| At some point, if they last long enough,
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| | could all invest in. That way the vendor
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| all traders discover that successful
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| | can ensure that we all receive the full
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| trading is not the inevitable result of a
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| | potential of his system without any
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| good trading strategy or system. If all
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| | effort on our part, without us having to
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| we needed was a good system or indicator
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| | overcome the bigger challenge of
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| we would all be successful traders. Yet
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| | implementing the system ourselves.
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| clearly we are not, far from it, there
| |
| | Presumably for every client who learns
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| are very few traders making their living
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| | the system only a few manage to implement
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| consistently from the markets.
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| | it successfully, with the fund option
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| Technical analysis is a vast and well
| |
| | every client gets the full benefit of the
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| researched subject. Many minds have
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| | system; so why not start a fund, a much
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| poured their heart and soul into
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| | better way to share the fruits of his
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| searching for the holy grail of trading:
| |
| | good fortune. The other question that is
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| the system, strategy or indicator that
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| | frequently asked is why doesn't the
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| will yield to them unlimited wealth and
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| | vendor display the full results of
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| glory. Yet with all this depth of
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| | trading the system? Instead we get
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| knowledge readily available, trading
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| | comments like '97points this morning,
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| profits remain as elusive as ever. If we
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| | thanks a $ grand!' from a satisfied
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| were to take a scientific approach to
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| | punter. In order to evaluate the
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| evaluating technical analysis we would
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| | effectiveness of any system we need to be
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| have to conclude that it is of limited
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| | able to see the results of every trade,
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| value.
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| | over a significant period of time, so we
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| System vendors though, will continue to
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| | can compute the necessary statistics.
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| exploit our desire to believe that there
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| | To develop these skills we need to get
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| really is some secret knowledge that will
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| | our feet dirty, plunge into the markets
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| enable us to transform into super traders
| |
| | and have experiences. These experiences
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| as soon as we expose ourselves to their
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| | are all good; they are the feedback we
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| secrets. It is a very tempting fable to
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| | need to gauge our current state of
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| believe in, it offers an answer to our
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| | development.
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| prayers and our problems, it engages our
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| | Without feedback we have no means of
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| ego (how great to conquer the markets and
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| | progressing. When I first started to play
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| escape the drudgery of work etc.) and it
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| | tennis I did not go straight into a
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| allows us, briefly, to relinquish the
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| | competitive game and try to win, I
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| painful self-doubt that we are
| |
| | started by learning the basic skills of
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| unconsciously fighting.
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| | tennis, the forehand, the backhand and
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| The system vendors flatter and deceive us
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| | the serve. As a novice it was normal,
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| in the same way that street sellers sell
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| | expected even, for me to hit the ball
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| exclusive, stolen perfume, which is
| |
| | repeatedly in the net or hit it sailing
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| usually no more than bottled water. We
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| | out; this just indicated that I needed to
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| are easily deceived when we are told
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| | work on these shots. Imagine taking this
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| exactly what we want to hear.
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| | approach to trading.
|
| Let us pretend that a system vendor
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| | Lots of losing trades is to be expected
|
| really has a system that works as they
| |
| | for the novice trader, it is the first
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| claim. Let us also assume that his cup
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| | feedback, which reinforces the fact that
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| truly does 'runneth over' and he
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| | the first skill of trading is to cut
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| sincerely wishes to share his knowledge
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| | losses short. A novice tennis player
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| as a way of repaying his good fortune;
| |
| | needs to learn to control the ball so
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| and finally let us assume that he charges
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| | that it lands in the court; the novice
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| a fee, not for his own gain, but to
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| | trader needs to learn to control his
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| ensure that his clients really take him
| |
| | losses. This is how we learn; it is a
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| seriously. Assuming all this, does it
| |
| | constant cycle of trade -- feedback --
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| make sense to make his knowledge
| |
| | adjust. So what are the practical steps
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| available in a book or a seminar?
| |
| | for going about the business of
|
| We all have discovered that trading is
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| | developing trading skills?
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| not easy and one of its biggest
| |
| | As a novice it is helpful to trade a
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| challenges is following our signals, be
| |
| | simple, logical system. This appears to
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| they based on an indicator or our
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| | contradict the stance I took against
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| intuition. It is so easy to doubt our
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| | system vendors above, but what I am
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| signal when the moment to act arrives, we
| |
| | talking about here is a systematic way of
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| hesitate and the opportunity is gone. So
| |
| | having a view of the market. My objection
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| having learnt our hero's strategy we then
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| | to the system vendors is that they
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| have to become adept at implementing it,
| |
| | maintain that their system is all that is
|
| which brings with it a whole host of
| |
| | required to be successful, whereas in
|
| problems that only become apparent as we
| |
| | reality it is the ability to implement a
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| attempt to execute the system. Now the
| |
| | system or strategy that determines
|
| issues that get in the way of
| |
| | success. As your trading skills evolve,
|
| implementing a strategy are not issues
| |
| | your ability to read the market will
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| that any system vendor can resolve in a
| |
| | evolve; but until then you will have no
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| book or a weekend.
| |
| | valuable opinion, so a simple, logical
|
| In fact the system vendor would have it
| |
| | system will give you a reason to buy or
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| that all our previous problems with
| |
| | sell.
|
| trading result from not having a good
| |
| | In attempting to trade these systems two
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| enough strategy, which of course is a
| |
| | things will happen; firstly you will find
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| problem he can easily solve for us. The
| |
| | out the issues you have that you need to
|
| basic premise of the system vendor is
| |
| | resolve in order to progress as a trader;
|
| that all the psychological issues in
| |
| | and secondly in the course of trading the
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| trading, in fact all the problems we have
| |
| | system you will start to make
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| in trading, are a consequence of not
| |
| | observations and distinctions that will
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| having a really good system or strategy.
| |
| | enable you to be more discerning about
|
| This I do not believe, it is like
| |
| | picking trades. The issues that you will
|
| claiming that we could all play golf like
| |
| | come up against will be the feelings that
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| Tiger Woods if we had a certain set of
| |
| | arise that will prevent you from
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| golf clubs, or that we could achieve the
| |
| | executing your system flawlessly. You
|
| same level of success as Pete Sampras if
| |
| | will need to neutralise these feelings so
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| we used the latest racket.
| |
| | that you are no longer a victim to them.
|
| We all need golf clubs to play golf or a
| |
| | I believe that to have some sort of
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| tennis racket to play tennis, no
| |
| | support while developing as a trader is
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| question; but they do not determine our
| |
| | vitally important. A trading coach, for
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| success. Tiger Woods would still be a
| |
| | want of a better phrase, will help you to
|
| great golfer even if he was handicapped
| |
| | navigate when you feel lost, and will
|
| by playing with antiquated clubs, but no
| |
| | give you an objective perspective when
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| novice golfer is going to be transformed
| |
| | you are wallowing in doubt and
|
| into Tiger Woods simply by buying the
| |
| | uncertainty. As a novice floor trader I
|
| right equipment.
| |
| | found the support of my backer essential
|
| If the system vendor has perfected the
| |
| | in developing trading discipline. Support
|
| perfect trading system and if he has
| |
| | does not have to come from a professional
|
| developed the skill to successfully
| |
| | coach, two traders could support each
|
| implement this system, surely the most
| |
| | other, or a novice trader could seek out
|
| effective method to share his good
| |
| | a mentor.
|
| fortune would be to create a fund that we
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| |
|
