The Steps to Success (3)

The trader in this category here has probably been trading for five to seven years. In NLP terms, he ranges from consciously competent to consciously, unconsciously competent. Most of your good trainers fall into the latter category.

At this level, the trader is now or has been producing consistently profitable results. It’s not that his ‘rat brain’ doesn’t from time to time seize control and cause damage to his account; but the effect of the impulse trade (i.e. a trade that breaches his rules) is limited. Rather than causing a blow-up, the impulse trade may cause a loss of one or two percent.

A trader in this category is continually honing his skills. Some of the areas of improvement include:

The point I am making is we never stop learning about ourselves and about the market. One of the benefits of teaching is it hones my trading skills forcing me to articulate some instinctive trades. I can’t tell you the number of times a question from a student has led to a profitable line of thought, research and validation. Dad taught me the moment we start thinking we can stop learning and improving, that’s the moment we start our decline.

7 thoughts on “The Steps to Success (3)”

  1. Ray

    Although we did get a move outside of the recent congestion, rumors of an imminent bailout plan of the bond insurers (again) spiked the futures markets up by 1% or more within a matter of minutes. This pulls us back into the range we’ve been stuck in for the past couple of weeks, a very choppy market for the week!

    Looking back, my intra-day trade on ES was a good discretionary move. Within half an hour of opening, I was triggered to short at 1343.25 with a stop at 1351.75 taking a risk of 8.5pt. Just before midnight singtime, ES touched its day’s low around 1330. I decided to exit at 1331 with a 12.25pt gain.

    This allows me to call it a day; this morning, the spike due to the rumour would have left me in the red on ES.

    By Monday, we will know if there is any truth in the bailout for bonds!

    Then we have to reassess the structure and development of the markets especially on crude and the forex positions I am still holding.

    Will have to start monitoring on Sunday evening my local time.

    Not easy weekend after all.

  2. Ray,

    I did not see anymore followup on your experience with the tradewithpride course.

    Can you give us your opinion now that it’s over.

    Thanks

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