I was watching my friend, and money manager of multiple millions of dollars, David Chia present. As he was talking about his system, there were some realisations I reached. Even though we have evolved separately as traders, David seems to have reached a lot of the same conclusions as I have about trading.
Is it possible that there’s only a handful of things that work in the markets, and the other concepts are destined to lose you money? Could it be that all successful traders share similar methods, but they just don’t realise it?
I’m going out on a limb here and saying – “It’s damn likely!”
I’d love to hear your thoughts on this, because I think I’m onto something here.
Here is a list of things that work for all traders, and a list of things that don’t.
This will work:
Using a macro filter
Finding a time frame that suits you
Knowing how to trade 3 instruments
Focusing on your own education
Being humble and looking for a Mentor
Trading when the right trend presents itself and knowing when to stand aside
Things that will never work:
Not looking at the broader market before deciding whether to trade
Trading intra-day options while you have a full-time job
Expecting one instrument to always trend
Relying on gut feel
Thinking you know it all
Trading at all times, even when you’re sick or need a holiday
There is no win to be had with those determined to disapprove. Your mindset, trading methods and wealth are not to be apologised for.
Stop arguing with those that are unworthy, preserve your energy, change the subject and magnetically seek out those who will support your aspirations. Rise above. Don’t sink and make less of yourself. You deserve the success you’ve already achieved, and more.