I Concur.........
I Concur..........When it comes to the truth and reality of what makes us good or great traders, I concur with many of my colleagues and fellow traders.
I'm someone who trades for a living. I have 40 years of experience. The consensus is: “Traders who use setups and signals successfully have already built a mental map of the markets behaviors. Such a map takes into consideration a multitude of things that determine the markets condition and trends. The current position of the markets on this map determines the value of a setup and signal in a particular contexts. The exact nature of such mental maps is difficult for most professional traders to explain.”
I offer three different commodity index futures courses. 1) Intro. To Commodity Day-Trading, 2) Advanced Day-Trading, 3) Graduate Program. I do and have to be able to express and demonstrate how markets set up and when to enter and exit the trade. While 'mental mapping market behavior' is important, understanding the technical and fundamental behaviors of the markets is critical.
While it's true there's only about a 5% success rate when it comes to trading the markets, (we are a group of Outliers in that way) that doesn't mean YOU can't learn it. TRUTH: Problem is most people aren't willing to but in the time to learn to trade. It's a profession, it's much like if a doctor started a medical practice but never really hit the books or doing the residency, or if an attorney did the same. That's unthinkable, yet people think they can just read some books purchase some indicators and it will work for them to put on successful trades. Oh we wish it were that easy, but it's not. You have to be willing to put in the time and unlike doctors and lawyers most of your training comes from hands on experience, so it's critical to have an established mentor / coach who can walk you through all the different nuances of trading. And just like any profession it cost money for the education. In my case, my course fees benefit my non-profit charitable medical foundation, is tax deductible and therefore goes to a great cause. I love mentor students to financial success one-on-one coaching is what I do.
Always think about or ask 'what is my mentors motivation' to teach / coach.
If you don't know about my mentor go back and read this BLOG from the beginning when I first started it. My story begins there. I obviously believe in mentorship and apprenticeship as the one and only true way to learn how to be a successful trader.
Weekly Quotes:
“If you think you are outclassed, you are;
You've got to think high to rise;
You've got to be sure of yourself before
you can ever win a prize.
Life's battle doesn't always go
to the stronger or faster man;
But sooner or later, the man who wins
is the fellow who thinks he can. - Author Unknown
“That which we persist in doing becomes easier,
not that the nature of the task itself has become easier or
has changed, but that our ability to perform it has increased
and improved.” - Ralph Waldo Emerson
“Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines, sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. - Mark Twain.