My goal is to create winning traders. I started to realize this goal when in 2010 I taught my methodology, along with Jake Bernstein, one of the most respected traders in the United States. More than 300 traders were connected in a practical online workshop from various cities around the world. So I don’t want any student. I don’t want you to be my student as long as there is no chance you can complete this activity.
This means that it is time for you and me to have an honest conversation. We need to know if this is for you … because if it is not, you should start running in the opposite direction as fast as possible and forget about this as soon as possible because it will not end up being a good thing for you.
It will not be a good thing for me and it will not be a good thing for you, nor will it be a good thing for your family. These aspects concern me much more than the fact that you pay a small amount of money to become my student.
Let me explain what I think about the personality you must have to become a good trader… then you can judge for yourself whether this is something for you or not.
I think the most important aspect that I have seen in very successful traders (like Jake Bernstein or Tom Busby) is their ability to accept the fact that the markets are imperfect, and that we will never be right or on the right side as traders. We never have too many contracts in winning trades. We have too big of a position as losing traders… There is always a better price we could have sold at, or a better point to exit. This is not a business for people who must “be right.”
If perfection is important to you, then find the delete button. Now. This is not a perfect business. We use math as an aid in this business and math is perfect. But you can’t turn the imperfect, like markets, into something perfect using mathematics. Many irrational things happen; news is the most common.
This business has two faces … the first is the intellectual part … you must study and find out what works in trading. The second part is the emotional part. Just because you understand how markets work doesn’t mean this becomes a sewing and singing job. When I have a position that goes against me, I get frustrated. When I leave too soon or too late, I get frustrated and often get angry with myself. You must develop the ability to manage and moderate your emotions to be successful.
A psychiatrist – Dr. Jason William – graduated from Johns Hopkins University and George Washington University, recently started observing traders, who were successful, taking some tests from Johns Hopkins University. Some relevant aspects came to light which will help you understand if this business is for you or not.
There appear to be two critical elements. The first is your ability to stay focused on what needs to be done. Can you do a task and carry it out until it’s finished? Can you consider small details without being distracted? If your answer is yes, then you can probably deal with day-to-day in the markets.
Except that you are too emotional or neurotic. Are your emotions like a roller coaster? Do your emotions make you jump from one place to another? Do people tell you that you should be more in control of your emotions or do you have very high ups and downs on an emotional level? If you have them … or you are under some kind of psychological medication … I think you shouldn’t be trading.
A good trader does not have to be the most detailed person in the world. but he or she must be able to control the details. Also, a good trader needs to have the ability to manage his emotions, and not allow himself to be controlled by them. If that happens, your emotions will take over your trades; a formula that guarantees disaster.
One last aspect related to emotions is that you should have fun while doing an activity. It doesn’t matter what it is. If you have a good time trading then you should be a trader.
Also, do you have an unrealistic expectation that you can get € 1,000,000 starting with € 10,000 of capital while reading only one book? Then you shouldn’t become a trader. This is not an easy business; Good streaks take you high and are great but there are also low moments. It is not worth making all the money in the world if you become a frenzy.
What I love about this business are the unlimited opportunities it offers. My father opened his business every day of his life knowing that his income was not going to be above a certain level. How I did it, I will never know. My admiration for him grew when I knew everything that had to happen in his life.
As a trader, you can create a profitable business, full time or part-time. All of this is possible without the need for employees, without a boss and even without customers! This is what attracted me to this business… I hope that is what attracts you.