Month one. It came and it went without incident. Uneventful as it was there have been a slew of great lessons to come out of this time.
When I first set my mind on becoming a professional trader I told myself that I would approach the process with an open mind. I also promised myself that I would do whatever necessary to acquire the beliefs and habits that I needed to become successful. My favorite week-4-take-aways are listed below.
1. What good is a win if you don’t understand how you did it or why it works? This was the first real issues that I encountered when I became a trader. I was an unexpectedly good Futures trader prior to joining FX365i, but I was always plagued with questions of why. Why did that trade work? Why does Fibonacci’s number sequence affect the market? Why does the market move up? Why does it move down? As one might imagine I was elated to learn about the Market Maker’s strategy. With this new-found information my understanding of the market is now clear.
2. The idea of taking a beating is not something to shy away from. If there is one thing that the Trader’s COG has taught me, it is that getting beaten up by the market should be approached with enthusiasm. The days, weeks or months that a person is losing in the market is not only a test of their determination but it is also a very important stage in the process. The sooner I make it to and past the “Dark Zone”, the sooner I will be successful .
3. Don’t jump the gun!
“I am a semi-profitable Futures trader, I have invested in the stock market (via my mother’s account) since age 13 and I have been in honors classes my whole life. So why can’t I trade real money from the start? I’m smart, right? And besides I have bills to pay”.
It’s amazing the things a person can convince them self when drunk on impatience and fueled by their ego. One day on my drive home (where all of my deepest thoughts happen) I had to be honest with myself about one of my character flaws. I know that the people at FX365 know what they are doing. I have faith in their process and their instruction, after all, that is why I signed up to be a student. I took that opportunity to humble myself. My peers and my instructors trade for a living and they too probably started slow and steady the same way I am being instructed to do.
4. Learning how to trade is not only about learning how to trade. I have come to discover that there are many associated skills outside of trading that a person must learn before becoming a professional trader. To list a few, I have had to learn how to utilize a new software, how to condition my body to the irregular hours and how to navigate to a neighborhood that I had never been to.
And that folks, was my first month as a trading student! Looking forward I am excited to complete my business plan in the coming weeks, to open a real money account and (like I mentioned above) to arrive at the “Dark Zone”. Bring it on Month 2!