Saturday, 17 September 2011

Trading From Your Gut

I finished the aforementioned Curtis Faith book yesterday. I skipped through most of it to be honest, as there wasn't a great deal there that I didn't already know. Much of the pages are padded-out with anecdotes that you can already guess the ending to and the practical advice is mostly only of use to financial traders. But what I gained from it could still be priceless.

Going into this week, I had already worked out that I needed to be more aggressive and change my strategy. What I didn't realise was that I could change it to suit my personality MORE. I'd always believed that people like me (creative, artistic, right-side-of-the brain types) had to drastically change in order to be successful at trading. It has always been a struggle for me, a battle to become more methodical, more numerate, more systems orientated. I didn't know if I could ever crack trading because it would mean a huge shift in the sort of person I am. I was wrong. There IS a place for people like me and in fact, Curtis Faith points out that in order to be successful, most traders NEED to use their right-side of the brain more, in order to trade intuitively. This is particularly true for in-play trading, where split-second decisions often need to be made.

Before I read the book, I was unsure about whether I was taking the right path by ditching some of my strict rules but after reading it, I was clear and certain I was doing the right thing. Now that I've had a small amount of success, I'm positive that I can do well without the need to change drastically who I am. My best skills have been shown to be vital for success in this game. Don't get me wrong, I still need to work hard on the old focus, patience and discipline but it's certainly become a little easier over the past few days because I'm not battling so much to try and fit into a system that constrained me. In a more left-brain sided individual, that same system will probably reap good rewards. But for me, it was just too stifling.

Of course, I don't want to get carried away, which is why I want to remind myself that this has only been one week and I've yet to hit a bad spell. I need to keep working on the FPD plan, the defensive side of my trading which I'd significantly improved upon lately. It's now more of a balancing act between getting that right and the more attack-minded strategy - left-brain and right-brain working in harmony! Which is what the author says ultimately, is what is required to be successful - whole-brain trading. If I can crack that, then I will crack trading. Long way to go yet though.

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