-15 minute webinar every day going though the previous day’s trades and what would have been the best approach as well as providing a huge amount of insight to the next day.

I know his approach completely works but I just am not able to enter the market and trade like he does. My personality with regards to trading just doesn’t work like his. Sad but true.

In order to not get emotionally steamrollered every time I look at what’s happening in the market I need to do what so many (now) successful traders have done and break everything down to something I can understand. Only then will this connect my personality, my unique view of the world and my psychology with how I trade.

Not only can I not trade like Jimmy, I can’t trade like @Trader_Dante, @FTSEDay, @50pips, @FT71 or any of the other great/supportive people I’ve run into on this mad arsed pursuit. To quote Monty Python…

Yes, we are all individuals!

So exactly where does this leave me, you or anyone else out there looking to become a consistently profitable trader?

You need to pull the market apart for yourself and see how it works with your own psychology/approach/creativity in mind. Then you can put it back together for yourself and objectively test what works. I’ve now come to the conclusion that this is the long, boring, slow and un-exciting process of becoming a trader. Just like working out and eating right is the long, painful, slow process of getting into really good shape.

There are so many people selling shortcuts, there’s the considerable challenge of self delusion and on top of that the impossibility of trying to change your personality to match someone else’s trading style… On this basis I’m un-surprised that few actually get there.

At this point you might think that I really should give up.

So why am I really excited now about moving forwards?

Well, think about it for a moment. What if the thing that’s holding you back isn’t that you’re not a good trader? What if it’s got a lot to do with the fact that you don’t take good trades like person ‘x’ because (surprisingly) you don’t see what they see ’cause you’re not them? Logically this makes complete sense to me. What a relief it is to put that burden down!

Perceptually the world I see isn’t what you or anyone else sees. You can get 100 different interpretations from the same chart. What follows from this is that you need to trade your own personality in the market.

How do you get to a point where this can happen? Well, you’ll have to wait for part 2 in order to find out and you’ll discover why I went all the way to Florida to really move things forward…

2011 summary 2012 heads up and ‘secret weapon’ insight :D

So I’ve managed to procrastinate at olympic levels on writing this post but feel the need to draw a line under 2011 before moving into 2012. This kinda comes under the same category as tidying up, sending un-used clothes to the charity shop and filing paperwork but lets go for it 😉

First off – I’m continually surprised by how much I actually got out of blogging both as a way of kicking my own ass but also the comments, feedback and great people I ran into during the last 12 months. This ‘ere humble record received 6480 views last year and more astonishingly I gained >160 followers on the twitter. I have no idea what to do with the twitter side of things btw but thanks for the interest!

I’m entirely amazed by this and would like to say ‘Thank You’ as well as wish everyone an awesomely successful 2012.

I’m painfully aware that this ‘media’ (?) success is completely un-reflected in my trading results however and since this whole blog thingumy is entirely peripheral to the main point I’m not going to say much more other than bits of the site here need bringing up to date (esp. books) which I’ll do as and when. (honest)

So I’ll break 2011 down into quarters to give the whole thing some structure and take it apart from there…

Q1, Q2, Q3 Jan-Sept

I guess looking back this is really the ‘no freaking idea phase’ where not only did I not know but essentially everything (including myself) could have killed me. The bit where the caveman walks out of the cave in the belief that velociraptors are actually cuddly, kind creatures that are simply miss-understood.

On the plus side (possibly out of desperation) at the end of June I began to learn vipassana meditation which I’ve not mentioned anywhere in this blog previously. Now, I’m sure some people will take the piss 😉 and if you’d have told me in the beginning of 2011 that I’d now be doing this every day I’d have laughed my ass off too. No really. I’ve done stand up comedy about Jesus beating someone to death for driving in the centre lane of the motorway so don’t start on this, ok? K 🙂

The reason I mentioning this now is to say doing this has had a ridiculously positive impact on my life outside of trading which has fed back into how I view what I’m doing on this particular (trading) area…

So vipassana is ‘looking at things as they really are’ which, if you know any psychology at all or understand perceptual bias is very worthwhile getting your head around with regards to trading. Now hopefully you’ll follow me on this…

People (the majority of retail traders) look at trading (imho) because they are un-happy with their existing situation and being a trader will ‘solve all their problems’… doesn’t look hopeful eh?

This means that when trading they are extremely attached to the outcome and that will inevitable cause them to NOT see what’s actually going on in the market – they will be too anxious, too scared, too fearful and too everything. They will do everything wrong. Take profits too early, trade emotionally (revenge trade) and also pass up opportunities to actually do things properly.

Their trade will represent how they see themselves in the market. Overconfidence on one side (possibly) without the required actual knowledge versus fear on the other side also compounded by lack of knowledge.

Now to come back briefly to this – I’m writing this blog to prove to all the retail traders out there that have got sucked into the FX hype that it can be done and it would be pointless to pitch up out of the blue running around shouting ‘I did it – I’m consistent’ without being able to contribute to the rather sketchy (i.e. shit) path worn in the road by the travellers before. I’m talking about lack of ‘proper’ methodology about how to master this skill but I’m also digressing a whole hell of a lot. Sorry!

Anyway the psychology will kill you if you’re looking for success in the market to ‘fix’ an issue you have out there in the real world. One of the ironies here for me is that if I wasn’t going after this goal then I’d likely never started meditating in the first place and I’d not have seen what a powerful tool this has been at every level.

Here’s a hint at what’s happened outside of the trading arena.

  • No longer dealing with people that just sap my energy
  • Now getting on better with friends/colleagues in a job role that (while stressful) I really enjoy
  • Have resumed running in addition to the usual gym stuff I do
  • Haven’t had a cold or any sort of illness for the last 6 months
  • Eating better and sleeping better
  • More ‘level’ emotionally

Now, is my life suddenly perfect? Hell No 😉 but I’ve realised that all the solutions are actually locked away in my head and that they will absolutely NOT come from getting really good at trading in order to solve problems by being able to throw money at them…

So what does this mean for trading? Like a dog with a bone I still want to become very proficient at this skill. However, all the reasons for doing so are now subtly different because they’re no longer keying in to all the negative emotional and psychological debris that massively gets in the way of any kind of decision making. The emotional ‘tie’ between me as an individual and my position in the market isn’t going to screw me over (as much – lol) whenever I’m looking at what’s going on.

Now, am I suddenly a ‘super trader’? No because I still have some un-helpful character traits that I need to sort out.

1) I’m way too impatient. By this I mean I close good trades far, far too early. This is just going to take some new ‘rules’ and self discipline for me to stick to them

2) I’ve been trying to trade 5min intra-day bars when my work commitments make this virtually impossible. Putting myself under this kind of pressure has had a negative effect in the last few months. I actually like this timeframe a lot but it’s not workable in my current circumstances

3) Still crap at record keeping. Which essentially points to laziness on my part and currently have one and a half days before the end of tomorrow to write a proper trading plan for 2012. We’ll see how much coffee I can consume tomorrow eh?

Before I get into Q4 here’s another observation… The ‘goal’ of becoming a consistently profitable trader isn’t the actual goal at all. A goal is nothing more than an end point and when you’re at the foot of the mountain it’s entirely the wrong thing to concentrate on!

The goal is to master the process of executing good trades and managing them well. Concentrating on the ‘goal’ is simply going to be the most massively frustrating thing you’ve ever tried and you will more than likely give up. It’s the process that is 100% more important than the goal. Some obvious examples

Trading
goal – money etc. you’ve seen the spam too so I won’t elaborate 😉
process – simply learn to execute good trades one after the other

Diet
goal – lose 12kg
process – keep in mind what you eat, track it, don’t over-eat, exercise

Learn a language
goal – chat up anyone (LOL)
process – learn the grammar, structure, vocabulary and practice, practice, practice.

So you see, it’s the goal that’s sexy in the beginning but the PROCESS is way more important. This is why (to a certain extent) all the ‘positive thinking/affirmation’ crap gets on my nerves. Be mindful of the process and forget the goal 😉

Q4 Oct – Dec

Here I think things actually improved. I got some proper tuition and possibly found the humility to listen and focus on the process of becoming proficient at a skill using my own eyes/brain rather than expecting coin to fall from the sky like some sort of manna from heaven… Yes, it’s taken my 9 months (well more like 12+) of bashing my head on the wall before I realised I didn’t know anything about what I was really trying to learn…

People I’m learning from…

  • Jimmy Young – absolute 1st rate tuition/value for money/pull out all the stops so you ‘get it’ however intra-day (5 minute) so kinda challenging for me and the j.o.b.
  • Chris Lori – price action, price action, price action (1hr-4hr-Daily)
  • Nial Fuller – as above with a different slant

On this basis I’ve been making a fair fist of trying to trade during the day while working and let me be clear about this – it absolutely doesn’t work 😉 The amount of ‘mental’ required to get into the flow of what the market is doing on a daily basis isn’t compatible with staying employed. So I’ll be moving up to 1hr/Daily charts while keeping on with Jimmy’s excellent course as we progress through 2012.

So there we have it. I’m gonna head out to get a coffee and write a trading plan framework

Thanks again for all the comments, support, suggestions and especially criticisms

All the best to everyone for 2012

Namaste

Rob 😀

Finally 2012 can’t really start properly without some of the following because we must all be a bit ‘loco’ 🙂 Kickit! INsane in the BRain 😀

Fear and acceptance

I’m going to point out in advance that the following post is possibly a bit long and is an amalgam of a few references. However I hope it will help any newbie traders who’ve hit this point.

There’s a bruise on my forehead from this one kids so pay attention… 😉

Anyone who starts trading and actually wants to succeed has the odds stacked against them on two levels. Number one… They have no idea what they’re doing. Number two… They don’t have the psychology in place that will help them trade successfully. It’s possible that number three is ‘unrealistic expectations’ but I’m not going to go there ’cause I’ll end up on a 20 minute rant about training companies (calm down dear)

So, this week has seen the coming together of some information from a number of diverse sources…

  1. Reading ‘The Disciplined Trader’ by Mark Douglas as recommended by Jimmy Young during his excellent two day FX course
  2. Free online training from Mike (@FtseDay on Twitter who writes an excellent blog here) who basically spent 100+ minutes talking about trading psychology
  3. Japans very own ‘Gone with the Wind’ called Musashi which is a ridiculously long book about the Samurai ideal and the pursuit of perfection among other themes
  4. As mentioned before – 21 weeks of getting my arse handed to me on a plate by the market

The problem I’ve been trying to deal with is basically fear associated with pulling the trigger on trades. It’s clear from the previous post that not having a clue what I was doing (problem number one) has created a certain reticence with entering a position.

But… when I thought about this it didn’t seem ‘enough’ somehow. This issue I’ve been struggling with couldn’t really be held by this one idea as the feeling I was experiencing was too large. So let’s work on the basis that I now have a certain idea about what I’m doing. I’ve spent enough time on the mechanics of how to drive the car but I’m still scared to pull out of the driveway into the traffic… Seems a bit dumb, right?

Mark Douglas’s book has some great insights into trading especially with respect to the relationship between the trader and the market. It also contains some pointers to overcoming issues with trading. He tells it straight and is (imho) more accessible than Brett N. Steenbarger. Anyway I picked up a lot of tips but it wasn’t quite fitting together…

Then listening to Mike (@FtseDay) talking about how he went through the process of learning to trade he said something that stuck in my head which clearly hadn’t penetrated my thick skull before.

It takes a trader to take a loss

Now what that doesn’t mean is that you trade like a moron. What it does mean (to me) is that when you place a trade you accept that it could be a losing trade (obviously don’t expect it to lose) but the key point it that you’re not afraid of it failing to meet your expectations. Or if you happen to be a Samurai you’re not afraid of the other guy cutting you into tiny little pieces – lol

The samurai ideal was crystallized in the legend of Musashi who sought to become the greatest living swordsman by eradicating his fear of death so that he was able to fully commit to every action/movement in each battle to defeat his opponent. In the story he gets to a point where he realises every conflict is actually a battle with himself and the enemy acts as nothing more than a mirror.

Also this isn’t about abandoning hope but a complete acceptance of the reality that the trade will go your way (profit) or not (loss) without you being attached to the former or fearful of the later outcome. It should go without saying that you’re only going to place trades that meet your other criteria for a ‘high probability of success’ trade!

What’s pointed out in Mark Douglas’s book is that fear very much restricts the brains ability to gather, weigh, and process all the information available. Being afraid is not a state of mind that allows you to calmly consider all the options. Tunnel vision isn’t a good state to trade in! If you’re afraid then you’ll miss vital information. Calm is the order of the day.

What I resolved to do and actually did on Friday was put a trade on, accept the outcome of the trade in advance and then leave it to play out. All the usual OMFG nonsense about putting the trade on, watching it going (for/against) and then putting the stop too close or closing it out for a loss only to watch it reverse… none of these things happened to any great degree internally. Overall my emotional state was detached, un-afraid and interested.

I managed the trade without my lizard brain freaking out in the background… Much better!!

I put my stop in a logical place, I had a take profit target and I was able to calmly think. In fact I realised that my reason for entering the trade wasn’t actually playing out and was totally invalidated by the time I got out.

I closed the trade for a tiny loss by patiently waiting rather than panicking out for a 20+ point loss. Funny that my lack of trading experience defeated me on this occasion rather than crappy psychology!

  • Bad trade + bad psychology = massive / possibly irrecoverable loss
  • Good trade + bad psychology = still possible lose / possible small win(luck?)
  • Bad trade + good psychology = possible loss / possible small win(luck?)
  • Good trade + good psychology = possible win / very good win

Now, you can see that new, inexperienced traders or anyone with bad psychology with respect to trading is more than likely going to lose. Yes, you might get lucky a couple of times in the middle there but luck isn’t the basis for any sort of long term success. Relying on luck is called gambling 😉

Being realistic it may well be that only by being in the last category (good trades+good psychology) does a retail trader even begin to have a chance to be successful… and then they’ve still got to get everything else about trading right too! You can place a good trade and have good psychology but STILL lose due to some un-foreseen news etc.

Anyway, next step will be to practice the mental/emotional approach I took on Friday till it becomes automatic.

  • Examine the trade setup and other factors – reasons to enter
  • Confidence to place the trade with stop/take profit and without fear
  • Accept the outcome and detach from the result emotionally
  • Monitor in relation to my reasons to place the trade (reasons still valid?) not emotions
  • Close the trade at an appropriate point
  • Rinse and repeat for the next few decades 😉

I suspect this won’t be as simple as writing about it but I feel very happy to have made this breakthrough. To quote the great sage “Do or do not, there is no try!’

A retrospective of the last 9 months

It’s been 9 months since I started blogging about learning spread-betting and in the last few weeks my posting rate has dropped off dramatically. Apologies for that.

The reason for this un-characteristic lapse is I’ve actually had a LOT of material to get through so I can actually achieve some level of profitability and consistency rather than blogging about making a bunch of errors, right?

So I’ve been looking back to the beginning of the year to break down the journey so far into manageable chunks that contain some pointers to anyone on a similar path.

Stage 1.

“I haven’t a clue what I’m doing but am going to trade anyway”

At this early stage, you have to consider that you’re very vulnerable… What do I mean by  that?

Well unless you’re living under a rock you’ll come across all sorts of people and organisations who will do their utmost to teach you to trade or sell you the secret to making money from the markets.

Let me be really clear. If you’re going to sign up at any time for a two day course that promises to be able to teach you to trade and it costs £2,000 then you’re about to get screwed. Whatever it is that they promise to be able to do in the time available, given there’s 40 people in the room, is going to be mainly basic and not useful. Just don’t do it.

The most you want to be paying for anything like this (2 days) is £250 and I’d only suggest this is ok after you’ve spent a few months trading. Why? Because otherwise you’ll have no idea whether what you’re seeing is crap advice or not.

If you want to check someone out then see www.forexpeacearmy.com – type in their name and hit ‘search’.

Also – While I ignored the following advice I really suggest you don’t make the same mistake. Start with a demo account and learn the mechanics of trading. No, it’s not exciting but really – it’ll save you money. If you can’t keep your hand off your wallet trade at 10p per point or something really low.

Depending on your tolerance for pain and how much you value being right this stage could last you quite a long time. At this point I read a lot of books about trading. Most of them didn’t help. It’s a funny point that I actually really thought that they were helping at the time but this turned out to be not true and some contained a bunch of total crap. The ones about psychology were actually very useful but in a general sense more than related to trading. I’ll have to revisit the pile of these and see what they actually contain in a few months.

Stage 2. 

“This is really hard and I keep losing”

I’m just coming out of this stage (lol). Previously I considered giving up a couple of times but I’m also quite stubborn so I’m still here. There’s a reason for this that I’ll get to near the end…

Everyone starts trading and thinks it’s all about the charts. If they can get the right combination of things on their charts and somehow deal with the emotional aspects associated with making decisions it’ll be ok. There aren’t that many people out there telling them anything otherwise either.

This reliance on charts (and that everyone sells/wries books from that perspective) is one of the big issues in the UK. My personal belief is that the pursuit of the right combination of lines on a screen is basically people searching for a shortcut. Nine months later I can tell you there aren’t any…

In another blog post I mentioned an audience member arguing with Richard Farleigh about technical analysis as being the be all and end all of trading. I’ve also seen a similar debate happen with Anton KreIl (hedge fund guy) and the same comments in various books. Sadly I didn’t pay enough attention at the time because like everyone else I was looking for a shortcut.

Stage 3. 

“Mostly what I thought was correct is wrong, let’s start again”

It would be crazy to spend another 9-12 months failing at this and not making any money. A few weeks ago this was what I was faced with… so I decided to roll the dice one last time and go to another FX seminar/event. Two days in London for less than £250 and the guy had lots of positive feedback online.

Before I write about this I have to say that I’ve encountered some great people on the road so far. I’m happy to report they’ve managed to ‘crack it’ and are making money at trading – they’re also extremely generous with their time. Special mention goes out to TraderSteve  who is a total diamond and I’d recommend people who want a winning longer term system check him out.

If you want to get a proper education as far as how a hedge fund works and the basis on which they’re making trades then go check out Anton Kreil’s site www.instutrade.com which I’m sure is going to have a big impact on the educational landscape in the UK where trading is concerned.

This is a ‘higher level’ approach to trading based on ideas not lines on charts… be very afraid as this requires you to think and involves a ‘next level’ approach to fundamentals which I’ve not seen anywhere else.

So back to me here… In one of those ‘serendipitous’ moments I ran across a guy called Jimmy Young who has 20 years of FX trading experience in banks and has spent the last 10 trading his own account. www.eurusdtrader.com

All I can say is that if you actually want to use your brain, learn to trade profitably and make money then at the very earliest opportunity get hold of this guy’s course and use it.

Seriously.

When you find that becoming successful requires you to think then ask yourself this question… ‘Do I really want to be a trader?’ If the answer is ‘Yes’ then be glad you’ve found possibly one of the best people on the planet right now to teach you.

For anyone of a cynical nature: – I do not personally benefit from any recommendations made in this blog. My intention is to become as really good trader, not to create some artificial passive income generation blowhole. Got that? Ok? Good.

Stage 4. 

“Even though I’ve now got the right tools, I still suck as a trader!”

Why? Because I’ve not had enough practice to actually become half decent. Difference now though is that 9 months later I’ve finally found the right tools. I can’t really express how relieved I am about that last sentence.

Because it’ll make you smile here’s a short list of my current trading issues: –

  • Not entering the trade when I should (talking myself out of pushing the button)
  • Closing the trade too early (think I’ve figured this one out)
  • Lack of mental flexibility (thinking too much)
  • Not understanding the implications of news that comes out (thinking too little)
  • Not having enough time to trade (work)
  • etc…

None of the issues above are about the tools, the market or the strategy. All the issues are my responsibility to solve ’cause they involve the bit between my ears. I’m still an idiot but now I’m an idiot with a flamethrower and not a teaspoon 😉

See, even with the right help this is still a very challenging activity… which is why I love it 🙂

Thanks for reading