Hello. Are you ready? Yes, good :) So, lets start...
It all began with a typical history. After losing my first deposit in 2007, I felt awful. I thought that I need to do something about it. The research has shown that only 5% of traders make money regularly, so I wanted to find out the reasons for it. Unfortunately, at that time the amount of literature on trader development was next to nothing. It was a pity, because I wanted to know the steps that would lead me to regular income in Forex...
One day I came up with the idea of finding the best traders in the world and then asking them about everything that is relevant for achieving success on the market. I wanted to know their full story - from the beginning, up until now.
In the result, I interviewed almost 100 traders from all over the world.
Oh, and I wrote a book contains some interviews with the best ones of them. You’ll find there opinions of the world-famous traders, millionaires, winners of international contests, and people who had control over market and have plenty of personal experience in this matter. Some of my interviewees had more than 50 year experience in all of the possible markets.
During the discussions, I asked every question I considered significant, e.g:
• What kind of systems did they use?
• What system do they use now?
• How did they manage stress?
• What challenges did they face?
• How did they overcome these issues?
• What truly works?
• What did their personal money management look like?
• What did their development look like?
• What helped them achieve success?
• What made them the best in the world?
• What were their greatest accomplishments?
• What did they learn from their biggest losses?
• What are their key tips and tricks for the beginners?
I asked over 80 questions like these!
I truly hoped to discover everything that decides about the success of the best ones, all the problems standing in the way of the profitability and possible solutions to them.
Moreover, just to make sure that I didn’t overlook anything, I researched the most notable problems traders encounter at every stage of the development. More than 1600 traders took part in the survey. That’s how the catalogue of problems was created. I guess you know what’s coming next :)
Yes, I asked mentors about the solutions. I used to do this when I was working as a consultant and a corporate trainer — always with good results. The idea proved successful!
To make a long story short (I’m not the most important person in this book after all ;), we found out several new solutions. And, eventually, the catalogue of methods used by the best people in the industry was born. These are some of them:
• a new trader development map (steps on a journey towards knowledge about market functioning, different marketing challenges, possible problems & solutions),
• the “glass ceiling” limiting traders is a cash balance (regarding the account or the position) causing stress,
• characteristics of successful traders (38 traits differentiating top traders from the rest) — these are the goals we are striving for when building trader skills
• best methods of handling losses (23 methods of dealing with losses)
• methods of handling losses and series of losses,
• methods of handling stress (according to traders and military psychology applied to Navy Seals units),
• entry techniques leading to big and fast profits,
• 12 ways to build discipline (ancient Greece, military psychology, and trader methods),
• ways of dealing with emotions and overcoming fear (once again the best methods are related to Navy Seals and modern... psychology).
I'm thinking of publishing this catalogue of techniques as a decent course that would allow to acquire wisdom of the best ones. For more information on the overall progress regarding this project, visit www.lfta.uk or contact us firstname.lastname@example.org, or email@example.com.
I found meeting with all these people a truly enriching experience. Another great benefit is that I made friends with some of them. I guess that the image of intelligent but also cold and unapproachable investors was created by media. People see them as guys like Fordon Gekko from “Wall Street.”
My experience was totally different. Most of my interviewees are fantastic people, cheerful and willing to help. I didn’t notice them to be neither arrogant nor haughty. Quite the opposite; they were modest, cool-headed, and fully prepared. They surely knew what they were talking about.
That was a fantastic experience for which I would like to thank you all!
- Dariusz Swierk, PhD.
London Forex Traders Consulting Ltd., LFTA.uk