FINDING YOUR WAY: No matter your trading methodology what is important is that it be YOUR methodology and what suits your temperament. Dr. Brett shares a little of his journey with us. One thing I did discover is his trading is much like mine when he describes it as “a very opportunistic activity where I will find one or two very high probability setups in a week and otherwise stand aside.”
HOW LONG DOES IT TAKE FOR YOU TO BECOME REALLY GOOD AT SOMETHING? Depends on how focused you are and how passionate you are about the focus. “It [doing something good] takes desire, it takes drive, it takes lots and lots of doing. Sounds like the formula for successful trading too.
IT IS AS SIMPLE AS SUPPLY AND DEMAND IS IT NOT?“ The market moves up on demand and down on supply. And we thought it to be difficult did we not? “As I have mentioned before, it is professional money that moves the market. Professional money as in “true” traders, fund managers, etc… who can “see” everything in the market. Things that you and I are not priviledge to see. They know when demand comes in, when supply comes in. They even know exactly where your stops are.”
CAPITAL PRESERVATION: Think hard about it or YOU might just become extinct!
CAN YOUR MOOD AFFECT YOUR TRADING? “Most of us ride the mood elevator hour to hour and day to day. We stay up most of the time but are not even aware when we temporarily drop down to irritated and bothered, excessively judgmental or into an unhealthy impatience. Whenever we do, our thinking is less reliable and we do and say things we wouldn’t in a higher mood state. We actually lose points of both IQ and EQ (emotional intelligence) when we do.”
Some good quotes for of the Crosshairs Traders out there who are waiting for the next opportunities to arrive:
“PATIENCE IS THE COMPANION OF WISDOM.” Saint Augustine
“HE THAT CAN HAVE PATIENCE, CAN HAVE WHAT HE WILL.” Benjamin Franklin
“THE TWO MOST POWERFUL WARRIORS ARE PATIENCE AND TIME” Leo Nikolaevich Tolstoy
“PATIENCE IS THE ABILITY TO IDLE YOUR MOTOR WHEN YOU FEEL LIKE STRIPPING YOUR GEARS” Barbara Johnson
