BarroMetrics Views: A Plan for Success
In a very interesting article, Jeff Tucker has this to say about McDonald’s current success: “…It is an old recipe: watch the markets, emulate the successful, adapt and change….”
These are words a budding trader ought to remember.
Most newbies want instant success – we only have to see the countless ads that promise that to know this is so. But, those of us that have had some measure of fulfillment and gain, know that what we have attained has come from sustained effort.
Ultimately I built on what the greats (e.g. Wyckoff & Steidlmayer) before me were generous enough to pass on and on my own observations about the markets. I learned that while market principles may remain the same, the application of those principles need to change with the times. For example, with Market Delta we are able to better discern buying and selling control.
So, it’s not a matter of embracing new tools and abandoning traditional theory but rather it’s a matter of modifying traditional theory to incorporate new insights and a matter of substituting modern applications for old tools.
Winning traders constantly refresh and renew their knowledge and thus add to their expertise. Trading is truly a game where there is no place for resting on our laurels.