When it comes to new traders I find there are two schools of thought regarding trading strategies:
(1.) Those that think if it isn’t expensive it isn’t worth learning.
(2.) Those that think there is one “secret formula” which they haven’t yet discovered, that will make them filthy rich overnight.
What these people don’t understand is trading is a conditioned response to price formations that a person has previously experienced in the past.
How fast you learn to trade is in direct proportion to how simple you want your rules to trigger a response.
No matter what you do you aren’t going to learn to trade in a day or a week, however if you learn from the right person you can reduce the learning curve by a large amount.
I find there are no “Natural Golfers” and there are no “Natural Traders” but there are “Natural Gamblers” and “Quitters” and “Procrastinators” and “Buy and Holders” and “I’ll wait one more day for a turnaround” traders who change their trading strategy every time their trade goes against them.
All these people can be grouped into four personality types:
(1.) People that are too aggressive and enter with no strategy.
(2.) People that are passive procrastinators that wait too long and don’t take action.
(3.) People that just ask how much can I make and how expensive is it?
(4.) People that study everything to the point of never committing.
You know you have a problem if your current trading habit or method is based on:
1. A complete lack of knowledge: You use rumors, stock tips and alert services, financial media (Forbes, Money, Barrons, Wall Street Journal, CNBC) or message board postings from clueless strangers?
2. Complete risk avoidance: You are afraid to take a chance to the point you get stopped out nearly every time or avoid trading altogether due to fear?
3. Bad habits: Trading based on emotion such as gut feelings, rather than a mechanical rule based system.
4. Foolishness: Trusting a guru’s trade alerts because they post their Ferrari online and don’t shut up about how much money they are making, when in reality their wealth came from selling trade alerts subscriptions and not actually trading.
5. Desire to live the good life without putting in any effort: 95% of all adult men want one answer to solve all trading strategies and if they have to study they go to the next so-called guru when the prior couldn’t teach them in one sentence.
If you would like to:
Then you have no zero reason not to give this a shot. What’s the worst that happens?
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