Yes, it is possible to make progress as a trader without spending a dime on education; however, you better have a great source of income via a normal J-O-B. This concept is exactly what we see unfold with our guest Mark Raison (same name in the chat room). He decided to venture the sea of free information himself, and it proved to be a very very costly and frustrating experience. In fact, listening back on the interview, I’d say he still has a ways to go in regards to a few areas, but with his good paying job in place, he can just keep inching along. Let this episode serve as a warning of just how tricky and difficult the “I will use free information” pathway of learning to trade can be.
Notes:
Mark considers himself an adrenaline junky. The surprising thing though is that he exhibits a great amount of risk management as he moved through his trading career. We generally see this the other way around.
After searching around the internet, Mark realized that he wasn’t going to buy into the nonsense marketing of living the ‘yacht life’ and making millions while trading on the beach with an iPad. He found Clay and recognized that he seemed down to Earth and had nothing to prove to anyone but Mark wasn’t willing to put any money into his education yet.
His internet research led him to find a million different strategies and he realized quite quickly that he needed to find what worked for him specifically by trying multiple indicators and moving averages. Mark started to put these strategies into practice and found out that his lack of live data wasn’t good for trading news driven events. Unfortunately, he funded a live account and due to lack of proper risk management took a string of losers that ended that account.
Mark was fortunate enough to have a good paying job to refill his trading account even though this wasn’t ideal. It was able to give him peace of mind that he can continue to search for what works. Eventually he told himself he can’t refill the account and had to work with what he had and be very selective. This led him to choose much more ideal setups instead of mediocre ones which has helped his profitability.
Quotes:
“I basically put money in and started trading blindly on the Toronto Stock Exchange. Over time I learned to trade the American market.”
“I didn’t want to do any training. I didn’t want to give someone else my money to learn or pay hundreds for a chat room.”
“Everybody needs to find their own trading style. It’s one game played thousands of different ways.”
“You need to try different things. You need to know what works and what doesn’t work with trial and error.”
“You should see what they are saying, why they are saying that, and then do your own search on why YOU want to trade it.”
