Quote from NoDoji:
As many here know, my favorite price action book is Al Brooksâ âReading Price Charts Bar By Barâ. It requires a large time commitment to read and comprehend, but those willing to put in the work with an open mind will very likely reap some reward; if nothing else, youâll learn not to throw money away counter-trend trading incorrectly.
The strategy you choose to trade really doesnât mean all that much. There are successful traders who trade with a trend, trade counter-trend, trade with tight stops, trade with no stops, average down, average up, trade complex strategies such as option spreads, trade simple strategies such as breakouts. There are just as many total failures who attempt each of these.
Itâs not the method or style of trading that improves ones chances of success. Itâs the research, development of a trading plan, and sufficient practice that make or break those who set out on the path to trade for a living.
Wanting to become a trader is the 1% inspiration required for success, The R&D to develop a plan and the practice are the 99% perspiration required for success, and can take months or even years.
Even then, mastering the psychology behind implementing a well-defined plan is where we separate the men from the boys, the women from the girls.
Some of you, the bashers especially, seem to have missed the point. She's not saying everyone should use Al Brook's method. Not at all. And she's not putting down anyone else's method. She's saying to be successful in trading, as with most other things in life, it takes hard work. It takes a commitment and focus to do the research and spend the time to find out what trading plan can be successful for you, and then find out how best to implement it. And then doing the actual work of trying it out, and adjusting and reworking it. And then dealing with all the psychological issues that come up while trading with your real money.
All of this takes a lot of work. And most traders are looking for a short cut and want to skip the work part. I've traded quite a long time myself on and off. And I'm working now too on developing a much more clearly defined plan for the instruments I trade now. And one designed for this current market. Thanks for reminding me, NoDoji, with your own work, to be more specific and structured in doing mine.
Here's a quote of mine from an earlier forum on the attitude I see from a lot of traders that aren't willing to do the work. :
Quote from BCE:
"Tell me how to make some easy money. I don't really have the time to learn. I'll just keep to my own strategies. Can you tell me how to make bigger profits each day? I really don't have time to learn. I just want to make lots of money from nothing. I don't really see the need to make any sacrifices. I'm looking for some easy money. Can't you just tell me when to enter a trade and exit? Other people can work regular jobs or take the time to learn how to trade. I want the shortcuts. I want to make the money of a brain surgeon but don't really see the necessity of going through all that medical school stuff. I operated on someone this morning in the bathroom using an X-Acto knife and at least I didn't kill him. "
NoDoji, as was mentioned, is a very altruistic person. And, with all humility, I'm that way too as anyone reading my posts can tell. This is one way she and I connected maybe, although we never talked about it specifically. I'm here to learn and to help other people as best as I can. When I look at other people I see them as myself. If someone needs help I instinctively jump in. There's the concept of pay it forward. People have helped me along the way, so isn't it only right that I voluntarily help someone else that may need it? This attitude makes life rewarding.
To the bashers I'd say if you didn't find value it what NoDoji offered you'd be in the mega minority. And that's okay. But why bash her? People that find a need to bash others reflect their own unhappiness, confusion, and insecurity. This is self centered activity. And most people see that in your posts. Just a heads up to you. Perhaps you're just jealous of someone that worked hard to be successful and was willing to reach out to others with altruism and compassion, one and all, to share that success.
Best wishes to everyone here.
__________________
We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time
- T.S. Eliot -
P.S. BellaDonna,
If you see this I'll be in touch on Skype. I have a lot going on right now and I'll be in touch once things are more settled. Have a great week.
