Lately a lot of traders are talking about the show "Traders: Million by the minute". The two episodes you can find on the blog of Caan Berry, one of my favorite professional traders: http://caanberry.com/traders-behaviour/
Sultan already quoted one of the most important sentence a successful trader told: "Most traders who do give up, probably don't give it as much (hard work) as those that don't (give up)". It's the same thing I always mention with my favorite quote of Samuel Beckett: Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.
Beside a sustainable loser mentioned that trading is what he likes to do. Despite he earned good money before at another job. It's definitely not good to lose money, but if you can make a decent income it's fine, even if it's lower than in a regular job. One year ago I earned a five digits number a month (in Euro), but I was not happy. I wanted a new challenge, and I found it with sportstrading. It's not the money which makes you happy, it's what you are doing. Obviously it feels better when your income is high. In general I prefer a smaller income with something I like to do in comparison to a higher income in a job I don't like. In the end your happiness will help you to achieve good results.
Never it's fallen a masterpiece from sky. It needs time to learn the markets and yourself. Caan wrote about it in the last article. I learned about myself that I couldn't accept losses. After a bad trade I started to chase. Normally the things started to get worse. Like at the stock exchange, trading is not a one way street. Even the best traders have losing bets and bad periods. You can't lose the focus on the long term, in other case you will fail. I tightened my money management and made the strategies more conservative.
With the mentioned corrections I act calmer at the ladders. A 1% capital loss per trade is acceptable, and the feeling of chasing is gone. Beside the more conservative strategies help me to act patient. Obviously I miss the one and other opportunity, but it helps me to control my emotions. The Sultan strategy guide didn't fit my taste 100%, because it allows you to enter in lot of scenarios. On the other hand the approach is really tight in closing red trades. I don't blame Sultan, the strategy works for him. What I like to say, every trader has to find his own style. It has to fit your character. I learned about myself that I need more saftety barriers to control my emotions.
In summary I would say that is important to work hard to succeed. Only a lot of hours on the ladders will help to become successful. Like learning drive a car some of us needs more lessons than others. If you have a lot of talent, you are lucky. If not you have to work even harder (It's looking like that I am one of this category). Beside it helps you if you don't see trading just as a job. If you are not really happy with doing it, I would suggest to apply for "regular job". It's less stressful and normally easier to learn. Like I wrote above, only copy&paste of strategies doesn't work. You have to go your own way and that is quiet hard. Obviously some professional traders like Caan or Sultan can give you some ideas, but in the end you have to learn it on your own because the trading style has to fit your personality!
Sultan already quoted one of the most important sentence a successful trader told: "Most traders who do give up, probably don't give it as much (hard work) as those that don't (give up)". It's the same thing I always mention with my favorite quote of Samuel Beckett: Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better.
Beside a sustainable loser mentioned that trading is what he likes to do. Despite he earned good money before at another job. It's definitely not good to lose money, but if you can make a decent income it's fine, even if it's lower than in a regular job. One year ago I earned a five digits number a month (in Euro), but I was not happy. I wanted a new challenge, and I found it with sportstrading. It's not the money which makes you happy, it's what you are doing. Obviously it feels better when your income is high. In general I prefer a smaller income with something I like to do in comparison to a higher income in a job I don't like. In the end your happiness will help you to achieve good results.
Never it's fallen a masterpiece from sky. It needs time to learn the markets and yourself. Caan wrote about it in the last article. I learned about myself that I couldn't accept losses. After a bad trade I started to chase. Normally the things started to get worse. Like at the stock exchange, trading is not a one way street. Even the best traders have losing bets and bad periods. You can't lose the focus on the long term, in other case you will fail. I tightened my money management and made the strategies more conservative.
With the mentioned corrections I act calmer at the ladders. A 1% capital loss per trade is acceptable, and the feeling of chasing is gone. Beside the more conservative strategies help me to act patient. Obviously I miss the one and other opportunity, but it helps me to control my emotions. The Sultan strategy guide didn't fit my taste 100%, because it allows you to enter in lot of scenarios. On the other hand the approach is really tight in closing red trades. I don't blame Sultan, the strategy works for him. What I like to say, every trader has to find his own style. It has to fit your character. I learned about myself that I need more saftety barriers to control my emotions.
In summary I would say that is important to work hard to succeed. Only a lot of hours on the ladders will help to become successful. Like learning drive a car some of us needs more lessons than others. If you have a lot of talent, you are lucky. If not you have to work even harder (It's looking like that I am one of this category). Beside it helps you if you don't see trading just as a job. If you are not really happy with doing it, I would suggest to apply for "regular job". It's less stressful and normally easier to learn. Like I wrote above, only copy&paste of strategies doesn't work. You have to go your own way and that is quiet hard. Obviously some professional traders like Caan or Sultan can give you some ideas, but in the end you have to learn it on your own because the trading style has to fit your personality!
Once you crack it you'll realise that the 'trainers' like Caan , Sultan etc are all just selling hot air stuff you can pick up online for free. I've yet to come across a trainer that actually provides any winning strategies which is ultimately what you need if you even hope to have half a chance at trading successfully.
ReplyDeleteThank you for your input, Hermes. For newbies Caan and Sultan can give a good inside look. After you understand the basics of (tennis) trading it's important to go your own way. A copy (of whoever) is always worse than the original. I have to say that Sultan improved lately his service. He lowered the price and now he is willing to make live sessions.Nevertheless I go my own path now. Without scammers (!!) and without any (expensive) services. It's amazing how much I could improve the last 3-4 weeks together with my partner. I am not talking about the profit, but the view on the markets is totally different and I think that was the pivotal step. It's not about fancy software and quick pictures (like the scammer wanted to teach me), it's about knowledge of market movements. Even the know how of the players is not the most important... in this case Joachim of Bettingexpert was right.
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