Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
UK House Prices Momentum Tory Seats Forecast General Election 2019 - 8th Dec 19
Why Labour is Set to Lose Sheffield Seats at General Election 2019 - 8th Dec 19
Gold and Silver Opportunity Here Is As Good As It Gets - 8th Dec 19
High Yield Bond and Transports Signal Gold Buy Signal - 8th Dec 19
Gold & Silver Stocks Belie CoT Caution - 8th Dec 19
Will Labour Government Spending Bankrupt Britain? UK Debt and Deficits - 7th Dec 19
Lib Dem Fake Tory Election Leaflets - Sheffield Hallam General Election 2019 - 7th Dec 19
You Should Be Buying Gold Stocks Now - 6th Dec 19
The End of Apple Has Begun - 6th Dec 19
How Much Crude Oil Do You Unknowingly Eat? - 6th Dec 19
Labour vs Tory Manifesto Voter Bribes Impact on UK General Election Forecast - 6th Dec 19
Gold Price Forecast – Has the Recovery Finished? - 6th Dec 19
Precious Metals Ratio Charts - 6th Dec 19
Climate Emergency vs Labour Tree Felling Councils Reality - Sheffield General Election 2019 - 6th Dec 19
What Fake UK Unemployment Statistics Predict for General Election Result 2019 - 6th Dec 19
What UK CPI, RPI and REAL INFLATION Predict for General Election Result 2019 - 5th Dec 19
Supply Crunch Coming as Silver Miners Scale Back - 5th Dec 19
Gold Will Not Surpass Its 1980 Peak - 5th Dec 19
UK House Prices Most Accurate Predictor of UK General Elections - 2019 - 5th Dec 19
7 Year Cycles Can Be Powerful And Gold Just Started One - 5th Dec 19
Lib Dems Winning Election Leaflets War Against Labour - Sheffield Hallam 2019 - 5th Dec 19
Do you like to venture out? Test yourself and see what we propose for you - 5th Dec 19
Great Ways To Make Money Over Time - 5th Dec 19
Calculating Your Personal Cost If Stock, Bond and House Prices Return To Average - 4th Dec 19
Will Labour Government Plant More Tree's than Council's Like Sheffield Fell? - 4th Dec 19
What the UK Economy GDP Growth Rate Predicts for General Election 2019 - 4th Dec 19
Gold, Silver and Stock Market Big Picture: Seat Belts Tightened - 4th Dec 19
Online Presence: What You Need to Know About What Others Know About You - 4th Dec 19
New Company Tip: How To Turn Prospects into Customers with CRM Tech - 4th Dec 19
About To Relive The 2007 US Housing Market Real Estate Crash Again? - 3rd Dec 19
How Far Will Gold Reach Before the Upcoming Reversal? - 3rd Dec 19
Is The Current Stock Market Rally A True Valuation Rally or Euphoria? - 3rd Dec 19
Why Shale Oil Not Viable at $45WTI Anymore, OPEC Can Dictate Price Again - 3rd Dec 19
Lib Dem Election Dodgy Leaflets - Sheffield Hallam Battle General Election 2019 - 3rd Dec 19
Land Rover Discovery Sport Brake Pads Uneven Wear Dash Warning Message at 2mm Mark - 3rd Dec 19
The Rise and Evolution of Bitcoin - 3rd Dec 19
Virtual games and sport, which has one related to the other - 3rd Dec 19
The Narrative About Gold is Changing Again - 2nd Dec 19
Stock Market Liquidity & Volume Diminish – What Next? - 2nd Dec 19
A Complete Guide To Finding The Best CFD Broker - 2nd Dec 19
See You On The Dark Side Of The Moon - 2nd Dec 19
Will Lib Dems Win Sheffield Hallam From Labour? General Election 2019 - 2nd Dec 19
Stock Market Where Are We?  - 1st Dec 19
Will Labour's Insane Manifesto Spending Plans Bankrupt Britain? - 1st Dec 19
Labour vs Tory Manifesto Debt Fuelled Voter Bribes Impact on UK General Election - 30th Nov 19
Growing Inequality Unrest Threatens Mining Industry - 30th Nov 19
Conspiracy Theories Are Killing This Nation - 30th Nov 19
How to Clip a Budgies / Parakeets Wings, Cut / Trim Bird's Flight Feathers - 30th Nov 19
Hidden Failure of SIFI Banks - 29th Nov 19
Use the “Ferrari Pattern” to Predictably Make 431% with IPOs - 29th Nov 19
Tax-Loss Selling Drives Down Gold and Silver Junior Stock Prices - 29th Nov 19
We Are on the Brink of the Second Great Depression - 29th Nov 19
How to Spot REAL Amazon Black Friday Bargains and Avoid FAKE Sales - 29th Nov 19

Market Oracle FREE Newsletter

UK House prices predicting general election result

The Real Secrets for Successful Trading

InvestorEducation / Learn to Trade Jan 31, 2019 - 11:20 AM GMT

By: Nadeem_Walayat

InvestorEducation

This is the second article in my Learn to Trade series on how to successfully interpret and trade the financial markets, most of which is exclusive to Patrons.

1. Why 90% of Traders Lose

For the past 10 years I have wanted to write a book on the real secrets for successful trading but never found the time to get around to doing so. However, I have alluded to where the primary secret lies many times over the years. The most notable of which is suggesting those wanting to learn the real secret for successful trading should watch the early 1980's film Excalibur, for the seed for their own light bulb moment.


The Excalibur movie is the 1980's replay of the King Arthur myth focused on the hunt for the holy grail. That should have perked your interest as most traders very early on in their trading careers are easily seduced into joining the search for the holy grail of trading, even more so today where the internet is full of an infinite number of competing holy grails out to hook traders into handing over huge sums of money for the privilege of learning so called trading 'secrets'.

However, I had several advantages over today's traders as early on in my trading life there was no internet and the local library shelves were bare of trading books so there was nothing to pollute my understanding of markets and trading unlike the case today where traders of all abilities can easily find themselves drowning in an ocean of holy churches of Technical Analysis of tools, methodologies and theories that funnel thought processes towards becoming perma consumers of exponentially expanding trading materials.

Neither was I immersed in any type of reinforcing trading culture as many today easily find themselves courtesy of the internet within self reinforcing forums and social media groups. Instead, I found myself trading by my lonesome far removed from the centres of the financial world, a blank canvas with no access to any of the consensus views of how one should interpret and trade markets.

In 1983 the movie Excalibur planted the seed that germinated into an important element involved in the development of my trading thought process that ultimately allowed me to go on and even beat the Great Crash of 1987 , which claimed many traders in its midst's. Not because I was some kind of pocket genius, rather because I literally existed in a self contained trading bubble where instead of using Technical Analysis, I was filled with the likes of Excalibur and Chaos Theory - the mandelbrot & Julia sets and strange attractors. And as long as I remained in my isolated bubble I was immune to the effects of the holy Churches of TA whose missionaries are always eager to seek conversion of new disciples for a fee on promises of secrets towards untold riches, that in my opinion amounts to little more than a sales industry geared towards selling that which does not actually work in practice as I illustrated in my previous article on why 90% of Traders Lose.

The EXCALIBUR Light Bulb Moment - The Real Secret of Successful Trading

What is the message from the arthurian myth, what is the message of Excalibur?

Grail Figure: What is the secret of the Grail? Who does it serve?

Perceval: You, my lord.

Grail Figure: Who am I?

Perceval: You are my lord and king. You are Arthur.

Grail Figure: Have you found the secret that I have lost?

Perceval: Yes. You and the land are one.

Do you understand what the secret is?

Maybe you need to watch at the following clip from movie....

....to understand that YOU are the Grail!

I am tempted to diverge here and extend the scope of this light bulb moment far beyond the realms of trading, but you are probably not ready for that so I will stick to trading. So now you understand what 90% of traders fail to understand during a lifetime of trading as they religiously remain on a constant quest for the holy grail of trading where it seems to be a search for ever more complexity as being the answer, when instead the exact opposite is true, as Perceval discovered during his quest, the answer exists within you and not anywhere else!

What this means is that if you want to succeed in trading then pick the simplest tools such as basic trend analysis, use hand drawn charts and practice it's application in a real-time trading environment and not only will it cost you nothing in terms of materials but it will literally become easier over time as you become expert in the application of the simple tools as you reinforce your brain with the successful patterns of behaviour in interpreting market price action and how you react to them. All with the added bonus that you need not worry yourself about latest great theory or technical tool that's just been published that the internet is raving about.

To start with pick one market and monitor / trade that market only.

Use hand drawn charts to get close to the price action. Draw open, high, low, close graphs for the daily, weekly and monthly charts and you will learn more about the market you are trading then from any book, website or trading course.

The Real Secrets for Successful Trading

The rest of this analysis has been made available to Patrons who support my work. So for immediate first First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

Your Analyst

Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2019 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules