A Quicker, Smarter Way to Start Making/Stop Losing Money in Markets
Trader Scott’s Market Blog
October 4, 2016
I receive so many requests to explain my method/analysis. I have decided that the best way to do that is by continuing to do what I’m doing. And that is to keep rolling it out as part of different posts. Then those who are interested in studying it further can follow along as we move forward. But I’m going to repeat – my method is the best method for me, it will not be the best method for anyone else. I developed/honed this method over many tough years.
I have to say in regards to the this discussion – there was a gentleman (eventually he would help me tremendously get to a point where I could survive as a trader) who gave me the following advice when I was a young, cluelesstrader. I so regret not listening to him. My decision cost me lots of time, money, and heartache. To be successful in markets we all need to have a method. But it doesn’t even have to be that good. It just needs to give us a bit of an edge/probabilities/odds. A great method is fine, but it’s our TRADING SKILLS (whether you are a trader or an investor) that will allow us to survive in markets. In fact, you can be successful with a lousy method if you have great trading skills. There are zillions of books out there which claim that they have a great method which will make us rich. I’m only interested in the books about markets which will teach me how to not lose.
The point is that we need to be careful about putting too much of our early efforts/focus regarding markets into the Holy Grail analysis method. I did it myself. I wasted a lot of time doing that. We should spend our time developing our trading skills. Those trading skills include – our psychology/emotions, the market’s psychology/emotions, understanding/controlling/respecting RISK, understanding/respecting that markets are just a big game of PROBABILITIES, and more. It’s much easier to believe there is something out there, exterior to us, which will “make us rich” in markets. That’s totally false. It is mostly within ourselves and our own approach/focus/actions which will get us there. And I will add that it takes a long time to develop a method (comfortable to our own psychology) AND then even more time to learn how to work with it successfully in markets. Learning trading skills is something which can be learned much quicker, so that you can (hopefully) start to make a bit of money/stop losing money much sooner.
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.