Quote from 0008:
Do you think taking courses may not help much in trading? Is the market the best teacher? Few years ago, I also wanted to take some courses at a local university (they are quite expensive) but now I think I better use the money to trade. Even I lose them I already learn quite a lot.
This is almost philosophical. I read on here and from wherever and from many that books/seminars/teachers etc. don't mean squat. You should learn from the market. To me, this is akin to my trigonometry teacher giving me a test before I learned the material. I'm sure to fail immediately. Give me a few weeks to learn the basics and I might still fail, but I have a much better chance. Give me a few more weeks and I might be able to combine concepts..and so on and so on. BTW..to me..this is what is called "creating YOUR edge". Slowly adding tools to your foundation of strategy to finally become profitable.
I think a lot of these people have learned the market a very specific way that worked for them and they found no need of anything beyond simple "get in the trench and dig" mentality. And my trading partner was this exact person. No one taught him anything.
However, if you ask him (and I'm of the same opinion) about courses/books/etc., he will endorse this approach. I think the market might be the "hardest" teacher because it won't allow you to make any mistakes. The best "teacher" is really the person inside you. Studying basic and advanced concepts, learning about market reality, talking to other traders that really trade for a living or that have traded for a living, and even a few courses, etc. will not make you a trader, but will lessen your learning curve. Thirst for knowledge that you can apply to practical trading situations. To me, why trade the market with absolutely no knowledge whatsoever?
If you have no idea of what to expect, what is the market going to teach you? That you suck and can't make money? Seems counterproductive. We all know we suck and can't make money consistently in the beginning. It's the why's that matter and grabbing a few gems from courses/seminars/classes, whatever will enlighten you. Perfect example is that I've been a consistent trader since October 8, 1998...my last and only margin call..it was my turnaround.
However, I read a book in 2001 by Mark Douglas that not only hit me because it was so similar to the mistakes I made before and wasn't making now, but I also found other things to apply to my analysis of my trading. Had I read this book in 1997, you can bet I wouldn't have had a margin call in 1998. So do I pay 40 bucks for a book or suffer a margin call to learn my lesson? I'd rather pay the 40 bucks.
I'm not going to say..take this class or do that seminar. This is a personal choice based on your specific life..but to totally dismiss foundational material, free or paid-for, simply because there is a notion that "the market is the best teacher" is probably setting you up for a longer learning curve than you would have otherwise. Everything has an exception and I'm sure those 5 people out there that make money right from the beginning will say knowledge sucks..but I tend to go with the higher probabilities that no everyone has this talent : )
Just don't expect classes or seminars or books to "make you a trader". They only give you pieces of a "puzzle of EDGE" and you have to put them together to create your own for successful continuous trading.
Hope this helps.
Chris
