Quote from HolyGrail:
When you become part of a trading room you are being influenced by others. Trading is mostly psychological. Can Oscar teach you about the "psychological you" in a room? I will answer my own question. No he can not. So how will you benefit from him? You will trade his calls, and HOPE he is right. Will you learn anything? No, not anything you couldn't learn right off the internet, or a decent book.
The day you learn that there are no gurus will be your first day you will be headed in the right direction.
You say you have education from three institutions. Use that education.
Yes indeed it is mostly about Psychology., but you are mistaken if you believe the only aspect to that psychology concerns self. Let me explain.
First we are all the first too admit that there are no Gurus... but there are people who know more than I do and have experienced more than I... I seek a mentor not a blackbox solution to a trading programme.. I want to reach decisions myself and thats what I get from Oscar.. a methodology to arriving at decision making not market calls for the sake of it because Im too tired to do my own homework.... that would be utterly ridiculous and foolish.... you need to get this because I think many dont get this point..
The Psychology of self deals with the way you effect a trade and prism through which you behave in the world particularly brought into focus by the work of Brett Steenbarger whom I like to follow via blogs. Often trading brings these habits and processes that form personality to the fore, some of which are counter-productive to profitable trading, such as tolerance for and thus behaviour under stress. That then is an intensly personal issue but guidance can be obtained by a suitable third party such as Brett Steenbarger and Oscar in steering one towards oneself and being totally aware of ones behaviour both in and out of any markets, and in techniques which aid the management of emotion whilst trading ("emotions are out")
Most importantly there is a second Psychology, and that relates to the expectancy of any market behavior as it relates to both Technical and fundamental sources of information. The very action of price movement comes from the sum differences in views of the market, an interpretation of the technicals. To understand price action better it is therefore critical to know how to interpret and read markets in a way many others also do...
to be succesuful requires interdependance not independance
It is the only reason indicators work... because others use them. A path to understanding the Psychology of others is therefore intrinsically linked to an interpretation of technical analysis other traders are also subject to.
Learning not only the tools but also being in an environment where others contribute does add significant value to the construction of ones own working model of the markets and others likely view of them.
Influence is all around us whether we trade in an office or from home with a Bloomberg CNBC or Metastock terminal, as such it is up to the individual to decipher the information and make judgments about that information he or she receives. To assume that being in Oscars Premium room is a hindrance to such learning is contradictory to the edict of such required learning, and presumes that learning cannot take place in a group environment that is beneficial... I strongly disagree...
things I have learned from the premium room:
reading technicals, understanding how to interpret the technicals, spreads and thier applications, learning his apporach to the markets as one of many possibilities, the luxury of patience in waiting for a set up to come to you instead of chasing the market, the views of other traders and thier lifestyles, the ability to seek quick answers to buring intra-day questions, a second opinion on my research... thats just a sample...
There are somethings a book will not teach you well because it takes effort to put them into practice and personally it is so much faster to learn in-situ (and then read a book) than it is through a book first which often is written 5-10 years prior to publication that you cannot interact with. Isnt that why schools have teachers because interactivity is critical to learning as it is to understanding the markets? an often solitary experience as it is..... In addition I dont know many books that will advise me in one easy sitting how to PROPERLY use Stochastic s, get the right news feed comparable to a bloomberg Terminal for peanuts, laugh with, confirm the impact of fundamental news on the oil and and index markets as it comes in, discuss my plans for a trade, warn me about pitfalls when about to place a trade on the wrong side of the market and explain instantly why...
utterly invaluable to me...I wish you every success in your trading, and I want that.. thats why I am open to all aspects of learning, including the marvelous Premium Room...
PS.. aren't books written by people who want to share an expereince with you but cant do it personally?.. arnt these people like Oscar experienced Traders? Can you actually interact with them?
hmmm....
Paul
