5 Steps to becoming a successful trader.

I found this on twitter the other day, and it was amazingly inspiring.

Seeing as how I am still suck in stage 2, it's good to know a break through is somewhere around the corner...

[www.kirkreport.com]

File is a PDF. Worth the read to all those who think it can't be done (at least read to stage 2).

It's tempting to just make RTT my only "edge".

Choice quotes:


You'll then reach the point where you think all the ones who say they are making profits are all liars - they can’t be making that amount because you've studied and you don't make that, you know as much as they do and they must be lying.


Towards the end of stage two you begin to realize that it's not the system that is making the difference. You realize that it is actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right.

funkho,

That was great.

Thanks,

Dave

I like the Kirk Report. It is the only subscription I continue to receive as the low cost for me is well with it. He uses a lot of price patterns, measured moves, and overall market awareness. He used to provide the "Three to Read" each morning similar to that provided by funkho. Whatever he felt would be helpful for newbies or that veterans needed to hear again. A lot of what he provided was not relevant for me as it was focused on intraday fluctuations. What I did receive was well woth the cost. It will be interesting to see how the format changes and evolves now that he retired from full time trading and blogging due to health reasons. Apparently 80 hours per week hunched over a computer will take a toll after a while. His focus going forward will be part time trading on larger timeframes. His plan for the blog is to cut out a lot of the intraday fluff and focus on things that are important to part time traders that cannot or choose to not look at the markets all day.

I only intended for this to be a quick response. Out of all the blogs and subscriptions I have had over the years Charles Kirk is one of the few I felt really wanted to help newbies become successful. The way he got started should sound a bit familiar to some on this thread. After learning about technical analysis in the mid 90s he simply started printing the charts, writing down what he thought would happen based on his technical knowledge and experience to date, put the charts in a tickler file, and reviewed the results on a set schedule. He did this every day to the point where he learned what worked and when it worked. He has a database that is based on 20 years of experience by doing this as well as recording the results / learning from his actual trades. That is his edge. He is very big on documentation and tracking your results over time.

funkho Wrote:
-------------------------------------------------------
> I found this on twitter the other day, and it was
> amazingly inspiring.
>
> Seeing as how I am still suck in stage 2, it's
> good to know a break through is somewhere around
> the corner...
>
> [www.kirkreport.com]
> er_1_17_13_thekirkreport.pdf
>
> File is a PDF. Worth the read to all those who
> think it can't be done (at least read to stage
> 2).
>
> It's tempting to just make RTT my only "edge".


That was an excellent read...thanks for sharing.

Great article and hit me all over the place with one exception...

I diidn't read where "You throw your mouse across the room only to have it come back and hit you in the head. That's when you realize that your mouse was not wireless!"