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yes I got a great webinar called the
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night have become part of the nine
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percent and on nine to one percent
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losing spread betting and you've got to
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well there are so many things you would
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need to do to become part of the nine
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percent if it were that easy everyone
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would be part of it and there's a lot of
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intelligent people making a part of the
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ninety-one percent and in fact you will
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always vessel eight you'll be in the top
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one and your occasion you'll be outside
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the nine percent for what you do need to
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do is you need to potentially decide on
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a strategy that looks after all elements
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of money management and we've discussed
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the risk reward we've discussed losses
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you've got to manage losses that keeps
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you in the game you've got to make
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you've got to believe you have a system
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that'll make more than it gives back on
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its winning it will win and will lose
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all the time no one is ever going to
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have a hundred percent so accept that
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losses are part the game and manage that
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become a systemic as possible in
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determining what your setup is so the
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mode can be reduced to logic the better
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and the tighter and then you need to
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stick to the system as systemically as
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possible as well which most people are
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incapable of with emotions particularly
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after say three losses
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you'll be snake bite fearful when after
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three wins you'll be piling on twice the
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size and that'll be the one that will
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lose and give back all of those three
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wins and some so that's we're focusing
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on if you had to develop a black box
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system is not a bad process for defining
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your strategy and that which you find
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interesting observing charts a lot of
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observation a lot of drawing of charts
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and a lot of use of patterns patterns
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are probably the most powerful technical
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analysis tool for me outside of the
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larger trend our Theory some training
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mistakes to avoid
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most of most say trading mistakes made
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by beginners even intermediates and
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occasionally even advanced people when
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they lose their heads is to do with
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trade sizing so that they take a loss
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too big there's nothing there's no
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damage done in taking your managed loss
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that's part of the game and being wrong
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the problem is that recovery ladder when
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you then emotionally negatively respond
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to taking an already slightly bigger
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loss so let's say you lose fifteen or
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twenty percent and then you think damn I
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want to get back to where I was so I
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need to make 25 percent so I'll trade
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bigger again I'm sure I'm right this
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time you can't cope with the mental it's
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like a mental cognizance dissonance
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cognitive dissonance that makes you need
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to get back to where you once were but
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you're now seeing yourself as the lesser
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self what as dictated by this balance
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and that then pressurizes you into
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trading bigger again on what looks like
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a sure thing but now you punch-drunk
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because you must find an opportunity
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quickly and it's not a sure thing it's
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the first thing you grab hold of that
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best represents a possible trade so
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you've been bastardizing your criteria
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to grab hold of something that you
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expect to leverage you back in to where
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you once were this is a very big fatal
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spiral because once again you're in over
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trade because you've got to make back
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more to get back up and that's the
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recovery ladder concept and boom that's
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that is probably the single most
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destructive that sees someone have a
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10,000 pound account reduced to you know
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a few hundred or a thousand pound and
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then virtually giving up realizing that
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they've they've blown it sighs I
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wouldn't say ninety one percent are in
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that category they don't all blow their
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accounts up from ten thousand pounds
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down to nine but there aren't possibly
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consistent with money management as a
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whole and the sizing is one element of
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money management don't forget I said
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risk reward should be central to that as
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well so they're taking trades that
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aren't worth the squeeze the juices in
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the worth the squeeze and the
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probability of win rates they have
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intestines what likelihood are they I
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have of winning to tighter stop
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something else I've mentioned
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all of those things all fall under the
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larger money management cluster and
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those are all key so do you agree with
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this statement the only way to make
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money is slowly and steadily over time
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not trading for 80 indices commodities
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excessive is there a giant casino no I
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wouldn't agree with that statement at
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all those those underlying markets can
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be traded profitably on a consistent
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basis
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there isn't an efficient markets
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hypothesis that truly keeps everything
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at the true value you anything that
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involves people will have reactions and
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/ reactions and under reactions so no I
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think you can I think I wouldn't be in
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the game if I didn't feel that there was
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an edge that could be taken
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you
