PERSONAL MENTORING PROGRAM

(c) 2006 The Welsh Wizard.com

THE FACTS.

Anybody can get lucky with the occasional trade but to make a consistent living as a Trader, for your own account, you need to develop a disciplined approach to your trading which embraces a technical methodology that is flexible enough to react to changing market conditions. This alone though is not enough, for you also need to exercise the highest degree of control over your emotions and, last but not least, a mature and professional understanding of your own psychology is essential to the execution of actual trades. Only the fullness of that combination of elements can enable you to trade efficiently over and over again, forever. I do not know a single successful trader who has not found this to be so. Be careful that the this way to easy street gurus are not just telling you what you want to hear, instead of what you need to know.

In my experienced view, it is impossible to learn how to do this just from books or courses alone because it is only the actual act of trading for real which can embed into you the cut and thrust of the real life market conditions in which you have to operate, especially because it is your own money on the line. However, it is known that of those who go into trading without appropriate knowledge or experience, virtually none of them survive more than six months, because they have lost all their money and have nothing left to trade with.

THE BULL

The Individual seeking to seriously acquire the edge he or she needs to trade successfully has no shortage of seminars, courses, psychology events and so on to choose from. Some of the more expensive packages provide you with a great deal of technical knowledge which can be quickly bought, as opposed to acquired over years of time. However, many, if not most, of such events are really just a way of getting in front of you to sell you something, such as a computer program which promises the five minute walk to easy street, a broking service, a subscription to a web site offering you "tips", or some other magic formula which promises you the quick and risk free road to buckets of money in a jiffy.

But if what you really need is to return home the next day much better able to implement improvements in your trading performance, than you were before you followed one of the above paths, great care is needed to assess which of these events, if any, can help you achieve that objective.

Particular attention should also be paid to how much theoretical information you are amassing, as opposed to how much practical knowledge you are gaining, for be assured that those of who us who actually do trade for a living only do so using the latter, and could never do so with the former.

If you decide that personal mentoring is the right way to go, then find yourself a good Mentor because theoretical knowledge is often imparted upon you by characters who, no matter how clever or eloquent they are, or high profile in the papers, magazines or the web they may be, will often forget to mention to you that they do not actually trade themselves. A genuine Mentor does not need big offices and big talk, and instead of leading you to the end of a rainbow, will show you the reality of the business of Trading for a living, and guide you towards the mental and emotional shape you need to be in to have any chance at all of making the grade.

........................THE BLUEPRINT TO BECOME AN EFFICIENT TRADER.

In trading, especially daytrading, in addition to being able to apply the highest standard of concentration you must learn to coordinate the various elements of trading simultaneously. These will include:-

1. Having the knowledge to develop an insight to interpret the apparent daily market conditions before each trading day begins, and planning an outline strategy which is appropriate, usually in solitude. There are no novice traders I have ever met who have any sense of measuring market conditions, nor any awareness of how this measurement needs to underpin their trading approach from day to day.

2. Possessing and applying a reliable technical method to analyse the chart in front of you to identify tradable price points, and compute the correct level of stake to risk. Turning points and tradable price points are different, picking the former makes you an efficient Analyst, but only picking the latter can make you an efficient Trader.

3. Having the confidence to then pull the trigger quickly enough to capture the opportunity, and not close out the trade too quickly, from fear of loss.

4. Having both a workable technique and the personal discipline of exiting a trade either (a) for best profit or (b) for minimum loss, to generate income and\or preserve trading capital.

5. Eliminating all emotions while a trade is open, so that the mental and methodical approach is not overridden by the emotional state.

6. Devising and implementing with total discipline a set of bespoke trading rules to calculate and manage, continuously, the state of financial risk.

7. Managing your trading fund using sound accounting practise.

Mastering these things cannot be achieved in five minutes, but personal mentoring can help you to ensure it does not take you the usual five years, or more. Even one minute with the right personal Mentor can help you win in a market in which seconds really can count, and mistakes can cost you much more money that the cost of mentoring.

There are many approaches to trading the market and I do not know what all of them are, because I only know what my approach is, and that it gives me a wonderful life of half work and half time off. I hope the Articles I write give you some insight into that approach, and some encouragement that you too could become an efficient trader by doing your own chart analysis and making your own trading decisions. Alternatively, if it all looks so difficult and demanding that I have put you off, then better you find out now that trading is not for you, instead of down the line with all your dosh gone, and maybe a nervous breakdown too.

If you think I can help you, please click here to read more.