Throughout our collective memory, countless folks have asked this profound question, but I am not asking this question today to explore that great riddle. I put the question up because I want to answer it for you as it regards my role here at TraderPlanet.
Since my “Ask Trader Ed” column began last week or so, I have received a multitude of questions on a variety of topics. Most all are pertinent, important, and answer-worthy, and I will get to them ASAP. Some questions, however, have piqued my sense of concern. The reason these particular questions concern me is the same reason I am doing what I do here at TraderPlanet…
When I first began trading, I tapped into the dark vein of the trading world. I couldn’t help it, and neither can anyone who is just beginning to learn and work in the world of trading. I am referring to all those newsletters, web sites, email alerts, and gurus that either want to sell you a trading methodology that has ” made millions for many” or they simply want you to buy a certain stock for the “pump and dump” approach they use to make their money. I didn’t fall victim to the first evil, but I did lose some money on the second. My point is that more than a few of the questioners asked me to give them a specific methodology for trading, or they were asking me for specific stocks, currency pairs, entry/exit points, etc., so they could make money. This concerns me because if folks are asking me, a person they know nothing about (other then my profile here), to tell them specifically which trade to take and how to execute it, then these folks are in trouble. That concerns me …
I believe that with hard work, due diligence, patience, and discipline, one can make a go of trading. The problem I see is that our “product” is money, and whenever money is the basis for making money, greed seeks out the ignorant, and the ignorant suffer because many believe trading is a quick path to riches. Trust me, folks, the technique of trading is the same as plumbing, carpentry, and any other craft–to be good at what you do, you have to master your skill.
The art of trading is something else entirely. Once you have done the hard work and mastered the craft of trading, you must then move to a mental/intuitive plane that will define your success or failure. Many never master the craft, fewer master the art. The truth is many know how to trade, but they are not cut out to be traders. For them, it is time to retire before they lose too much of their money and their lives.
So why am I here? Let me pull a bit from my profile to answer this question.
I don’t coach, and I don’t consult. I can’t tell you how to trade, nor what the next “hot” trade is. I can’t even tell you that I have gotten rich from trading. What I can, and will, do for you, though, is give reasoned responses to your questions. I will tell you the truth as I see it, which you might or might not like. I will tell you things I have learned, things that might turn losses into gains and frustration into equanimity. …
To put it simply, my goal here at TraderPlanet is to help you help yourself become a successful trader. So, ask me a question. Maybe I can provide some guidance that will make a difference in your trading life.
Trade in the day; invest in your life …
Trader Ed
