Trading 101: The Factors Of Success Are Within Us
Many look for the ideal trading system. When it comes to this, that is the secondary factor.
In the video I discuss how trading it akin to the Wild West. The trading system one utilizes provides the rules for trading, whether they are adhered to is up to the person looking at us in the mirror each morning.
▶️ 3Speak
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Man, I wish some of these youtube "Gurus" were much more honest! They act like they've figured out the formula for trading! But the only formula for trading is that there's no secret ingredient.
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There are many ways to slay the proverbial cat.
If there is a secret ingredient, it is between our ears.
The trading plan is secondary to actually following the plan. Even the best plan in the world will not work if signals are ignored.
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Summary:
In this video, Task discusses trading 101 and the allure of trading as a profession, highlighting both the potential for quick profits and the risks involved. He criticizes the financial services industry for not always acting in the best interest of those whose money they manage, emphasizing that basic trading knowledge is readily available online. Task stresses the importance of individual responsibility in trading success, stating that one's own decisions and discipline play a key role, rather than relying solely on trading systems or external factors.
Detailed Article:
Task starts by addressing the interest in trading fundamentals and the appeal of quick profits in the trading world, pointing out that unlike traditional jobs that require hours to earn money, trading can yield significant gains within minutes or even seconds. He mentions how many wealthy individuals, such as those owning professional sports teams, come from a financial background, underscoring the potential financial success that trading offers.
Critiquing the financial services industry, Task expresses his belief that they often prioritize their own profit over their clients', suggesting that basic investing knowledge is now more easily accessible through online resources like YouTube and websites such as Investopedia and Leopedia. He emphasizes that the freedom in trading, apart from certain legal boundaries like insider trading, allows individuals to make their own decisions and take risks as they see fit.
Task delves into the misconception that having a trading system guarantees success, drawing an analogy to driving a car – while the road (system) matters, the driver's skill and decision-making are ultimately what determine the journey's success. He stresses that personal accountability and self-discipline are crucial in trading, as no system can guarantee profitability. Task highlights the inevitability of occasional losses in trading, likening it to sports where even the best players do not have a perfect performance record.
Moreover, Task iterates that following a simple trading system consistently is often more effective than constantly tweaking a complex one, as deviation from the system can result in financial losses. He warns against overconfidence in one's ability to outsmart the market, emphasizing the need to remain humble and stick to a disciplined approach in trading.
In conclusion, Task emphasizes the accountability of traders for their own success or failure, cautioning against shifting blame to external factors. He highlights the importance of maintaining discipline, following a set trading system, and staying humble to navigate the unpredictable nature of financial markets effectively.