SATURDAY, 7 DECEMBER 2013
A few hours ago I spent NT$1,900 on a guide that teaches people how to speculate on prices in UK horse races. As I read through the PDF, I learned a few things I didn’t know. Still, I kept waiting for the NT$30,000 a week secrets – things that only the author and the lucky buyers of the manual will know.
As I said, a few things learned, but no secrets. Just like there were no secrets in the spread betting guide I bought in July. Just like there are no secrets in the approach of the respected Ian Erskine to buying and selling prices on soccer matches.
And yet, people make money with these activities, year in and year out.
For months I tested what Chris Elliott teaches in his “Trading FX for Profit” manual – no secrets but some good ideas and a few bits of advice. The ideas work. Not every single time, but if you approach it with discipline and a calm mind, and you close your position when you must (win or lose), you make money, you pay rent, you buy food, and you go on vacation. Like the man explains in his manual. And you do so without knowing any secrets.
What is the difference then between people who make money in this way and people who continue scratching the bottom of the barrel? And what do you have to do to become part of the first group?
A good place to start is to figure out exactly what you want to do, where and for how long every day. Then you would have to learn some basic principles – by reading articles, working through training manuals, watching videos, and learning from your own experience. Things that are not going to develop overnight but which you definitely would have to work on include a positive attitude, emotional resilience, and discipline. Adjustments also need to be made to the environment where you work to make it conducive to success. Then, when you are ready, apply what you have learned as often as possible.
The alternative is to continue searching for secret knowledge that you reckon only a select group of people has the privilege of knowing. I have a faint suspicion, though, that you’re going to search for a long time, and you might just be scratching the bottom of the barrel for a long time, too.
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