Being Led by the Market

Bad Assed Trader:  I seem to have reached a turning point recently.  No doubt it will continue to be a long turning point but I'm definitely experiencing more occasions where my trades are turning to profit rather than loss.

As I mentioned in my last blog, this point seemed to come shortly after my coach, the amazing Emmanuel, suggested I try a different approach - look for where things are happening and find a way in...but still use the technical justifications for all your decisions.

The fundamental difference in this approach for me is that I now look at the market first and try to read what it is telling me.  Previously, as I mentioned in my last blog, I had my strategy and all too often tried to force an entry.

The interesting thing is that this new approach again reinforces the point that many traders say is fundamental to success in trading - being in the "now" moment, the present.  This seems to be about focusing on the information around you right now and your understanding of it and responding to exactly that.

It doesn't mean you can't use your knowledge and experience, rather it is about adapting how you respond to what is happening now.

Emmanuel and I discussed this at our recent coaching morning.  We talked about Darwin's assertion that:

It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.


Adaptation is about being in the "now" moment.  It's about leaving the baggage of the past - what may have worked previously - behind.  It's about focusing on what is needed right now and delivering it.


This is currently my main learning point and primary aim with my trading - to objectively assess the charts before shaping my trade. To be led by the market first and foremost. This will determine not only when I enter but where my profit target and stop loss go.  I will do everything I can to get into the market flow.


Faceless Bureaucrat: Not to be left behind Bad Assed Trader in my personal development I'm also embracing the idea of being led by the market.  


I recently attended a commissioning conference during which I heard doctor after doctor speaking about how difficult it is to lead change and how many clinicians resist change.  It made me realise how much support they need in taking up leadership of the direction of the NHS as required by the new Health Bill.


To help meet this need I am responding to the market - I've enrolled in a Diploma in Executive Coaching and   should be qualified by Christmas.  So if trading takes longer to generate an income than I'd hoped I have an alternative way of earning money post redundancy.


The good thing about learning how to coach others is that you can apply the principles to yourself as well.  So in between my coaching sessions with Emmanuel I hope to coach myself into a better trader too.  

Dinosaurs: Scary but failed to adapt...so where are they now?