Although I don't wholeheartedly disagree, I've seen many times how dangerous this is. Unprofitable vendors typically are very good about selling, or even just sharing concepts, but rarely can't put it all together themselves. In my opinion, you should only ever follow someone who has put it all together because just having even 80% of it is not good enough.
Furthermore, in many cases, its not even lack of concepts that are where most traders fails. Its the nitty gritty nuances of where to not take trades, what to do after trades fail, being scared to take trades, etc. When an educator shows you something that may be of value, but cannot himself make it consistently profitable, the student may actually repeat this failure because he is only mimicking the failed trader. Its like giving a solider a gun, showing him how to load it, and sending him out to fight.
The concepts really aren't the hard part, its everything else, and this is precisely what is missing from just about every educator out there who doesn't journal each and every single one of their trades to show the theory in practice. Of course this is because most of them don't even trade.
I strongly agree with you. Yet, the only true way to show the
theory in practice is
only via mentoring
"in person" (side by side) in live real money trading conditions and most educators do not offer such type of services.
As for those nitty gritty nuances or that everything else stuff that you're talking about...
I do not think it can be taught at least not via a book, message post, video, podcast or whatever.
Its that part of trading that must be learned via trial n error by the trader. That's why some say that trading can
not be taught. The concepts of a trade method can be taught / learned but the
how to trade itself...it can not be taught without the in person (side by side) interaction.
Actually, I'm not sure if trading can be taught even with the in person interaction because there's other issues involving trader psychology (e.g. discipline, stress management of personal outside issues that impacts trading).
Here's
out of box thinking...maybe there needs to be a "team effort" in which the team personel actually
interact together to come up with a successful plan for the trader. Kind'uv like a sports team...there's a coach, assistant coaches, fitness therapist, nutritionist, doctor and many other job titles.
I remember in college it was reported that there were 43 different job titles involved with the typical college Hockey team that had
direct contact with a player and 175 different job titles involved with professional hockey that have direct contact with a player...
That has an impact on the performance. Now throw in the personal issues involving the player that's outside that team...its a mess and can be very stressful if everybody involved are not working together for the good of the player.
I begin thinking more about this when I was in the hospital late 2016...after I came out of a coma but still hooked up to different machines...5 different machines and few of them made strange monitoring noises that prevented me from sleeping properly.
Further, each person that came into my hospital room had a different job title...all of them in contact with me about my medical condition. My sister is a head nurse at a famous hospital in the U.S...she was at my side in a foreign hospital and stated I'll most likely see a total of 7 different types of doctors...
I saw 10 different types of doctors.
Now imagine any trader's success or lack of success if it was all put on
one person at the same time there's outside influences on the performance of that player (person). It's an impossible task that too many educators try to take on as if
one size fits all.
Simply, the reality is that there needs to be a
team effort and we as retail traders do not have access to it due to financial reasons, resources not available (not offered) and so on.
P.S. For the old folks around here...remember the days of the 56k modem (dialup) and daytrading along with the chalk board like sound the modem made when connecting to the internet ?
Even having access to proper technology is part of the team effort.
You'll be surprise at how many traders living in rural areas
today (2018)...still use a 56k modem to daytrade. By the way, I use fiber optics cable connection and I thought in error that the use of 56k modem was extinct.
wrbtrader
