Considering some of my beliefs have been outlined on these articles, I thought that I would contribute something to this thread. Sorry for barging in if I am not adding anything . However, to start:
1. I think that focusing on following your system -- and not on cash -- makes a difference.
2. I believe that the Canaletto restuarant in the Venetian has the best pizza around the Las Vegas strip.
Ok, on to some points I made in my entire year 2006 preview. This is a very long article, but it will clarify my thought process.
How to be a much better trader right now
I've something I wish to get off my chest, and though many of you will feel that this more of the same from me, I really would like you to try this. It's important.
From the past 4 months, I've worked with approximately 30 traders at the web-based coaching and the other 50 traders at the live training. These traders are from every continent around the planet. They're from all different economic and backgrounds. Some had trading expertise. Some didn't. Could be failures. There was one in particular that I specifically regarded as totally unfit for trading, and that person has become the 2nd trader of this year -- and is making a living from trading.
The truth is, that a larger percentage of my pupils are trading successfully than ever before. More than 25 of those 50 traders are finishing every week with favorable pips. The number is likely closer to 35 or 40.
People always ask mewhat's the secret to success? And I inform them. Then they are told by me again. Then they are told by me again. But hardly anyone listens. Maybe I really don't say it. Or enough. Or angrily. Maybe, ultimately, more of you are currently listening than ever. So I wish to take some time and remind one of the important things you can understand about trading.
1. Find and concentrate on egy, egy, or a single trading platform. Buy it, borrow it, invent it. If you are not willing to do #1, then stop reading this and go play. Please, even if you are not focused on 1 egy, then take action. Do it now. Until you concentrate you will not be successful. You're just 1 on 1 pupil, and if you don't know what to concentrate on read my chart analysis, and concentrate on support and resistance, and nothing else. Focus on channels and redline trades. I promise that you can find out this. You MUST focus.
2. Never violate the rules or methodology of that system, As soon as you have a system or egy. Simply take the channel trading that I do, for example. There are only a few ways to use those channels -- redline closebreaks at the direction of the station's slopeclosebreaks at the direction of the incline of the channel; Winnipeg Specials. That is nearly all I really do. Then wait patiently for your setup, As soon as you have the system set up. Never jump in ahead of your setup.
3. Never complain. If you are wondering if you can do this, if you doubt yourself, if you believe that support and resistance is hard for you, then do this: get a job working on a farm, milking cows or shoveling manure. Or go work for some boss at some crummy cubicle for 12 hours a day, 45 minutes from the residence. Or go work. Is that what you need instead? Listen: driving a car was not easy at first. Learning wasn't easy at first. The traders I've worked with all stopped whining and determined that they would be successful and they would not let anything get in their way. If you have an attitude problem, then fix it.
4. Refer to #3. Here are the major complaints that I hear. First, that drawing support and resistance is optional. My response: No duh. Start practicing. Send your charts to a friend, to me. Trade charts back and forth for a month and see if it is still”discretionary.” Second complaint: that you don't have sufficient time each day. Well, you know what? The best trader I've ever worked with, who is now helping to manage money with me and Max, he did not have time either. He worked from 8pm each night, then literally slept in his desk and waited to activate. After trading and sleeping off and on, he went to work selling cars over the course of the day. He then went to work, and got at quickly. He created more pips every week. No whining. Just functionality. If you would like to do this for a living, then you need to make sacrifices.
5. Clean up your life. Eat better. Talk and think kindly of others. If you hurt, then do something kind to them in return. Forgive easily, including yourself. Stop relationships with people who are negative, who seem never to be in a position to be happy, or who complain about other people, who put others or you down. This is all part of living with subject, which is the easiest way. But here's the ch: gaining discipline can be among the most difficult things to do in life. Please be aware that if you are a mean person you are going to attract meanness and vengeance back in your relationships, in your health, and in your trading.