Brent Penfold believes that there are universal principles that are applicable to all traders, regardless of which trading systems, time frame and instruments you trade.
A typical journey of a novice trader
I found his descriptions of a novice trader’s journey accurate as I can relate to some of them. The novice trader will lose money in the beginning as he interact with the market. Many traders give up at various stages as they fail to accept the losses. It takes a lot of self awareness and acceptance to learn the ropes of trading. Here is the typical journey:
- React to news and tips
- Begin a trading education
- Switch methodologies
- Switch gurus
- Switch markets
- Switch time frames
- Switch client adviser
- Blame psychology
Imagine you have to go through this to learn more about yourself and the market? And meanwhile you made these mistakes, you are constantly losing to the market. ...
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