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Is it Worth It!!!

  #76 (permalink)

Legendary Market Chamois
Chicago, IL
 
Trading Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,955 since Nov 2011
Thanks: 6,079 given, 3,518 received

I have only read the first 33 posts here so far so I don’t know if anyone has already said this.... but.... don’t worry so much about “learning to trade” a method, a paradigm for understanding the market.

By way of comparison that’s the easy part. Infinitely harder is acquiring the psychological skills to be a consistently profitable trader.

This means learning about YOURSELF.

Whatever way(s) you end up approaching the market will work as long as it has a statistically valid edge.... meaning the probabilities are in your favor and you like it enough. This will be about 10-20% of the battle.

The other part is going to be dealing with YOU. Your beliefs.

One example:
If you are taught as a kid that the only way to make it in life is to work hard get good or great grades get those questions on the midterm exam correct ace the final exam...... make your boss happy by doing things right, adding value to the business .... this way you are rewarded with promotions etc etc.... AND apply these same exact principles to dealing with the market.... trading the market.... YOU will be the absolute worst trader on the planet.... become a VERY frustrated person and lose a great deal of money.

Another example:
If you are taught as a kid, by say your dad or grandfather, that to make money in this world you spend time working. You put your nose to the grindstone and this way you can build a good life for you and your family. AND apply these very same qualities to the market you will...... fail.... BIG TIME. Because (in part) the beliefs you hold about money will have you sitting behind the screen to long (nose to the grindstone) taking way way to many trades etc etc etc etc etc etc. There are a plethora of other ways this can manifest.

Examine the totality of your life find out what you believe.

If someone told be exactly these things contained in this post when I was just starting out in this business I would have just brushed it aside, said to myself “not me, he doesn’t know me at all!”

This is the reason John Grady says what he says about starting out in trading.

In the end I have realized it is the development of spiritual qualities that makes one a great trader.
Patience
Assertiveness
Self-restraint
Intuition
Discipline
Emotional awareness
Generosity
Respect
Detachment
Accountability
Confidence
Determination
Creativity
Attentiveness
Assurance
Humility
Enthusiasm
Moderation
Truthfulness
Perseverance
Reverence
Trust
Courage
Tolerance
Discernment
Diligence
Contentment
Devotion

.... to name a few

Ron


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It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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