Good Methods
- Thread starter CuteGirl
- Start date
lol Anchor.
I'm going to assume the question is legitimate, regardless of whether or not CuteGirl is since I see it come up on a lot of threads. The problem a lot of new traders have is in understanding the differences between trading and careers you go to school/college for. To become a doctor/lawyer/teacher/engineer/underwater-basketweaver or whatever, you learn a string of techniques, or practices that, if done correctly, will usually lead to success in your chosen field. Sure, there are varying levels of success based on natural talents, IQ, work habits, etc., but if you have the basic intellect required, you can make it.
Having "smarts" or following some textbook bulletpoints won't help you with trading. Yes, there are those cliche fundamentals (cut your losses, follow the trend, yada yada) that are important. And you can learn how to use any technical indicator for free by visiting your local library or searching the web. But unlike typical "jobs" once you know the "stuff" you still may not make it work. There is a huge psychological component that can sabotage all your hard work. I highly recommend reading "Trading in the Zone" by Mark Douglas. It really opened my eyes to the fallacy of trying to correct trading errors by learning more about the markets rather than creating the right mindset. That basically includes truely understanding risk and learning to think in probabilities. Douglas contends that once you realize that each trade is a probability and not an absolute (i.e. when the rules are applied, sometimes they work and sometimes they don't), you no longer hang on every win or loss. I readily admit that this is much easier said than done, but I think it accurately reflects how trading education relates to successful trading. More is not necessarily better. There simply aren't any secrets, and to expect anyone to give you something that doesn't exist will keep your head spinning forever.
yeahhhhhh riiiiiiiiiiiiiiiiiight
