Hello everyone,
It has been several weeks since I posted here on FF. I have been keeping busy starting a new forum and with several new students. I am writing here to start a discussion about what is underneath the success of EVERYONE who makes it big in any endeavor, but especially this one, trading. It is a concept that is only now starting to enter the school system but, IMHO is what is at the heart of your eventual success or failure as a trader, or (add you own title here)...
The concept of "Productive Failure" is something very near and dear to my heart and for those of you who learn this uniquely important skill, it is YOU who will be successful traders. Before I get into the nitty gritty I would like to point out how many of the people we all admire here on this thread and in other walks of life...started out as "failures". Among them such "nobodies" as, Steve Jobs, Bill Gates, Albert Einstein, Isaac Newton, and Thomas Edison. All of these people and many more learned the skill of failing productively and I would like to present the idea here and perhaps someone out there may use it to turn his trading around.
What is "Productive Failure"?
It is the skill set by which you work toward a particular goal one small step at a time, and learn how something is NOT accomplished. With enough time and patience you will eventually eliminate all barricades to your success. This is because as each failure occurs it presents you with a unique opportunity to LEARN and, assuming you do not repeat the same failures, each new failure will bring you closer to successfully achieving your goal.
Ask any researcher or scientist, how easy it is to "discover" a new...anything. A new medicine, a new chemical compound, a new source of energy, or simply improve on something we already have. None of these things come instantly. It take patience and careful, thoughtful research and investigation to find what you are looking for. WHY SHOULD TRADING BE ANY DIFFERENT?
Who needs to learn this skill?
How many times on this web site have you read someone asking some question like the following: "Which Moving Average is the best for indicating trend?" Or, "How do I know which indicator settings are the best?" And my favorite, "Is price action better than using indicators?"
Each of these questions and indeed this type of question or mind set inevitably stems from an inability to look at a problem and design a solution finding process. People are drawn to the lure of "quick easy money" thinking, "how hard can this be?" and then instantly becoming overwhelmed. Instead of dissecting the problem and approaching it step-by-step, they look at someone else's idea and try that...then, when that doesn't work try something else...and so on. If you are doing this, YOU KNOW WHO YOU ARE...you need to learn this skill.
I will try to help you with that...yes FREE
I am preparing a new section in my trading course regarding this very topic and I offer to present some of this information here on this thread to generate discussion and input on this topic. This will NOT be about which methodology is better or worse, nor is whether you think technical or fundamental analysis is good or bad...
Rather I hope to help you step out onto a path that will allow you to THINK your way around any challenge that presents itself in your life, not just trading. But will use trading as a good starting point, as that is what is most likely motivating you to read this right now. It is all about PROCESS. How do you discover what idea or methodology to use in your trading? How can you research and develop your own way of trading, that works best for you?
A few caveats:
Understand that this is a process. The success you seek will not come as quickly as you like. However, IF you dedicate yourself to the process of learning and being productive with each new opportunity (failure), you WILL learn what not to do, and by elimination, learn what TO do. And not just that, you will learn perhaps the single most valuable skill you will ever have as a trader. Discipline! You see, by dedicating yourself 110% to your process, you will be learning that utilizing your process every single time you open a chart, will bring your clarity of thought and the discipline to use each new opportunity (failure) to your advantage. Because you follow a processeach and every time, you will automatically (with thinking about it) use discipline to your advantage in your trading. It will simply become a natural part of your "trading psyche".
It is NOT easy...it takes patience. But if you are willing to try, I will help you here on this thread and show to all of you out there that the skill of "Productive Failure" is really the one and only true recipe for lasting success.
I invite your comments...more to come soon.
It has been several weeks since I posted here on FF. I have been keeping busy starting a new forum and with several new students. I am writing here to start a discussion about what is underneath the success of EVERYONE who makes it big in any endeavor, but especially this one, trading. It is a concept that is only now starting to enter the school system but, IMHO is what is at the heart of your eventual success or failure as a trader, or (add you own title here)...
The concept of "Productive Failure" is something very near and dear to my heart and for those of you who learn this uniquely important skill, it is YOU who will be successful traders. Before I get into the nitty gritty I would like to point out how many of the people we all admire here on this thread and in other walks of life...started out as "failures". Among them such "nobodies" as, Steve Jobs, Bill Gates, Albert Einstein, Isaac Newton, and Thomas Edison. All of these people and many more learned the skill of failing productively and I would like to present the idea here and perhaps someone out there may use it to turn his trading around.
What is "Productive Failure"?
It is the skill set by which you work toward a particular goal one small step at a time, and learn how something is NOT accomplished. With enough time and patience you will eventually eliminate all barricades to your success. This is because as each failure occurs it presents you with a unique opportunity to LEARN and, assuming you do not repeat the same failures, each new failure will bring you closer to successfully achieving your goal.
Ask any researcher or scientist, how easy it is to "discover" a new...anything. A new medicine, a new chemical compound, a new source of energy, or simply improve on something we already have. None of these things come instantly. It take patience and careful, thoughtful research and investigation to find what you are looking for. WHY SHOULD TRADING BE ANY DIFFERENT?
Who needs to learn this skill?
How many times on this web site have you read someone asking some question like the following: "Which Moving Average is the best for indicating trend?" Or, "How do I know which indicator settings are the best?" And my favorite, "Is price action better than using indicators?"
Each of these questions and indeed this type of question or mind set inevitably stems from an inability to look at a problem and design a solution finding process. People are drawn to the lure of "quick easy money" thinking, "how hard can this be?" and then instantly becoming overwhelmed. Instead of dissecting the problem and approaching it step-by-step, they look at someone else's idea and try that...then, when that doesn't work try something else...and so on. If you are doing this, YOU KNOW WHO YOU ARE...you need to learn this skill.
I will try to help you with that...yes FREE
I am preparing a new section in my trading course regarding this very topic and I offer to present some of this information here on this thread to generate discussion and input on this topic. This will NOT be about which methodology is better or worse, nor is whether you think technical or fundamental analysis is good or bad...
Rather I hope to help you step out onto a path that will allow you to THINK your way around any challenge that presents itself in your life, not just trading. But will use trading as a good starting point, as that is what is most likely motivating you to read this right now. It is all about PROCESS. How do you discover what idea or methodology to use in your trading? How can you research and develop your own way of trading, that works best for you?
A few caveats:
Understand that this is a process. The success you seek will not come as quickly as you like. However, IF you dedicate yourself to the process of learning and being productive with each new opportunity (failure), you WILL learn what not to do, and by elimination, learn what TO do. And not just that, you will learn perhaps the single most valuable skill you will ever have as a trader. Discipline! You see, by dedicating yourself 110% to your process, you will be learning that utilizing your process every single time you open a chart, will bring your clarity of thought and the discipline to use each new opportunity (failure) to your advantage. Because you follow a processeach and every time, you will automatically (with thinking about it) use discipline to your advantage in your trading. It will simply become a natural part of your "trading psyche".
It is NOT easy...it takes patience. But if you are willing to try, I will help you here on this thread and show to all of you out there that the skill of "Productive Failure" is really the one and only true recipe for lasting success.
I invite your comments...more to come soon.