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Typical Stages of Trader Development - For some time now I have been acutely aware of the unrealistic expectations of people who come into trading, thinking that they are going to be able to pick it up quickly and make a rapid fortune! The reality is vastly different. Here are my thoughts on what that reality is.
At the recent, very well attended and organised, Round-The-Clock-Trader – Live event in London on the 5th November I was asked by the Broker – ActivTrades, an event sponsor, to give a presentation to a large group of aspiring and actual traders. The title of the talk was ‘Learn High Probability Trading Techniques’. I had thought long and hard about what exactly I wanted to say. I know from my own experience that most aspiring traders are very focussed on acquiring a successful strategy or strategies, which I now know to be only a small part of the ‘successful trader’ equation. Indeed some would say that the method or strategy is only about 20% of the whole, with Risk & Money Management coming in at around 50% and Trading Psychology and Well Being making up the remaining 30%. So instead of focussing on teaching a strategy I thought it would be better and more in the interest of the audience to talk about Strategy Generic Trading Essentials in order to provide a better trading education foundation, from which they could move forward, and topics which would hold them in good stead over time. The points I chose to talk about were as follows: Continue reading →