You have chosen to peruse one of the most difficult tasks known to man â trading for fun and profit. Something that looks so easy, yet as you now know, is not.
There are several elements to master before consistent profits become reality. None of them are easy to explain.
First you must study the markets and how they react. While no two days, weeks, or years are exactly the same, they do exhibit similarities. Then you must try to understand the hows and whys of the things that drive price action â basically fear and greed. Then you must learn to spot (anticipate?) when excess has entered the picture â when it is reasonable to expect continuation, or change.
All of this is more art than science. But it is really more a study in psychology than anything else. You need not understand the fundamentals, or the technical aspects as much as you need to understand your opponent.
Once you have a grasp or understanding of the above, then comes the hard part â understanding and mastering yourself. Developing confidence. Overcoming your own fear and greed. Sharpening your skills and reaction time. Learning to have patience and discipline.
These things come more quickly to some then to others â most never achieve them. I know of no book, no video tape, or any course that really addresses these issues in any concrete fashion. Probably because new traders do not want to believe that this is what trading is really all about.
You have run into few if any consistently successful traders because you have run into few if any human beings who understand themselves and the people around them.
This message board is perhaps the best in the business, yet most participants remain in the dark, asking the wrong questions, dwelling on the wrong approach. But read and think about what you read very carefully and one day the light bulb will go off over your head - I promise you that.
