1. Learn about your brain. Everybody is given a highly complex parallel information processing unit, but pretty much no one ever cares about how to use it efficiently. He who can use his own brain most efficiently has an edge. The conscious mind is as fragmented as the PC you're staring at is. Read Norretrander#s the "User Illusion, then study NLP. 2. Learn about other people's brains. Most people are trapped in the beliefs they've acquired sometime during their lives. Learn about how to cluster these specimens and how to exploit their weaknesses. 3. Learn how to set traps. If you want to be consistently profitable, you must have more money left over than you gave back. Therefore, per se, you must behave differently than an average trader in your time frame does. What seems most painful, mostly is the right thing to do. Specialice in trading similar most painful situations: this way, you won't shake like the unprepared others when the next opportunity arises. 4. Understand that you are not alone There are others like you who are in the same dilemma all around the world. Learn to intercept their communication through charts. 5. If money and/or showing off is your primary motivation for trading, leave it You won't make it that way, it's that simple. Grow up and learn to appreciate your own life, i.e. your own reality. Most don't, that's why they fail not just in trading. It takes the brain of a winner to behave like a winner. Thread closed
1. Learn about your brain. No, the answer is KISS. It is a problem solving quest to maximize or optimize the scooping out of as much of the money made available each day by the days price movements. 2. Learn about other people's brains. Forget about other peoples brains. The only one you can use is your own. 3. Learn how to set traps. There are no traps to set. There is no pain .. if you put in the effort and solve the problem of taking money - big time - from the market. 4. Understand that you are not alone. You are alone. Everyone is alone .. no matter how much socializing you do. Alone is good. Alone is right. Alone is you. Alone is you on your way to gettng top success. By all means take on board all the relevant knowledge you need from whatever source. And, sure, enjoy the company of others .. but don't jack your time away when only you can best serve yourself and others by making your own success. 5. If money and/or showing off is your primary motivation for trading, leave it. No, wrong. The human species, par excellence, is a parading animal. You need your motivation. Its vital. Do not stop being other than human. But first, foremost and before anything else, go out and conquer. Take your success .. and take no prisoners. What benefits you, you can eventually use to benefit others.
First and foremost youve got to figure out when price is going up and when it is going down. There is no other way, unless youre trading options in which case sideways will also work..
First and foremost you need to follow a bunch of cockamamy rules from some anonymous source. 6. Don't forget to always never do the wrong thing. Oh, and spend 7 minutes a day studying the Kabbalah. 7. Eat grapes. 8. ??? 9. Success!
NLP is nothing but mental masturbation. Take it from a Master Master Master Practioner. I have studied it for years and have enough certificates to paper my walls with but it hasn't help one bit as a trader. If you want to become a succesful trader learn how to develope good HABITS, simply understanding language and Bandlers nonsense about modalities etc, etc ...won't do anything for you. It will make Richard a lot of money but it won't do diddly for you. Spend 20 mins a day reading the Bible and you will have a much happier and more succesful life then 10,000 NLP courses.
HOW to develop good HABITS ... you say? Start with the smallest tasks. 1. Force yourself consciously to only take trades long above the 20 ema. Do this for a week straight then build another habit from there. Rinse and Repeat etc, etc... There you ALL owe my 10k for my trading course
In order to become consistently profitable, you must develop an edge. A strategy that when followed will yield positive results. This requires research and study, and you must constantly ask yourself two key questions: What am I seeing? How can I make money with this? You will look at a 100 ideas before finding one that has promise, don't lose faith, that one idea can make you alot of money. Very rarely do I predict the market, most often, I just go with the flow and trade what the market gives me. That is the art of the business. Does mentoring work? Yes it does. You can model trading strategies, learn to build a business plan and most importantly, good coaching can help you with follow through and help you work through the challenges the market always seems to throw at you. I believe that your mental state is just as important as having a great game plan. There are certain beliefs and emotional states that traders can harness and use to be more effective traders. When you have a great trade, you need courage and conviction to push your size and maximize profits, When under fire from a losing position, managing your emotional state is even more critical. You need to be able to execute your game plan and pull the trigger, not always an easy thing to do when in a losing position. In summary, have an edge, ask the right question to help focus your research, work hard and persevere, master your emotional states, and develop reinforcing beliefs that support successful trading. Seek out and find a mentor who is walking the walk! Good luck!
So, This is how so many of the posters on ET get into the thousands... I'll try to remember that next time I have nothing to say, but still want to post something... .