Nick Radge is possibly one off the most complete trader. If there is a market, an instrument, a job, or an occupation involved with the markets, then Nick has probably analyzed it, traded it, or done it. Nick has done it all. He has traded, been a broker, a fund manager, a trading educator, a trading author, a forum chart site host, and a publisher of an advisory service. The lot.
Here is what Nick has to say about about the one piece of advice for trading..
“Perseverance: Steady persistence in the journey of trading in spite of difficulties, obstacles, and discouragement that meets you along the way.
In today’s society, it’s all about the now: the largest gadget, the job promotion, the car, even ordering a meal at a restaurant.
If can’t come quick enough.
Nor can trading success.
Why do so many people fail at trading? They simply don’t have the perseverance or patience to allow the market to reward them. You may have the greatest strategy, the best trading plan, and fabulous money management. Yet if you don’t allow these tools to work their own magic in their own time, then they are rendered useless.
This is a simple concept to grasp, but incredibly difficult to put into practice by the majority simply because he wants profits satisfaction right now.
But think about it. Do you buy a house with a three-month or six-month time horizon? For the vast majority, the answer is an unequivocal no. You take a longer-term approach of many years. During that time, you expect the value of the house to rise and fall. You readily accept that in some years the value of the house to rise and fall. You readily accept that in some years the value of the house may not go up; indeed, it may even go down. This, however, is of no concern because you intimately know that over the longer term the value will rise.
So let’s use this analogy in trading, specifically trend following, which, in my view, is the greatest way to extract low-stress profits from the markets. Now, I am a trend follower, specifically trading stocks on the long side. I make money from a very simple strategy of cutting losses and letting profits run. It need not be any more complex than that.
Why can’t everyone do it?
Because they think that each and every month must be profitable. Indeed, they demand that each and every year be profitable.
The amateur trader wants to be making money every day. He wants to be involved. He wants profits now. And when things don’t work for a few months, they give up the notion, and goes trying several other strategies since, all to no avail. He has more than likely lost money. He is certainly frustrated. He has done a number of courses in an attempt to rectify the problem, and he is going around in circles. “