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