Fundamentally, I believe in the basic goodness of people. Many life reasons exist for my belief, but reinforcement for that belief has come since I started writing this column. The positive and supportive comments I receive far outnumber the few negative and mean-spirited comments that come my way.
More than that, though, the general tone of the questions and comments that come my way reflects a certain gentle humility, which, in my book, goes a long, long way to developing both goodness and success. Humility allows reality to settle into our lives, and in the trading world, no characteristic will serve you better – accept “not knowing” and understand this state of being can only change if you actively seek knowledge. This, my friends, is a humble approach to a complex world focused on one thing, and one thing only – making profit. Trust me when I tell you that in this world no quarter is given, no prisoners are taken, and the life boat only holds one person. Surviving comes down to what you know and how well you use your knowledge. Success comes down to continually expanding your knowledge, and in that pursuit finding your edge – that “thing” that keeps you one step ahead in a merciless game
First, I love reading your informative articles. Keep up the good writings. I’m interested in FX trading. I’m a newbie who prefers to be educated before jumping out and guessing at what to do and losing my money. Any e-books, literature, or webinars available? What would you recommend to a beginner?
When I decided to enter the world of trading, the first thing I did was set myself on a path to fluency. I turned my attention to the financial news, and I opened my mind to any and all information about investing and trading. For two years, I did nothing but watch, read, listen, and learn. I understood that to be “in the game,” one has to learn the rules of the game. To learn the rules of the game, one has to understand the language of the game. One has to know the terminology and the meaning of things in the game.
The second thing I did was seek out a mentor, someone who could confirm for me what I thought I knew, as well as point out what I did not know. This invaluable step took me much further down the path of fluency. It also humbled me because much of what I thought I knew merely scratched the surface of what needed knowing. I saw this every day as I struggled to understand the complexities inherent in the world of buying and selling.
The third thing I did was open a trading account, but before I made a single trade, I “played with” that account every day. I pushed this button and that button. I pulled up this chart and that chart. I called my “broker” and asked this question or that question, and when I felt ready, I began trading tentatively. Like the first steps into a glacial lake, each small trade allowed me to adjust to the “temperature” of the water. Soon enough, my feet were in, and when I felt ready and empowered, I took the plunge. And like jumping into the freezing water of a glacial lake, the initial shock of my first big loss sobered me to the reality that I could lose, and lose big. This “failure” opened the door to humility, a state of being that has kept me in the game.
By the way, this site is a treasure of “e-books, literature, or webinars,” as well as a source of knowledge in the writings that appear each and every day.
Trade in the day; invest in your life …
