The biggest challenge I have faced with trading is fear. It’s stopped me from ever trading in the first place. I haven’t ever traded because of my belief that I need a lot of money to yield the results I’m looking for. I’ve always been held back by the phrase “it takes money to make money”. Since I have very little money I’ve never actually taken the plunge into trading. But that’s just an excuse.
Oddly enough I’ve managed to do this while at the same time holding the belief that I could be a successful trader. The concept seems simple enough. Buy low, sell high. Look for channels, triangles, hook reversals, etc. all those patterns representing a different human psychology of the market make sense to me. Everything you need to know is in the chart.
I haven’t read your books yet (I purchased two of them on Amazon today) so I’m not sure what “trend following” is but I know it’s not based on fundamental analysis and I believe it employs the use of charts. My gut tells me it’s something I need to hear right now at this exact point in my life. I’m 40 years old, barley making six figures with a family and living in Southern California. That sixth figure doesn’t do me many favors in my part of town. I have a 401k but I rent a town home and I live paycheck to paycheck. I have a job I like and I’m creating a better life for my children than I had growing up, but it’s not enough for me. I don’t just want to get by anymore. I want to make a difference. I don’t have much money to start but I know I can start putting $100 per paycheck into an account and start small, all while practicing and studying on paper. With some patience, discipline, time, and persistence, who knows what can happen.
I look forward to reading your books.
Thanks for the feedback.