some point
http://www.authenticnflravensprostore.com/Youth-Dennis-Pitta-Elite-Jersey/ , if they last long enough, all traders discover that successful trading is not
the inevitable result of a good trading strategy or system. If all we needed was
a good system or indicator we would all be successful traders. Yet clearly we
are not, far from it, there are very few traders making their living
consistently from the markets. Technical analysis is a vast and well researched
subject. Many minds have poured their heart and soul into searching for the holy
grail of trading: the system, strategy or indicator that will yield to them
unlimited wealth and glory. Yet with all this depth of knowledge readily
available, trading profits remain as elusive as ever. If we were to take a
scientific approach to evaluating technical analysis we would have to conclude
that it is of limited value. System vendors though, will continue to exploit our
desire to believe that there really is some secret knowledge that will enable us
to transform into super traders as soon as we expose ourselves to their secrets.
It is a very tempting fable to believe in, it offers an answer to our prayers
and our problems
http://www.authenticnflravensprostore.com/Youth-Sam-Koch-Elite-Jersey/ , it engages our ego (how great to conquer the markets and escape the drudgery of
work etc.) and it allows us, briefly, to relinquish the painful self-doubt that
we are unconsciously fighting. The system vendors flatter and deceive us in the
same way that street sellers sell exclusive, stolen perfume, which is usually no
more than bottled water. We are easily deceived when we are told exactly what we
want to hear. Let us pretend that a system vendor really has a system that works
as they claim. Let us also assume that his cup truly does 'runneth over' and he
sincerely wishes to share his knowledge as a way of repaying his good fortune;
and finally let us assume that he charges a fee, not for his own gain, but to
ensure that his clients really take him seriously. Assuming all this, does it
make sense to make his knowledge available in a book or a seminar? We all have
discovered that trading is not easy and one of its biggest challenges is
following our signals
http://www.authenticnflravensprostore.com/Youth-Brandon-Williams-Elite-Jersey/ , be they based on an indicator or our intuition. It is so easy to doubt our
signal when the moment to act arrives, we hesitate and the opportunity is gone.
So having learnt our hero's strategy we then have to become adept at
implementing it, which brings with it a whole host of problems that only become
apparent as we attempt to execute the system. Now the issues that get in the way
of implementing a strategy are not issues that any system vendor can resolve in
a book or a weekend. In fact the system vendor would have it that all our
previous problems with trading result from not having a good enough strategy,
which of course is a problem he can easily solve for us. The basic premise of
the system vendor is that all the psychological issues in trading, in fact all
the problems we have in trading, are a consequence of not having a really good
system or strategy. This I do not believe, it is like claiming that we could all
play golf like Tiger Woods if we had a certain set of golf clubs, or that we
could achieve the same level of success as Pete Sampras if we used the latest
racket. We all need golf clubs to play golf or a tennis racket to play
tennis
http://www.authenticnflravensprostore.com/Youth-Ricky-Wagner-Elite-Jersey/ , no question; but they do not determine our success. Tiger Woods would still be a
great golfer even if he was handicapped by playing with antiquated clubs, but no
novice golfer is going to be transformed into Tiger Woods simply by buying the
right equipment. If the system vendor has perfected the perfect trading system
and if he has developed the skill to successfully implement this system, surely
the most effective method to share his good fortune would be to create a fund
that we could all invest in. That way the vendor can ensure that we all receive
the full potential of his system without any effort on our part, without us
having to overcome the bigger challenge of implementing the system ourselves.
Presumably for every client who learns the system only a few manage to implement
it successfully, with the fund option every client gets the full benefit of the
system; so why not start a fund, a much better way to share the fruits of his
good fortune. The other question that is frequently asked is why doesn't the
vendor display the full results of trading the system? Instead we get comments
like '97points this morning, thanks a $ grand!' from a satisfied punter. In
order to evaluate the effectiveness of any system we need to be able to see the
results of every trade, over a significant period of time
http://www.authenticnflravensprostore.com/Youth-Jeremy-Zuttah-Elite-Jersey/ , so we can compute the necessary statistics. To develop these skills we need to
get our feet dirty, plunge into the markets and have experiences. These
experiences are all good; they are the feedback we need to gauge our current
state of development. Without feedback we have no means of progressing. When I
first started to play tennis I did not go straight into a competitive game and
try to win, I started by learning the basic skills of tennis, the forehand, the
backhand and the serve. As a novice it was normal, expected even, for me to hit
the ball repeatedly in the net or hit it sailing out; this just indicated that I
needed to work on these shots. Imagine taking this approach to trading. Lots of
losing trades is to be expected for the novice trader, it is the first
feedback
http://www.authenticnflravensprostore.com/Youth-Kyle-Juszczyk-Elite-Jersey/ , which reinforces the fact that the first skill of trading is to cut losses
short. A novice tennis player needs to learn to control the ball so that it
lands in the court; the novice trader needs to learn to control his losses. This
is how we learn; it is a constant cycle of trade -- feedback -- adjust. So what
are the practical steps for going about the business of developing trading
skills? As a novice it is helpful to trade a simple, logical system. This
appears to contradict the stance I took against system vendors above, but what I
am talking about here is a
