Shame on me.
I am woefully wrong about my dreams and desires of helping traders and investors.
Almost five years ago I expected that it would be easy to find and help other traders. Coaching and teaching is something that I love to do, and I think I am good at it.
The problem seems to be that there is more to any “business” than the tangibles.
I offer you this advice: Make sure you want it.
Whatever it is, it must be a burning desire, a result so powerful to you that you will move heaven and earth to achieve it.
Taking full responsibility for our own results; not blaming our guru, the markets, or luck.
I had a conversation recently with a trader who just lost $12,000 in a day. It may be chicken feed to him and his account, but I don’t like to see anyone throw away that kind of capital in one shot.
If he were in my room, this is what I would say to him:
- Stop trading. Don’t do what you always do. Reverse what you did that day, your mind obviously has it backwards.
- Learn my system before you attempt to trade real money. After you learn what I can teach you in a month or two, revisit your former ideas.
- Go slowly, patiently observing the times and market structure that are important “set-ups” for us.
- There are many trades that we will find in a day. Take only the highest odds trades by time and price.
- Some of the best trades will be “aggressive” in nature. They are the ones Charlie won’t take; then when it looks safe he jumps in and gets caught.
- Avoid normally choppy trading times like lunch.
- Discover your favorite trades; the “cookie cutters” that repeat so often and so well you can read them clearly.
- (The umbrella pattern is one of my favorites.)
- Have a stop loss that is never violated.
- Sense trapped traders in a squeeze, and join the winning team.
- Spend at least 15 minutes a day when you get up, and when you go to bed visualizing yourself as a competent trader.
- Plant the seeds of success every day by affirming your goals and belief in yourself.
- Write it down at least 25 times a day: “I consistently earn on average $____________ every day by finding low risk, high odds trades.”
- Think often: Trading is fun and easy for me, because I recognize the abundance available to me as I improve my skills and self-discipline.
- As our capital account grows in value, we can continue to scale-up our reward with the same risk by repeating the process we are already successfully performing.
- Set time and price loss limits. The big picture, not just the smaller ones. Not everyone can be a successful trader/investor. Move on if you aren’t ready and find what comes naturally easy to you.
- Make sure we have enough time and capital to make this a worthwhile challenge. To get an education we don’t need much, but to actually trade we need a minimum of $10,000 we can afford to lose without affecting our lifestyle. More is better.
- Expect it to take us 3 years minimum to get confident and consistently profitable if we are normal.
- Keep our day job when we are learning. It will give us the staying power we need.
Would you like a short cut? A way to reduce those three years of training?
Re read the above. Pay attention to the mental side of the game.
We need the basics of trading, but the self-sabotage comes from a negative OS.
I updated my iphone this weekend. They gave me $199 for my old one, and it cost me less than $12 in tax to get the 5c. Plenty for me.
A few key strokes, backing up data, and then voila, ready to rock and roll.
When is the last time you updated your OS?
If you are like me, you grew up in a time where it was common to think “money doesn’t grow on trees.” We have to work hard for it, and we get paid by the hour.
Time and Money are the currency of the New Rich.
One without the other is seemingly a hard way to go throughout life.
Change our Operating System, and we can change our results. With the human mind, that seems to take about thirty days according to the time honored research and discoveries by Maxwell Maltz in Psycho-Cybernetics.
This is a link to opportunities to know us better.
E TV in the twitter speak are links to videos. Here are a few from last week.
missing link from yesterday’s E TV post
Here is a response I sent to admin today.
Thanks for the email.
I took a look at xxxx site, and I must say I like his style. He is not one of these get rich quick gurus.
I also believe as he does that no amount of information or “system”, as good as it may be, will work for someone who has not conditioned his mind to win at this game.
While his system seems expensive to me, there are many who teach on twitter for free and provide a lot of insights. The problem with that approach is that you must be more “Montessori” style in your education, and there are many who really need a structured learning environment.
If xxxx wants a trial run of our chat room for two weeks or a month, offer it to him. I prefer to have only members there, but it will give him enough insight as to whether or not we can help him.
Our system works as well with TF, NQ, etc.
We find many trades a day, most are not as good as the 2 or 3 high odds time/price trades. Totally agree with xxxx about the Primary trade, which is often from the open until around 11 am.
We like to trade premarket and grab a point or two, which can be used as seed capital to risk for the primary trade. Risk/reward is better during IB, so 2 points risk can get us 8 or ten or 12 points in a normal day if we get direction right.
A cheap alternative is to have him watch the free videos I put out. Grab a few of last week’s and send to him please.
A reminder that those videos contain maybe 80% of the primary ideas, and that is better than most will get from many gurus no matter how much they spend on a course.
The remaining 20% that we never show in the videos is the key to trading any vehicle profitably.
Telling it like it is. If you have fallen in love, and can’t get the desire to be a “successful trader” out of your mind, make the commitment to get an education before you throw your money away…
Find an experienced trader/coach who can help you reset your Operating System…and believe it is possible for YOU.