DAILY REVIEW 3 December 2014

My apologies, I was back very late from a meeting. Too late to blog post.
Anyway I thought that I'll post my answer to a question in one of the trading interest groups in Linkedin.

Question: 
What’s the most challenging aspect to trading?

Answer by Trek Trader:
Knowing that TAKING A TRADE AND TRADING ARE NOT THE SAME. The retail traders or the herd as they are called lose 95% or more of the time. The smart money or professionals EARN the money that these 95% lose. Generally retail traders focus on systems and indicators. Professionals focus on market structure and order flow. Possibly the most difficult part of trading for any beginner is to know that there is a difference and how to migrate from the retail herd to the professional group. This is difficult because the market had so many charlatan "snake oil" coaches who are more interested in selling their systems, indicators and course than they are in the success of their students. Trading without fear is not about probability, it is about whether your analysis of the smart money cycle is correct or incorrect and having the discipline to trade your analysis. It will never be perfect but people who do will find that they develop confidence not in a system but in the understanding of the market and their ability to trade. 

See you tomorrow.

Posted at 12.24 pm EST