You see the biggest problem is our EMOTIONS.
There are plenty of losers in each and every forum. I am posting my trades live daily at a forum and there are people harassing me to teach them how to fish rather than just watch me post my trades live.
Why should I believe that people will adopt my system and not go and screw themselves up big time. Some did in the beginning, then came back and asked me,WHY?
You see the biggest problem is our EMOTIONS.
I wrote once a forum about essentials in FOREX trading to eliminates the psychological aspect in trading:
1. Some strong rope
2. a comfortable chair
3. some clothes
4. A rubber mallet
5. A good mentor
I am surprised no one asked why is there a need for the above 5 items
Read on to find out why...
I always emphasize on meeting the target.
1. You need your mentor to be around when you trade so that he will ensure you get out on time or prevent you from entering
the market again after you met your daily target.
2. If you do not listen to him and still insist on punting, then he will tie you to your comfortable chair with some strong rope.
3. If you still try to get your fingers and toes to click that mouse, he will wrapped them with some clothing. And if you still insist on
asking the order entry guy to place a trade for you , he will gag your mouth with some clothes. Finally, if you still continue to
signal with your eyes he will blind fold you, leaving your nose to breathe.
4. And if you still try to hop to the computer and use your head to make a entry, he will knock you out the rubber mallet.
Now you see the trading psychology of some traders.
So now, would I teach you how to fish, after which you'll be thinking that you have discovered the Holy Grail and then decide to go for the big hit. So am I selfish or one who saves your wallet?
Reply for a forumer:
I knew you got it. The best trading method in the world is useless if emotions are left unchecked.
Your strong rope and mallet and all that is a classic.
I don't think it will go into any book but these are true wisdom that can only come from veteran traders.
I experienced losses on the same day after I made big gains for the single reason that I cannot stop myself from chasing the market for another win. I would actually double my position when the market goes into a retracement so I end up losing. Only an experienced trader can understand what you are trying to say. When you have a big win, stop trading for the day!
This is one of several 'rules' or 'understanding' a successful trader should possess.
Those who deride that are just clueless. They can never even dream of making a living in trading.
That people disagree with you is good as I believe trading to healthy profits is never meant for everybody in the world anyway. It is a sort of secret knowledge. You should worry if everybody agrees with you because who the heck are you going to take the profits from?
As for the way to making money in trading. I think as one progresses, it will become clear that there are really just that few correct ways of doing it despite the voluminous books written on the subject - 90% rubbish.
I may sound like I know a lot but in reality I have suffered losses several times and have yet to make my big profits for lack of capital to even start. This is all my own observation which dovetails with yours.
All I have now is my method tested on super-realistic
demo accounts which tracks every move I make like it's all real and have driven them to profitability over and over and over again so I know I'm on to something.
Once I can find some capital, I will start again and I hope soon.
Good luck to you!
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