This is meant as a continuation of the thread that I started as "The Trading Demon that Mints Money." http://www.forexfactory.com/showthread.php?t=273039
I think that the title I chose for that thread was unfortunate because people assumed that I meant, mints money for us, the traders when I actually meant that it mints money for the purveyors of indicators and systems.
I do not doubt that their are people who market systems and products that are truly helpful. But, we must not lose sight of the fact that we are each solely responsible for our own success or failure. Further we must acknowledge that damage we do to our trading psyche when we invest money, time and emotion into our latest incarnation of the Grail and then find that it has failed us. Failed us perhaps because of our own shortcomings or more likely, because our expert overpromised and under delivered.
Here is an excerpt from an email I wrote to a trading method marketer,
"The website comes across as a real marketing machine as opposed to a sincere service to help people who are struggling to fulfill their very real dreams. And is this not, the very heart of the problem? The would be trader, finds it so much less painful to cruise websites and plunk down precious capital on wizzbangs and gadgets that feed his dreams instead of putting in the difficult and painful work to make real progress with his trading?"
Hello, my name is Archie and I am a Grailaholic.
I am proposing that we form a cooperative, rallying under this thread. I propose that all who feel that they have wasted and continue to waste precious time and capital, questing after the ever elusive perfect method/system, post here and declare their intention to commit to a specific method or methods and not abandon them in further questing until that method is truly proven unsatisfactory.
Let us organize ourselves. I propose that it is possible to develop profitable systems/methods without paying for them. Within this forum there is abundent information and experience. The thing that is truly lacking is the accountability that a mentoring relationship would provide.
Ideally we would each have a successful trader to mentor under. Our mentor would be an unbelieveably sound influence in our trading life. We would not doubt because we would be a part of his/her trading life. we would witness his success. On this forum we have a lot of people who talk a good story and no doubt many are highly successful traders but, what do we really know. As we gain more and more experience, our bullshit detectors improve but that does not compare to sitting next to someone who is successful day in and day out. Not the same as being taught what they look for, what are their procedures. Not the same as seeing the emotion that there method applied in the market brings to their experience.
Find a mentor if you can!
If you cannot, a trading partner would be the next best choice. Someone you can sit in the same room with.
Failing that, an accountability partner would be the minimum that you should look for. This would be someone to whom you could report your success and failure. You could give them a copy of your plans and goals and report to them. A spouse would work. I would be more comfortable with someone who knew something about trading. And this could also be a spouse, we just might have to educate them.
Archie
I think that the title I chose for that thread was unfortunate because people assumed that I meant, mints money for us, the traders when I actually meant that it mints money for the purveyors of indicators and systems.
I do not doubt that their are people who market systems and products that are truly helpful. But, we must not lose sight of the fact that we are each solely responsible for our own success or failure. Further we must acknowledge that damage we do to our trading psyche when we invest money, time and emotion into our latest incarnation of the Grail and then find that it has failed us. Failed us perhaps because of our own shortcomings or more likely, because our expert overpromised and under delivered.
Here is an excerpt from an email I wrote to a trading method marketer,
"The website comes across as a real marketing machine as opposed to a sincere service to help people who are struggling to fulfill their very real dreams. And is this not, the very heart of the problem? The would be trader, finds it so much less painful to cruise websites and plunk down precious capital on wizzbangs and gadgets that feed his dreams instead of putting in the difficult and painful work to make real progress with his trading?"
Hello, my name is Archie and I am a Grailaholic.
I am proposing that we form a cooperative, rallying under this thread. I propose that all who feel that they have wasted and continue to waste precious time and capital, questing after the ever elusive perfect method/system, post here and declare their intention to commit to a specific method or methods and not abandon them in further questing until that method is truly proven unsatisfactory.
Let us organize ourselves. I propose that it is possible to develop profitable systems/methods without paying for them. Within this forum there is abundent information and experience. The thing that is truly lacking is the accountability that a mentoring relationship would provide.
Ideally we would each have a successful trader to mentor under. Our mentor would be an unbelieveably sound influence in our trading life. We would not doubt because we would be a part of his/her trading life. we would witness his success. On this forum we have a lot of people who talk a good story and no doubt many are highly successful traders but, what do we really know. As we gain more and more experience, our bullshit detectors improve but that does not compare to sitting next to someone who is successful day in and day out. Not the same as being taught what they look for, what are their procedures. Not the same as seeing the emotion that there method applied in the market brings to their experience.
Find a mentor if you can!
If you cannot, a trading partner would be the next best choice. Someone you can sit in the same room with.
Failing that, an accountability partner would be the minimum that you should look for. This would be someone to whom you could report your success and failure. You could give them a copy of your plans and goals and report to them. A spouse would work. I would be more comfortable with someone who knew something about trading. And this could also be a spouse, we just might have to educate them.
Archie