tactical trader

Day by day, week by week, sometimes even hour by hour we are inundated with advice about making money out of the markets.

Who do we believe? Who can we rely on to really help us out? How can we make sense of this information overload?

I am pleased to tell you that I have the answer. I have a wonderful source of help that always has my best interests at heart, someone who helps me decide exactly what to do and who I can trust totally. And the best bit? This help is not only free but is on hand twenty four hours a day seven days a week.

Where did I find this person? The same place you will find them – by looking in a mirror. It took me a long while (and a lot of money) to figure this out but I assure you that if you can do it too you will be a better trader.

Now I do not pretend to know about every commentator, tipster or market clairvoyant, nor can I comment on the intention that lies behind the service they provide. What I have learned is that looking a bit deeper reveals three alarming truths about these advisors, truths that separate them from you.

First of all they are very rarely trading their own money. They don’t feel the pain of losing. They don’t witness their capital being eroded by ill informed decisions. They are safe no matter what.

Secondly, these purveyors of wisdom rarely understand the true nature of being an independent trader. More often than not they have the luxury of being cosseted by a large corporate. Even when they are working alone it is often after many years in the markets as an insider. This gives them a head start that people like you and me can only dream about.

Finally, no matter what maybe claimed, nobody can predict the future and no one can tell you exactly where the market is going to go.

So what can you do? Am I telling you to abandon all your sources of help? Absolutely not, I am saying that you must get things the right way round.

In my experience far too many traders and investors get involved in the markets with no clear idea about what they want. Instead of taking the time to learn and the time to create detailed plans with relevant risk reward frameworks, they try to avoid all of these and sign up to just about everything in the hope that it will make them successful. You may be one of these people. In almost all the cases I have encountered this leads to frustration and a loss of money…