I have traded for 20 years, and survived!
I've had many days of depression never thinking that I would ever get it right, paid thousands of dollars to 20th century snake oil salesmen of systems and spent hundreds of hours trying to find the secrets of Gann, Elliott and others all to no avail. My analysis of the market was so incorrect I even contemplated taking opposite trades as I certainly was wrong far more consistently than I was right!! It was only after I grasped an understanding of volume spread analysis that I started to be successful. Remember, in the past, volume was delayed in order to keep the floors edge. Now with the commencement of electronic exchanges, volume is available immediately thus creating even more of a reason to understand volume. At the same time I was grasping the concepts of volume spread analysis I worked on my psychological aspects of trading, which is paramount. During this psychology work, I undertook a one-on-one consultation with Mark Douglas, author of The Disciplined Trader and Trading in the Zone. He truly enlightened me by teaching me to think in probabilities not in terms of right and wrong. If I can impart a word of wisdom to you that brings results, it is this: CONSISTENCY. Once you start to cherry pick trades, you are lost. You have to take all trades that your analysis indicates, remembering that losing trades are part of trading. I wish you well with your trading, Nigel Hawkes |
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I have traded for 20 years, and survived!