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Note On Experience
Nothing much to report - I'm going into April aware that I'm now seriously UNDER-geared, but right now I'm not too bothered about that. I'm forward testing my money management system and also having plenty of insights along the way, but ultimately I see more changes ahead as I try to find the risk/reward ratios that I'm currently comfortable with. Really, I'm trying to find the level of risk that is equal to my current skill level; as my skills improve, my level of risk can also increase.
So I'm just trading daily. I'm also becoming aware that there is no substitute for experience. Nothing beats time in the market - no extra knowledge can give you that. Experience is just experience. Every day you spend in the market teaches you something new... It's like if you were trying to learn how to cook and you spent time around a world class chef. No book could give you what you'd get by just watching him in action. The same applies to the market. There's no substitute for just watching how it moves, seeing how it did something you thought it couldn't possibly do (i.e. go higher when you were certain a top was formed). It is one thing to read in a book that price reacts to support and resistance, but it is another to actually WATCH IT happening. There is ultimately no substitute for what you learn by entering a trade and experiencing a gain or a loss. Once again I have to say that my whole trading life changed the day I reorganized my life goals. If you have a heavy sinking feeling associated with trading, if you obsess over it, if its driving you crazy - I put it to you that you are OUTCOME DEPENDENT. It's not trading, its some other thing in your life. You see trading as the means, thats all. Find it, root it out - then you can study in peace and enjoy it. |
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