Another thing to ponder over seriously, and that is, if you surround yourself with fools, you will become one, nothing more certain, so be very very careful whom you associate with, as a true friend is the person whom you will not like the best, as you will hate what he/she is telling you, which will more than likely be the real truth! It goes for everything we do in life, including trading. J_S
I agree. Most underestimate how much their success or failure is the product of their winning or losing habits. The last six months I have worked single-mindedly toward identifying trend strength, and adding when right. I had to change some habits to make this work for me.
True story... A former colleague of mine quit the day job 8 years ago to go full time trading, mainly forex. He downsized his house to provide initial trading capital and money to live off. He lost quite a bit of money in the beginning but then became more disciplined. Despite toiling away at it, day after day, for years, he barely ever did better than break even. After a couple of years he re-mortgaged the new house to replenish his dwindling funds. Eventually he had to sell up and move into rented accommodation. He stopped full time trading a year or so ago. Guess what he's doing now? (Hint: those who can...)
I doubt if he is teaching, as most people now have access to the likes of this forum, and others, and can clearly see that those who sell are really just chancing their arm, as making money trading has very little to do with what others show you, which we have gone into great detail about lately. My guess is he is getting handouts, as only last night I seen a programme on tv, where many educated people, with third level education, had very good jobs, have ended up on benefits in the UK, living in very basic accommodation, and having to seriously budget just to survive off the handouts the UK government gives them. One chap, funny enough, had a big paying job with some financial institution, lived the big life, but blew it all, by, of course, surrounding himself with fools. He came across as very clever, but he is obviously not, if he is still stuck where he is, and can't change his circumstances. The 4 letter word, is of course, WAIT Nice one MN. J_S
This post may help some, if not, then it will not. We have recently discussed what some of us think are the main things that a person needs to be aware of, in order to become successful trading. No need to repeat, as those following know. If, for whatever reasons, that information is no good to you, then that is how it is, as no one can show you how to think. Listening to other people on the internet, can cost you money if you try to copy what they have said, without making it your business to fully understand, and verify, that what they said will work for you. With that in mind, I have decided to stop posting live trades, in private and public forums, as I know that some people, can and do act on what others say, without first proving it to themselves, as mentioned. The truth is, it really does not matter what any other person does, J_S, RN, DR, MN, SS, SO, OS, FG, BD, VO, and every other person that posts on the internet, for, the only thing that really matters, is what you actually do yourself, and you alone are responsible for your actions, no one else. If you are not able to make money, then it should be obvious to you that you are doing something wrong, and the chances of someone else changing what you are doing wrong, for you, are very slim, as the best person to make changes for you, is you. Some of ye will see the sense in what I say, others will not, but I am saying what I believe to be true, from experience, and so, I am no longer going to post any of my trades, in any form, on any internet site. J_S
JS, I am in total agreement with you, there are not two traders in the world that trade exactly the same way... I think that to make money trading there are some general, basic, common sense rules that apply to all traders, but then each one of us need to figure out the rest, especially what trading instrument, style, TF, signals, etc. that fit best with ones personality. Also, IMHO traders, especially beginners, should find a good enough instrument to trade that fits them and then stick to it until it can be traded profitably in a consistent way. VO
Glad you see it that way VO. So, to get to the bottom of this obvious thread, for once and for all, time to get back on topic. In a short few words, what do you now think, after recent discussions, what the obvious really is, after that we can discuss why the obvious, is not so obvious, for most. J_S
Correct. He's writing and selling trading material, and teaching/mentoring people. He's got a few thousand twitter followers. Last year was the first year, in 8 years, that he made any money but from teaching not trading. On the face of it, his credentials sound kosher until you delve a bit deeper. People just assume that, because he's been full time trading for 8 years, he must be successful. Whereas the reality is, he's been living off the equity in his house. The funny thing is he's a really nice, decent guy, not your obvious snake oil salesman, and he probably genuinely believes he's helping people.