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CHAPTER FIVE "I WANT TO BECOME A FULL TIME TRADER". This is the dream of many. The problem is that it is very easy to be wiped-out in the learning process. Some lucky people have the skills to make money from the stock market and keep it, knowing very little. This is because they are skilled at money management and taking risks. | CHAPTER FIVE I WANT TO BECOME A FULL TIME TRADER This is the dream of many. The problem is that it is very easy to be wiped-out in the learning process. Some lucky people have the skills to make money from the stock market and keep it knowing very little. This is because they are skilled at money management and taking risks. They know how to handle a risk - bookmakers generally make good traders because they are skilled and practised at risk-taking and know how to handle it. There are no magic systems in the stock market. If there were every move would be very rapidly discounted. We know this because there are some of the sharpest minds in the world at work within the stock market. We have to assume that any easy way to trade the market would have been spotted. Many of these systems are the product of the eye s ability to recognise patterns. It sees what it wants to see and ignores the many instances in which it does not work. The intuitive response is fine as long as you do not attempt to computerise and build a working system around it. If you do you will find that they fail as often as they work. The mechanical system is not fooled by an innate selective pattern recognition capability. I have met several successful traders who say they are using a so-called secret system which is making them money. This is their secret system it is working for them. But in every case if you look into it more closely once they have shown you the system what they have overlooked or will not admit is that they have become good traders in their own right. It is their skill as a trader that is making them money not the magic formula. The magic formula is acting as a psychological security blanket to them without them realising it because they do not always follow what the formula is indicating. We would all like to think that when we make a decision it is based on logic and sound reasoning. In reality logic plays only a very small part in our decision-making processes. You may think
