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Hello realtraders,
Ok enough doom and gloom ! My personal belief is that if you are of
the correct psychological makeup, work hard enough and are honest to
yourself and others you can make it in the trading business "IF".
You find someone who you can mentor under and some of their pieces of
the puzzle fit with what your trading style ultimately winds up being.
I think of a cabinet maker who works in the successful family business
only knowing to do things the way his family taught him. He would
profit much more if he had apprenticed at other cabinet shops which
were equally as successful as his own family's cabinet shop. Gathering
up knowledge from an outside world and bringing back home some few
tricks which help help his own family's business in quality and
production.
My advice has always been to find someone who is honestly making a
living trading and work for them, hang out or whatever. If that
involves being a broker in the business fine, a researcher fine. Do
whatever it takes to sacrifice on your part to learn the business with
a long term commitment and not a short term lust for money. Learn the
business and the money will come if you have the passion for it.
Am I saying move to Chicago? No, you don't have to. Why? Because I'll
bet somewhere close to you there is a trader plugging along making a
living. He will most likely be the guy at some local user group who is
quite and sets about three quarters towards the back of the room. I'm
not making all this up I have studied it for years. He will be the guy
who ask questions that other people including maybe the speaker. Also
the question will be more risk related and not profit related. Other
signs are that he will not be taking notes "WHY?" because he has heard
it all before and could probably recite the speakers method from
memory.
He has seldom seen any new twist on the same old ideas. He will
readily break down the method into several predefined categories such
as fundamental or technical first. Then he will further narrow the
categorization down to the same old basic kill file of topics which he
has studied for years but made no money with. He will try and keep an
open mind though searching and looking for that one small edge which
may improve his own trading method.
After the meetings when in a crowd he will most likely be the guy who
will readily talk on any subject but not actually offer and real
example of his own trading unless he really knows you well. It's at
this stage when you may gain some hope that you have found the right
person who you may contribute to your progression at becoming a
trader.
Look long, look hard - question everything! assume nothing!
Mark
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