BarroMetrics Views: What It Takes To Succeed
In mid-September we’ll be completing The Barros Swing Course taught in the new format. The one burning question I have constantly been asking myself is how can we help improve the success rate of traders. When I introduced the new format, I believed it would go a long way to achieving this goal. The recent interchange of emails that I published earlier in the week is some evidence that the new approach will do the trick.
For a start, we see none of the unrealistic expectations that prevent beginners from succeeding. Implied in the exchange was that capital, time and effort are a necessary component of success. But then the question arises where do we need to place the time and effort?
Let’s start with the effort of ‘realistic expectations’: successful trading is probably the hardest profession in the world and also the most rewarding if you crack the challenge. It’s difficult because success requires us to harness and manage parts of us that evolution has designed differently. For example, we are hard-wired to avoid uncertainty and to look for guarantees – ‘put in an effort of x hours and you will receive y’.
Given this, it’s not hard to understand why the touted promises, those that promise instant success, are so abundant and in some cases, so spectacularly successful (at least in terms of sales).
But, the market is uncertain and offers no guaranteed result for the effort you put in preparing for a trade; in fact, I believe it to be a complex, chaotic system. What this means and what we can do about it, we’ll examine in this series of blogs. More tomorrow.