Based on my incoming emails, there are many to lay claim to the Holy Grail of Trading. So, who has the best approach? Is there such a thing, as a one and only or the very best of the best when it comes to trading?
Certainly! The truth lies more in your mind than it does in the mind of others. Your Holy Grail will be what works for you. To simply take what someone else is doing and claiming it as your own method is a fairy tale at best and a lie to yourself at worst. But we do wish that could be true, do we not? If that were true does that not discount the value of years of experience actually trading successfully?
Where to Go From Here
So, I suppose now is the time to throw your hands in the air and give up, right? Hold on quick draw, there is more to consider. What if you are able to see what others are doing and see how it feels and see how it works? Same thing as claiming what they have as your own you say? On the contrary, by trying to fit it into your own personal profile of temperament, patience, knowledge level, fear level, trust in your system, chart smarts, and trading experience you, are not accepting it but rather gleaning from it what might be to your advantage and refining your approach.
How Soon Can I Start
You do not have to wait years to begin trading, but you do have to go through the basics. You cannot wait until you know it all, else you will never begin. Becoming a trade wizard is a growing process and we all begin at the beginning; there is no short cut.
Is It Really That Easy
Herein lies the caveat, is the source offering you information through their tools or is what they offer a 1,2,3 step by step that purports to give you guess even for the uninformed? If it is the latter, beware. If you are looking for ways to be more successful trading, look for those tools that will aid that person as described by your personal profile to help you develop your own methodology tailored to you. You cannot deny who you are. It is very difficult to repackage yourself, though there are some things you can do.
How To Fix It
With experience you will learn to trust your own workable system that will help you reduce your fear of losses. And when you find patience, it will become your best friend. The more you understand the more patient you will become. Confidence builds patience and patience promotes consistency. Consistent realistic results, as you define them, are what you seek.
What Happened To Me
When I go back over my swing trading history, it shows scores of losses that far outnumber the number of gains. But the value of the gains are much greater than the losses. My personal profile is comfortable with accepting many minimal losses against fewer greater gains. As long as the ratio holds true, I will always be profitable. I use my system to insure that always happens.
Life Is Easier Now
My system tells me, not only when to get in, but when to get out. All of that information is computed before I actually enter the trade. At this point trading is simple, uncomplicated and stress free. When I traded futures it was not so. I still made money, but it was a stressful experience. My personal profile was uncomfortable with that scenario and much like leaving a job you do not like, I left a trading environment that did not feel comfortable. It was sometime later that I discovered that most day traders are not successful; it was the old 80/20 rule where 80% of the money was made by 20% of the traders. I was one of the 20% and yet I had to move on.
Learning Comes In Stages
In the beginning, I thought day trading was the way to go. That was before I worked out my personal profile. Anyone who offers you tools to support you and your personal profile might be offering you a chance to improve your trading results. That is the reason I started Tested Wisdom.Com. It was to provide resources to traders that want to develop their own proven methodology, in other words their experience and our tools would provide them with their own Tested Wisdom that evolves into their own system.
The Next Step
So my first suggestion to you is as follow: Work on your personal profile and define who you really are. Be honest with yourself. I know that can be hard, but since no one else will see it let it happen. After accepting that profile you can find tools to help you work around some of those sticky traits and some tools that might actually help you overcome those negative traits. Remember this: Short of being a sociopath all new traders shared some of the same traits.
Let Us Know
If you care to, investigate what we have to offer. If you have questions, do not hesitate to ask. We are just traders and we are not so important that will not take time and try to help you. People still matter and believe or not so do traders.