myth #1 i don’t know what it’s like to be in your position
TRANSCRIPT
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Myth #1
I don’t know what it’s like to be in your position.
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A photo of me in my early trading career.
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Myth #2
I put more indicators on my charts so that I will be able to make better trading decisions.
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Contest #1
Can anyone make sense of this chart?
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Myth #3
Your first trades help to predict your future success as a trader.
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Has anyone ever doubted their future as a trader?
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Has anyone ever thought about giving up?
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Is it a big deal to lose some money trading?
Our losses are…
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Myth #4
Your losses are not tuition for learning how to trade.
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It is not ok to give your profits away to the market.
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Myth #5
It’s ok to go back to your job if you don’t think you can be a trader.
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It is not ok to work for other people.
Real jobs suck.
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Contest #2
Why are you trading if don’t have an edge?
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Contest #3
What’s an edge?
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Myth #6
I can just take a look at the market today. I don’t have to trade.
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Reality Check
I am powerless over my desire to trade the market. I am a pipoholic.
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Reality Check
Overtrading will kill your account.
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Hmm…
How much of a loss would it take for you to cut off your hand?
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Myth #7
Trading = Freedom!
I answer to no one!
I pledge allegiance to my awesome self!
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I pledge allegiance
To my awesome
Trading self
And to the Ferrari
Which I will drive
One news report
So help me God
Will make me RichWith pips and positive slippage for all.
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Fun Exercise:
How to become unsuccessful, unhappy, and unprofitable.
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How to Be Happy
Here is the most important part of the presentation.
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Myth #78
Only trade with money that you can afford to lose.
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Interesting Fact #1
Most traders plot way too many indicators. Why?
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Interesting Fact #2
Nobody listens to us when we talk about testing.
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Interesting Fact #2.5
How many books do you need to buy?
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Interesting Fact #2.6
How many steering wheels do you need in your car?
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Interesting Fact #2.65
How many currency pairs do we need to study?
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Interesting Fact #2.7
How many super heroes do we need to save our trading?
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Interesting Fact #2.8
How many indicators do you need?
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“Mr. Booker, the tests are back. I am sorry to tell you, but your trading account shows traces of human growth hormone.”
“I swear I thought it was just some type of body cream. Not steroids.”
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Interesting Fact #3
If you do not get into the habit of testing, you will blow up. Your head will actually explode.
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Interesting Question #1
If I locked you in a room for 6 months with the MAC-Dizzle, could you build a system from it?
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“Hi, Rob! How’s the MAC-Dizzle System coming along?”
“Oh, it’s ok. But my cellmate wants to dance with me, and it is very disruptive.”
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Myth #1,026,100
“We take it as a given that the more info that decision makers have, the better.”
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Less is More 2
You need to know very little to find the underlying signature of a complex problem.
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Emotion:
People who tell you they feel no emotion while trading are stupid liars. And you should laugh at them.
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Myth 3.14
To become a good trader, I need to be serious, boring, and crap like that.
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Reality Check:
You are not reading enough poetry. You are staring at charts too much. Your eyeballs are going to fall out.
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WWABD?
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Some Awesome Trading Systems that I Just Made Up.
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Murray Math
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Highest Indicator
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The Cloud
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Problem:
Are you a 20 pip trader or a 200 pip trader? Which one you are makes a lot of difference.
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Even 20 pips per week can get you what you want.
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