I just got back from the Traders’ Expo in New York (I beat the snow!). As always, it was fun to see all the hoopla, make new aquaintances, and see old friends. I especially like to see traders who have taken classes with me or have traded emails. It is always good to see how they are doing.
I wasn’t there to make a presentation this time – just a spectator. And actually, I took a couple of classes that Linda Rashcke held on Sunday: one on the Taylor Trading Technique, the other on using waves and market structure to develop trading ideas. Both classes were outstanding; I learned a lot. We always want to keep learning. For me, that is one of the beauties of trading — there is always more you can learn and apply.
She made the point that some of the main reasons many traders fail at trading is that they understimate the time needed to learn the craft and they understimate the daily work involved to gain proficiency. I couldn’t agree more.
One friend I met in New York had experienced a drawdown. Most every trader faces this at some point in their career. Rather than giving up, he assessed what had gone wrong, figured out what he needs to do, and now is fighting back. This is part of the hard work and time it takes to become a good trader that Linda talked about. Having that competitive spirit to not give up and fight back is all-important. When he regains what he lost (and he is well on his way), it won’t just be a financial victory. More important, it will be a victory in knowing that he can face adversity, find it within himself to trade well, and bring himself out of a hole. Think about where his skills and confidence will be then!
If you haven’t been to the Traders’ Expo, consider going. Yes, there is lots of hype and hoopla, but there is also lots of good at these events, too. The next one is in June in Dallas. We hope to see you there.
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