Newbie and his Learning Strategy

[Yirkaa]

I write this mainly for myself but hopefully its useful for others as well.


I attended Peter Webbs Trading Masterclass Course this August. I got all the tools I need. Problem is that its too much information and person can drown in it if they do not have plan on how to extract the information from the book and seminar and apply it on the markets. There is no magical wand which will make you instantly profitable. You have to put work into it and have clear focus on the way. I have been swimming in circles too many times in my life and I will make anything in my power not to do it again.

1) Set a SPECIFIC and MEASURABLE goals, KEEP RECORDS.

This will make you focused all the way and you will see the progress you are making.

2) SIMPLIFY

Strategy is too complex? Having troubles switching between them? Simplify! One strategy per day. Focus on one thing first, then add more compexity into it.

3) REPS, REPS, REPS

To be good you have to train. There is a study which says that to become really great in your field you have to put in 5-10,000 hours of work! Also its what Arnold Schwarzenegger says!

4) Be prepared to FAIL

You are learning, of course you will make mistakes and fail occasionally. Dont beat yourself over it too much. Write your mistakes down and try to avoid them next time.

5) ANALYZE, RINSE AND REPEAT

Are you profitable yet? No? Analyze your mistakes, learn some more, try different approach, simplify more, take a month break, try again.

6) PERSIST AND PREVAIL

And finally buy that Aston Martin!

I have my specific learning strategy written on my blog. I would love to hear your feedback or share about your learning experience.

Cheers

[convoysur-2]

hi yerkka,welcome to the forum.
i think your on the right path,and those are great guide lines to work by.it really important to have a structure,
let me give you my example .
i never had a structure,and i never made money.
last week i stared in the morning going through the racing cards and writing down each race on a list.if i didnt like the look of it i put xxxx beside it on my list so later i can just glance at it and skip the shitty ones and arrive 20 mins out on a good race,
i would write down what i plan to do in that race if any thing,( lay the fav,dutch,lay the field below 2 ,fav is weak expect a drift )etc.
i did this last week and i had my best week ever i made 700.00 .so i was all full of confidence this week ,i have finally cracked it ,, i didnt do my morning home work ,fell back into the bad habits jumping from one race to the next,diving in.looking at red figures. and basically f%$ked up my nice trading bank i worked so hard to get.
so yes i would advisse you to stick to your written plan.focus is a massive part of it..
good luck i hope the trading gods shine on you...
Marc