Tag Archives: motivation

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 ūüėÄ

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 ūüėČ

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.

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Teach yourself to trade – INCENTIVES (part 6 of 6)

If you begin anything it’s usually with an over-arching goal in mind… Well, it should be obvious that I’m not sitting in the Caribbean next to my luxury¬†yacht so how do you keep yourself focussed and moving forwards in the meantime?

However the challenge is really that this is a two YEAR project for me and ffs how do you keep moving the whole thing forward as the slings and arrows of outrageous fortune etc. other commitments and just the fleeting nature of time buffet you about like a turd in the sea?

Incentives, or in other words… bribes with conditions attached.

Pick something small which you’d like to sort out, fix, or change and then absolutely don’t allow yourself to ‘cheat’ – only by achieving your interim goal will you be able to fulfil your promise to yourself.

For me, it’s to get a new phone…

The phone I have ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† versus… ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†The phone I want

So yes, I broke my previous smartphone by dropping it on the kitchen floor and now I’m living as some sort of social pariah with a ¬£9.90 handset from the O2 store. It could have been worse… they also had a pink one ūüėČ

Phone on the left. Icons for menu selection, calls and texts but only if you have the patience of a saint and the message is short/curt/rude.

Phone on the right? The completely awesome Samsung Galaxy S2 which will do your tax return, runs Android 2.3(?) and generally kicks huge amounts of internet enabled derrière!

On this basis when I’ve made some decent gains from trading I will be replacing my phone, and NOT BEFORE!¬†

Incentive? Check!