1/09/2012

What You Don't Need

There are alot of books, blogs, and crooks that will tell you what you need to become a successful trader.

I'm going to tell you what you don't need.

You don't need many books, any blogs, or any crooks.

The only books you need are the ones that talk about the psychology of man and money. The books that tell you how to trade are useless, I know cause I read them all.

The only blog you need is of course this.......no I can't do it.

You don't need any. (sniff)

Now for the crooks, you would think this is rather self evident, apparently not.

Why is that?

We want someone to tell us what do, someone to tell us it can be done. We want to be part of a group, in fact we want to be part of a group so badly we will stay even if the entire group loses money.

We're just happy we are all losing together?

The most profitable part of this business is the business of telling others how to be profitable.

Unfortunately it is all a lie. You can spot the tell tale signs quite easily. First they start off with a free trading room / blog / seminar / web site. They spend this time slowly unveiling how successful they are, how much money they give to charities, how religious they are, how they struggled in the early years, and now they have the time to give back. Give back to all the little people who are struggling out there.

Then they institute a little fee, with most of the proceeds going to charity of course. Then the fee goes up, then they start to sell you trading systems, and then the mother of all mother lodes, they take your money and trade it for you. The really good ones don't even have to ask for your money. By this point you want to give it to them.

It is all a lie. A lie that feeds our little greed demon.

Run, don't walk, run.

The only way to have a chance at any success in this business is to do it all yourself.

Read a little, sim alot, track everything, set a limit for losses, and see if you can find your way.

If you can't that's ok.

Giving a dead horse mouth to mouth resuscitation is not going to work.

It's also disgusting.

12 comments:

Sandy said...

Tee hee, so right (laughing manically as I read it....)....but maybe it was because of this....

http://www.youtube.com/watch?v=mkaQYmqk_ho

Poul said...

Hello Solfest!
Your blog is outstanding!
Can you name your favorite books, about psychology of people and money? Thank you

Solfest said...

Why Smart People Make Big Money Mistakes And How To Correct Them

Nudge: Improving Decisions About Health, Wealth, and Happiness

Trading in the Zone, Mark Douglas

Predictably Irrational, Revised and Expanded Edition: The Hidden Forces That Shape Our Decisions

Thinking, Fast and Slow

Oh wait a minute I said a few books, I'll stop there. :)

FX said...

Thanks on a book list, always on a hunt what to read next that is worth reading.

Black said...

I always thought being a retail trader all by myself lacks the professional guidance or knowledge of the real trading world outside.. U r right probably Its all in our head!

Thanks for sharing some of ur favourite books.

TST said...

Sim alot.... oh yeah :)

Hex said...

Sol I have read your stuff for years and this post is one of the best, exactly correct.
Thanks.

Solfest said...

Wow, people actually read this?

Thanks

:)

DT233 said...

moo.

Solfest said...

Indeed

Anonymous said...

Who ARE you? and why did you not tell me this two years ago when I decided to take this road less traveled? I, just in the very recent past, have just begun to realize this very mantra. In fact I get to go to a local seminar on trading for free because I paid into a mentor program. It didn't cost much so the info was worth it but I have come to the conclusion that I didn't need this person to become successful at what I enjoy and hope to do as a living in the very near future. And to those who are just starting "READ EVERY WORD THIS MAN HAS WRITTEN!!!!!" Thank You for your time with this blog.... Greg W.

Solfest said...

Dad?