yeppers,
all good examples of why finding a good trade is only 20% of trading. I finally gave up thinking that THAT was nearly 100% of the issue in trading.
and yet we seem to spend 90% of our time reading & looking for the setup that will make us money.
The insight I got by being in the room was not just the trade setup called but the insight I got and the guidelines in
position sizing
taking partials
specific targets
types of trades, scalps, daytrade, swings
General Market action
time of day consideration
Homework
trading plan
The mental game to trading
these are awarenesses i didnt have on my own or by the huge library i have on trading. Yes, the authors eluded to it and generalized about it. A year of Farley's service, nightly has beat around the bush on these issues but has never given one specific example in any of the general setups he writes about. He never puts himself on the line, but says these issues are for each trader to decide on his own. How sad , for a newbie to be guessing with his account on such trades. I feel for these newbies asking for help and getting generalizations. Seeking without finding.
but to walk through actual trades and see the variety in trade management and chose one in the room to follow is such a wonderful insight To have someone, discuss the specifics of your tradin plan as it relates to your trading style and what might be reasonable goals. Hats off to B.
It has been said, that if a system works, no amount of money would be too much and if it doesnt, no amount of discount would make it worth it.
there are four moderators in the room making calls. and the other two, Aiki and Ivica, are prior students of T and B.
from personal interviews with both of them, I know they were not profitable for their first year in the room and the second year was mostly breakeven. Yet, to see both of these men in action is admirable. Each has his own style and very self reliant in their trading. And you betcha, they wouldnt touch some of the calls that Brandon makes in the room. So what? They trade their style and this is exactly what is encouraged in the room. Brandon has mentioned that in the room many times. Own it and make it your own trade. but here are some specifics that may help
So, I know it is a process, that has a big price. You pay the tuition to gain the intuition in your trading.
When i came into the room and talked to Toni about how long it would be until I could 'expect' profitaiblity. She said a minimum of six months and a full year in the room is typical.
That was a pretty darn honest expectation. during the past six months, I have done a ton of work and had a truckload of habits to overcome , in spite of my library and past efforts for two years with three other teachers. She was right, there are no shortcuts.
Ivica, supports himself by trading and I enjoy a close friendship with him. But what an eye opener to realize that I can trade next to him on the same calls and yet, at the end of the day, I am a little ahead or even behind and he has had a great day.
the difference? Experience in handling trade management. That is called CONFIDENCE. Do follow your plan, do you honor your stop. do you jump your stop. do you exit to early on profits?
so, because your mentor doesnt give you the confidence to handle the trade, is no reason to shoot the mentor. Far more of a need to look at the man in the mirror, which is much more difficult. It is so easy to complain about the who is teaching and how it is taught rather than what I must do to learn the lesson
so i dont hold my mentor responsbible for my trading. an unreasonable expectation.
That is why i find it so hard to see people throwing rocks at good teachers, seems like they have unreasonable expectations of their mentor-to-be, whoever that might ultimately be.
I know, I would not want to accept the responsibility to help someone else become profitable. I no longer encourage friends who inquire about trading. I have a clue of what the price is to become profitable. And only I can pay that price.
so understanding this as an evolving process, I allow that process to simply happen by doing my part and realizing that the rest will follow in time if I dont blow my account out before that learning curve begins to benefit me.
This I do know, I wouldnt want to try to do this kind of growth alone. I tried for over a year, using only emails at end of day to authors of two swing trade books, and it wasnt enough. After full time trading for a year, I was down significantly. 20%
That blood letting finally came to a halt and now I am rebuilding to my original value in my account. I am sure each of us has had a similar experience. Certainly each of the moderators in the room has. So, I am in good company and they know what I am up against and the encouragement is genuine
I needed to have real life trades and the opportunity to discuss it from start to finish. and try again. That is what makes this room so unique and so supportive to my personal growth in trading. After six months, I have run outta questions, now it is down to developing the skills.
What else has made the difference? Trade less and trade better setups and not just any setups.
All the elements for profitable trading are shared every day and if that is not the experience you are seeking, fine, move on to another trading room where you can connect. but I am convinced, that none of the good traders did not make it alone. They had help and I need help too.
Is Brandon a bit of a prima donna? you bet!! How do I know?
he has said so in the room more than once. He knows he is bit pushy and even onery at times, yet, his honest admission of his own quirks is accepted in the room and others look beyond these things and get on with the bidness of learning how to trade.
Dont let your ego get involved becasue a guy can trade, knows his bidness and then tells others he can.
Set it aside and go to work. Or, go find someone, someone that can help and doesnt clash with your ego.
Too much time is spent throwing rocks rather than looking at the Issue. which is, what do I need to do to be profitable consistently and How do I move to consistent, low risk trading and what are the principles involved to successful trading.
Asking the right question is half the battle.
Making the audited statement the issue is not it. but you can and remain where you are today, and be there tomorrow.
by the way, none of the other three mentors , I worked with offered such audited statments. and I dont think any of them do.
It just is not a requirement to being a good mentor.
The mind is a funny thing, if we are looking for an excuse to not do something, we might as well use any excuse. because one excuse is as good as the rest
So just say, I dont want to because we are having fried chicken for dinner tonight. Doesnt have anything to do with the issue but it is still a good excuse.
Just a thought
Woodman
