Futures Hunter
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You see, human when born, they have Education through manay stages, Kidergarten, Primary, Secondary, Junior College, University....& so on & on.....to obtain high level of education.
Ever thought about trading or anything also have to be the same ? You need to start from the basic 1st, before you are mature & your mind of thinking will be different. You will notice that, as time pass by.
Think about the past, when you are young which you have done those silly things, will you do that at your current age ? Ya! You get the point....Good!
Many Profeesional say Discipline is the Key to success. Why ?Casue they got a proven Methology, they just can't follow.
As famous trader and father of the Turtles, Richard Dennis said: “I always say that you could publish my trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.” – from Market Wizards, by Jack D. Schwager.
When you reach to that stage, you will think like them. The key is confidence, consistency and discipline when you got your positive methology!
So which Trading Level Are you now? Pls start from the basic! if you haven't got a positive expectancy system to trade with.
Ever thought about trading or anything also have to be the same ? You need to start from the basic 1st, before you are mature & your mind of thinking will be different. You will notice that, as time pass by.
Think about the past, when you are young which you have done those silly things, will you do that at your current age ? Ya! You get the point....Good!
- We accumulate information--buying books, going to seminars and researching.
- We begin to trade with our "new" knowledge.
- We consistently "donate" and then realize we may need more knowledge or information.
- We accumulate more information.
- We switch the commodities we are currently following.
- We go back into the market and trade with our "updated" knowledge.
- We get "beat up" again and begin to lose some of our confidence. Fear starts setting in.
- We start to listen to "outside news" & other traders.
- We go back into the market and continue to donate.
- We switch commodities again.
- We search for more information.
- We go back into the market and start to see a little progress.
- We get "overconfident" & market humbles us.
- We start to understand that trading successfully is going to take more time and more knowledge then we anticipated.
Most People Will Give up at this Point as They Realize Work Is Involved.
- We get serious and start concentrating on learning a "real" methodology.
- We trade our methodology with some success, but realize that something is missing.
- We begin to understand the need for having rules to apply our methodology.
- We take a sabbatical from trading to develop and research our trading rules.
- We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.
- We add, subtract and modify rules as we see a need to be more proficient with our rules.
- We feel we are very close to crossing that threshold of successful trading.
- We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
- We continue to trade and become more proficient with our methodology and our rules.
- As we trade we still have a tendency to violate our rips and our results are still erratic.
- We know we are close.
- We go back and research our rules.
- We build the confidence in our rules and go back into the market and trade.
- Our trading results are getting better, but we are still hesitating in executing our rules.
- We now see the importance of following our rules as we see the results of our trades when we don't follow them.
- We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
- We continue to trade and the market teaches us more and more about ourselves.
- We master our methodology and trading rules.
- We begin to consistently make money.
- We get a little overconfident and the market humbles us.
- We continue to learn our lessons.
- We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
- We are making more money then we ever dreamed to be possible.
- We go on with our lives and accomplish many of the goals we had always dreamed of.
Many Profeesional say Discipline is the Key to success. Why ?Casue they got a proven Methology, they just can't follow.
As famous trader and father of the Turtles, Richard Dennis said: “I always say that you could publish my trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.” – from Market Wizards, by Jack D. Schwager.
When you reach to that stage, you will think like them. The key is confidence, consistency and discipline when you got your positive methology!
So which Trading Level Are you now? Pls start from the basic! if you haven't got a positive expectancy system to trade with.
