Lately we have some good discussion within our group of traders talking about creating an edge in our trading. And one of our traders was asking how to create an edge when the technique she used did not work for her but work fine for others.
below were some good replies from other traders
Trader 1:
I started forex trading back in 2007, began learning the basics from experienced traders, then went on and attended several stock and forex trading courses. I continue to learn from websites, through active participation in forums where I learned from many other traders, I read books and also do my own research and self-study. After more than three years, I am still learning every day. I continue to attend workshops and seminars to develop myself to be a better trader. I have already clocked several thousands of hours doing all these. Also, on my bookshelf at home are many books which will provide various different answers to your question WHY???.
To be a trader is starting on an extremely long journey with no destination in sight. There will be many roadblocks, pit stops and milestones along the way but never an end to this journey. To continue in this journey, I urge you and also all others in this forum to be active. Everyone can be active by posting your market analysis, trade plans, winning and losing trades, post trade reviews, and also asking questions whatsoever which will help you learn faster and trade better.
You need to put in the hours to create that EDGE for yourself. It’s unique and cannot be replicated.
Trader 2:
When you mention technique, do you mean technique for analysis? Technique for entering trades? Technique for trade management? When I look at what is not working out for me, I look at which aspect of trading am I tackling. I ask myself what is it that I'm lacking, and what I can do to bridge the gap. It could mean more reading, more training, more practising, asking more questions, more thinking. Very often, it is a lot of practising. Backtesting with past data, and forward testing/practising in real-time.
Sometimes I also had to seek the answer within myself, and see if there is any conflicting issues within myself and the technique. Not all techniques are suitable for everyone. If the technique is not in line with your beliefs or thinking or trading schedule, then you either change the technique, or work on it to change your beliefs/thinking.
And mastering the technique does not necessarily mean you see immediate result in your trading or become profitable. It just means you have gained one more skill in one aspect of your trading, and that you are probably moving one step closer to having an edge.
I summed it up:
My purpose of starting this topic is to trigger your thinking.
Systems, strategies or techniques are very rule based skills and are considered as hard skills. If based on these, you can become a successful trader then there would be at least 50% more profitable traders in the whole world. These components are just the start point for you to kick start your learning. They are just foundational skills. By knowing them alone, it does not provide you with consistent result.
Trading is a business that requires a lot of thinking, a lot of decision making, a lot of planning. The hard skills are helping tools, but without a proper frame of mind, they are useless. I created Hexametry Framework is to address this key that most people do not know. I am not saying that I have created something unique, in reality all successful traders or to-be successful traders would have their own framework or their sets of thought processes. And they would naturally harmonize in many ways though they may not be entirely the same.
The good thing about trading as a business is that the entry barrier is low. And it can be self learnt. Learning is a crucial part of the business and it is never ending. That means the attitude to learn and the ability to learn are required qualities of a trader. The catch? The learning curve is long and steep.
There are just so many things to talk about trading and I can't possibly list them all. However, there is one thing that I would urge everyone to create, your self-awareness. Know yourself. Know what works and what not work for you. Know your learning capabilities. Know your limitations. Know your potential.
