I was intrigued by the message put across where it says that trading is more psychological than knowing the market. Personally, I am just starting out and have done a few courses on Quantra and I guess algorithmic trading in that sense helps keep the human emotions in check. But that's just my opinion.
Having said that, this was an informative thread and I really appreciate the links and recommendations given by everyone here. I really appreciate it.
By giving specific instructions more than asking these persons to research, discover or perform deep interpretations or something that is not a task suitable for their personal skills.
Trading is usually an activity considered solitary, maybe this is why Williams thinks that only these above 120IQ SD15 (>percentile 90) have actually a chance. Average scores could be related to performing something like persons with 100 finishing school, with 110 or 115 high school, with 120 college and 140 PhDs. This is just an example of possible averages within a heterogeneous distribution to explain the relationship between IQ and intellectual performance.
But trading is not just about IQ, at least not only. Maybe discovering by yourself how to trade will be very influenced by your IQ in terms of spatial, numerical, memory and other skills inherent to IQ. But learning a system is suitable for persons with lower IQs.
I know persons which IQ is above 98% and have lost all their money, never learnt how to trade when trying, etc. A balance of traits and skills is required to successfully run a business like this one; any business of any type.
A person whose IQ is not high (with IQ lower than 115 for instance) could be focused on learning predefined systems and practising a lot until mastering. Then that person could try to learn the fundamentals behind these strategies, techniques, methodologies... Then try to learn how to adapt it to changing markets and times.
But look, one person may have an IQ of 100 because it has very low scores in certain aspects but maybe it has a very high talent for trading, very specific for it.
The only way is to practice hard (with simulators, never with real $$) to find out if there is something to get from it and be honest about oneself to determine if the task is too demanding or not.
Same as if one would like to be the fastest runner in the world. Just try, evaluate yourself and adapt the task and your life to what you are.
I don't think that it is impossible, but you should work hard, especially if your iq is low. But if the person has a strong motivation, nothing can stop him.
Trading the forex or other markets doesn’t have anything with pain, psychology or improvement: the only law is: if you know, you win, if not you lose!
You who have already lost everything and are looking for a way to get your money back, stay away from all the EA’s, indicators, softwares as Metatrader, Jigsaw, Sierra, Bookmap and all other. Understanding the options on the futures is the only thing that will help you efficiently. You ‘ll never find anything to help you on forex website.
Finally, think about that: universal access to financial markets is a huge opportunity to get rip off millions of naive people! YOU JUST GIVE LIQUIDITY TO THE MARKET MAKERS VIA YOUR BOKER !
