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What works for Me…may not work for You

Posted on October 24, 2008 at 2:46 in Trading Ideas by Tim Salem

With the great comments and questions I have received during my first blog week, I thought today’s “Principle” may be beneficial to many. Again, please keep your questions and comments coming! They will assist me in “steering” the blog to various topics and frames of reference.

 

In many recent conversations I have had with many of our own Professional Traders/Presenters here on FXStreet, one in particular came to mind as I was reading through reader’s questions and comments. I hope it is of some benefit to you…

 

I was at the Las Vegas Trader’s Expo again this year, and I was speaking with Raghee Horner for a couple of hours about being “consistent” with an individual or system you are choosing in an adoption and mentoring situation.

 

I came away with certain common factors in how we view this business that we are involved in…

 

We have so many influences, presenters, mentors, resources, etc. to learn from and examine….that the newer Trader will often pull many factors and views to try to assimilate them into their own.

 

Perhaps they will take an Oscillator setting from one, a specific Strategy from another, and a Time-Cycle Analysis view from another. This is certainly natural, and I see it in the Webinar Rooms daily. No surprise here, as it is a viable part of one’s learning curve. The detrimental issues, though, begin to present themselves when all of these divergent factors come to fruition in actual trading practice.

 

The primary detriment here is that ones trading “Style” really is inherently their own. It works for them. They have gone through the trials and tribulations of trying all myriads of trading views. They have arrived at a level of comfort that is second nature and instinctive.

 

My “built-in lesson” for today is this:  As you are learning or modeling your learning curve from a specific individual or system, stick with it. Do not deviate. Try to absorb the “completeness” of what that Trader is doing that is successful for them.

 

Now comes the real Irony…

 

You may find that in most cases…YOU are already on your way to developing your very own trading “Style” anyway…  :-)

 

Tags: raghee horner, time cycle analysis, trading style, trading system

3 Responses to “What works for Me…may not work for You”

  1. on 25 Oct 2008 at 11:201Michael Edwards

    Greetings Tim,

    I took particular interest in your post ‘Avoiding the Video Game Temptress’ and your comments of your mentor, Derek Frey and how various disciplines influence your trading.

    I would like to hear your views about this multidisciplinary sensibility to developing a trading system

    I also pursued formal studies in fine arts (up to the grad. level) and find myself digging into forex trading.

  2. on 26 Oct 2008 at 11:282Jose

    Hi CVJ,
    I have seen you over a period of time on many webinars with great contributions. You’re correct regarding trying a trading style, sticking to it and applying your own nuance to that style.
    I unfortunately started out trading randomly and blowing up my $20k account. I felt like I was in the Phil Collins song “Land of Confusion.” I was jumping from technique to technique, tring to mix various techniques without first really learning to apply 1 technique for 1 market type. I was trying to trend trade, support/resistance trade, fade, scalp…you name it I was trying to make money on every movement of the currency while learning all new techniques. BIG MISTAKE! To rap it up I learned this curcial mistake and have been more consistent with my results on the path to recovery, and PLEASE MANAGE YOUR RISK EXPOSURE! I now feel like the Guns & Roses song “Patience.” Learn the technique and wait for the setup and success will follow. I guess I learned the hard way.

  3. on 27 Oct 2008 at 9:203CVJ

    Greetings Michael and Jose!

    Thanks you for your constructive comments and participation!

    I have received you direct emails, and will address them ASAP, as we do have many factors to take into consideration with developing our overall market “View”…

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