6 years ago I was exactly like you: I was reading a lot about technical analysis and was utterly fascinated about it. The idea of making money from anywhere in the world, without a boss telling me what to do and when to do it, and having no limits on my growth and salary were very attractive to me. I worked as a waiter back then and the salaries traders were earning seemed like a dream!
I started to learn, and I took it very seriously. I read just about any book I could lay my hands on, watched webinars and bought dozens of courses. From John Murphy's classical 'Technical Analysis of the Financial Markets' to W. D. Gann's controversial books - I read all of them.
The more knowledge I had, the less practical my knowledge was. I was using 7 indicators on each chart (RSI, MACD, CCI and then some), trading various patterns and drawing trend lines - and couldn't reach a decision! Each analysis tool told me a different story - and I couldn't reach a profitable and solid conclusion.
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Even when I did reach one I was trading with doubts and fears. I was not confident in my trades, and as a result my performance sufferred: I closed trades early before they could turn profitable, and didn't close trades when they were losing, even when losses got to thousands of dollars. Painful, I know.
I thought about giving up several times. My friends and family told me to give up after spending almost 6 months and getting NOWHERE. They said that maybe I just dont have 'it', that trading knowledge is something you are borned with. Luckily for me, I was determined to succeed and did not quit.
Something incredible happened to me.
I actually met a trader, and not just a trader - an elite trader that is very good in his craft. He says it was just luck.. I say it was destiny.
This guy wasn't especially smart or educated (in fact he didn't even finish high school - dropped out at 16), but he just had this magic touch when it comes to trading. You know these guys that just seem to know what the market will do? That's the kind of guy he was.
I remember sitting in his trading room one day.. with his 6 LCD screens watching multiple markets and charts and a TV showing Bloomberg, and..
Now this is not one of these typical exaggarated guru claims.. 'I made $123,457,951 in 15 seconds in the FOREX market.. '. 99% of the so-called 'gurus' can't make money in trading and never could. They just want to con you from your money by selling you their robots.
I saw with my own eyes how he made these profits.. and let me tell you something: seeing it in your own eyes.. really makes you believe. That was just amazing.
And I knew I just have to get him to teach me.
He was a bit reluctant at first. He was making so much money in trading that wasting any time on teaching would be a net loss and a waste of his time.
But I was very determined and eventually managed to convince him. For the extreme fee of $5,000 each, he agreed to teach me and 3 more friends his trading method for 6 months and grant us access to his trading room.
The price was high, but I had total faith in this guy. I knew I would return the investment. And I thank god for my decision every day!
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Saturday, May 7, 2011
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