BarroMetrics Views: GxE for Success? (VI)
The third and fourth guidelines say that the budding trader:
- Has to own the problem &
- Is responsible for finding the solution.
Now here is where an inexperienced trader may strike problems. I’ll be the first to admit that much of what passes for education in this area is no better than snake oil. So, how is our novice trader going to tell the difference? The bottom line is do some research and then try the proposed solution. The great thing is this part of the world is we have micro FX position sizes and CFDs – so the testing need not cost a trader an arm and a leg.
It’s important to realize that learning how to trade involves learning ‘the theory’ and ‘applying that theory’ in a manner that achieves our aims. This is no different to any other profession – say medicine – first hit the books in medical school and then acquire experience in its application. The bottom line is you can’t trade successfully without a theoretical base that we have learned to apply i.e. knowledge becomes wisdom when we have owned the knowledge through experience.
We’ll consider the last three guidelines tomorrow.