There is no avoiding it. As annoying and frustrating as it is, being wrong and having losing ideas is all part of trading the markets. Fellow chat room member Murray (alias in the trading room, “murman”) tells us all about how he has learned to become comfortable with being wrong. We go down many other worthwhile rabbit holes too; however, in reflecting back on the discussion, the battle with losing is what stuck out to me. Probably because it is the one common ground we all have as traders. Oh, and I haven’t even mentioned how a 14 month jobless period factored into his overall journey. Needless to say, we had plenty to talk about! Let’s get to it!
Today we interview community member Murray who goes by ‘murman’ in the community. He realized that when you have any amount of money, you should learn how to utilize it in the market. This guided him toward learning about technical analysis.
Unfortunately, Murray was part of a down sizing round at his job and this led to his unemployment for 14 months. After he got another job and back on his feet, he started to look into more macro relationships and how it impacts the global economy.
After going through the options course here at Claytrader.com , Murray decided to invest into University and has now gone through the courses. What he enjoys the most is that when he feels uneducated about a certain indicator or strategy he can go back through the material and incorporate it into his trading thesis.
An important thing in trading is understanding your comfort level with regards to position sizing. After some tinkering, Murray has found the amount of money he is comfortable losing if his positions do not work. This took some trial and error.
Every time I tried to research the market I stumble upon information on fundamentals and I can hardly keep myself awake to absorb that stuff.
There are phases you go through to learn to trade. The first phase is learning to read a chart.
If you can hit 40% of your trades, you can make money in the market and that’s about average.
Solidifying those things down into trading rules instead of generalizations is key.
It is very very thorough. You don’t need to watch this ten times to realize a concept. It’s point A to point B to point C with nothing missing.
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