Ten-thousand in Education and still not profitable! | Trading Reviews and Vendors


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Ten-thousand in Education and still not profitable!

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Manta, Ecuador
 
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I'm wary about making generalisations in trading, but I really doubt whether there are any good traders who don't have an intimate feel for what they're doing. Surely that only comes from doing it and analysing for a significant period of time. No doubt you can cut some corners - books and forums can help you to avoid some of the errors.

In the beginning I would look at some other forums and find people who I admired or at the very least felt like they were successful traders, so I would try to read all their posts and understand them. I remember being frustrated, because so many posts were just generic tidbits like "let your winners run and cut your losers quick".

When people would press over and over for more information on how a specific trader actually traded, like why did he go long here or exit there, the answers continued to be generic and what I (at the time) considered evasive. Why can't he just explain in concrete terms why he did something?? (I thought to myself) Where is the <x> line crosses <y> value = go long? Where are the specifics?

Then as time went by and I became more experienced and successful myself, I too found that the answers I would sometimes give were more of a simplistic nature. More intuitive. What I found is that tidbits like "let your winners run" used to aggravate the hell out of me, but are incredibly true. For example, I believe the majority of traders that are struggling don't let their winners run. They can't because they are too beat up from a psychology point of view from their past trades and bad habits that were formed. If humans didn't instinctively run away from predators we probably would have died off a long time ago, so it is in our nature to run and fear certain things. Pain is one of them, and trading can be incredibly painful. Your mind starts to protect you from this pain, and there is something called self-sabotage where you literally (unknowingly) are taking actions to "minimize the pain", sometimes this means you blow up your account so the pain will just stop.

That is why I keep harping on looking within. All this search for external factors to improve your trading can only get you so far. It can take you from the dirt road to the highway. But once you get on the highway, you need to figure things out for yourself, so to speak. My method won't work for you just like someone elses method won't work for me. A lot of vendors that sell stuff try to make believe that isn't true, that all you need to do is buy blue and sell red. I bought one system in my day that promised such a thing. Luckily, one was enough for me to realize it was bullshit. Then there are other vendors, not as many but they exist, who truly try to help. Just like I, and others, on this forum try to help. They will teach you some core things about the market and methods but also try to teach you how to develop your own process.

Accountability is key. Until you accept responsibility for your own actions and losses in trading, you will never succeed. Only once you stop blaming others will you come to the point where you realize your losses are your own. Even then, the road ahead is very difficult. It will take a lot of time and deep reflection to overcome your weaknesses and build upon your strengths. I literally had to become a different person to be a successful trader. The skills and strengths that had allowed me to succeed as C-level executives in the corporate world were not at all compatible with success in trading. But only once I finally admitted I was the problem could I finally start to correct the problem.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
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Last edited by Big Mike; December 31st, 2010 at 05:16 PM.
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