Learn Trading – An Interview With The Experts
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This is an interview between Stuart McPhee and John Netto where they discuss how to learn trading.
Stuart: There are thousands of people out here in this expo. And this is no different to the expos I do back home and throughout south east Asia, and I think a lot of people are looking for a trading solution.
A lot of people don’t know what they are looking for but others are perhaps looking for that trading strategy: oh see that pattern there, if you just follow that, you’ll be set. Not totally appreciating the value of managing your risk and also of course the mindset or psychology.
Having said that, you need to have a trading strategy, you need to have a process of entering the market, a methodology. What advice would you give people who are looking for that solution, looking for that methodology that is going to work for them?
John: I think there is one thing we need to say to them I think you would agree as well, the process of learning never ends. There’s a great Old Testament proverb that talks about the journey itself. Even though we may not complete the journey, even until the day we die, it does not dismiss you from embarking on the journey anyway.
So we as professional traders are always working to fine tune what we do. If you look at the currency markets, the correlations that have been great, the systems that go through cycles where they work and where they don’t, the advent of electronic markets.
Even as professional traders there is still more to learn. We never cease to learn trading. In fact every day I am still amazed at how much I don’t know. And I know a lot. The first thing every trader must have is the desire to educate himself.
We must always be finding new websites, finding good resources, taking the time staying on top of exchange rooms, being on top of industry news. To be professional trading is a game, it is a hard way to make an easy living, People who look at it as just a way to make easy money and for the money, it’s going to be a very difficult journey. So education is the first key.
The second key is to attach yourself to people who are successful, finding mentors, either one mentor or a group of mentors. They’re going to significantly hasten the process of you becoming a profitable trader. And that process will continue in perpetuity. But educating oneself and finding a mentor or group of mentors that you can learn from and follow and emulate goes a long way to becoming a successful trader.
Stuart: Fantastic. That hits upon something I talk about all the time and that’s the majority of decisions we need to make are counter intuitive. If we don’t get that education, if we don’t get that framework to work within, we go into the markets thinking, it’s easy, I mean how hard can buying and selling be really? So we go into the markets thinking it’s easy, we rely on our instincts, our intuition to make decisions. We invariably make very poor decisions.
Stuart: John, again, thank you for your time today, it’s been terrific talking to you and I’m sure many people have been helped in their desire to learn trading.
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