Sun,
Would you have any time to answer my previous question on what makes a successful/unsuccessful trader from your experience????
When I did the seminars for City, I was often amazed by the level of knowledge that many of the people attending were in possesion of. They knew about things and indicators that I never heard off myself.
I came in contact with one computer wizz who had run every possible Moving Average crossover combination possible. He had tested and backtested and found the most optimal combination.He found he would make some 600 percent return on his account a year. I checked the stats myself and found it very impressive even though I pointed out to him that he was not taking into account the inevitable gaps in the FTSE openings. Nevertheless I thought that even if he could return a tenth of what the computer told him, he would be pretty well off.
The story ends like this. He had a period of drawdowns and he did not carry through with the trading. The last thing I heard was that he was going back to teaching.
There are many other examples, and they are all pretty much the same. People are succesful in one area of life, accountants, dentists etc, and they come into trading and expect success here as well. This is natural, but the problem is that this is nothing like anything else on earth. Here your total freedom to do whatever you want to do can be your very destruction.
So if I should sum it up Mr bottomdollar, then it would probably go along these lines and probably also in this order of importance:
1/ most have unrealistic expectations of the financial gains they want to make
2/ most work too hard on indicators and too little on themselves. The key to success is not indicators, it is not knowing more about the market, it is about knowing you, and your strengths and weaknesses.
3/ very very few are disciplined and understand the trading environment.
It takes sooo little to make a good living in trading, not megabucks but just tagging along. I got some very simple systems that I myself have been given. I know some who are trading and making a good living from them. They dont overcomplicate things....
In the seminars i know I taught enough to enable people to make a living from trading. However, I was also 100% certain that none of them would carry through...
So the best thing I can suggest to you BD is that if you are serious about making a living and trading as a pro, is to define your time frame, learn one or max two setups and then trade them and them only....NOTHING ELSE..then work on yourself, Tony Robbins, Zig Zigler, Napoleon Hills, Bryan Tracy, Bob Proctor,
maybe you should go to one of chartmans courses and get him to teach you a setup and trade that exclsuiveliy or ask if anyone has got one they want to give you....
I dont intend to offend anyone who may have been to my seminars at the SB companies, but it is just my experience from the feedback ( or lack of it ) that very few treats it as a business..
Sunseeker
