This does not include professionals who works for institutions or who manage other people’s money. It does not include anyone who gives advice that is charged for.

One of the reasons that I want to make this point clear is that many new traders that I have met fall into the trap of listening to too many people who have never traded their own money.

Many institutions have what they term trader’s working for them. The reality is that these people are often no more than someone executing an instruction given to them by the client.

They don’t have any analytical capabilities other than what is provided to them by their employer.

Unless you have experienced winning and losing your own money based on your own decisions you will never fully appreciate what the retail trader is going through.

It’s sort of the difference between being the manager of a company and being the owner of a company… Even if you never owned a company I’m sure you can see the difference.

Someone working for a large institution that is called a trader is very far removed form the guy sitting at his computer all day making decisions that affect his bank account.

You will only ever be successful as a trader if you rely on your own judgment and a good system to trade. At the end of the day it’s your money.

I would go one step farther and divide day traders into three groups.

1. Individuals who have a small amount of money and have read or listened to someone who has told them that there is lots of money to be made trading.
2. Individuals who have a fair amount of money and want to try something new. They may look at trading as another business venture and expect to have to invest for a return on their money.
3. Wealthy Individuals who are looking for ways of increasing or diversifying their portfolio. They may be looking at ways of earning more money with less investment e.g. leverage.

Traders come from all walks of life, everything from company directors to secretaries. Some trade full time and other trade part time whilst holding down full time jobs.

Generally they would have taken some courses on technical analysis or some technique that someone was selling and founded their decision making process on that.

They would then allocate a part of their house or office for this purpose, set up a computer and away they go.

Many, as I did, paid thousand of dollars for courses only to find out that the method they paid for didn’t work.

The first course I paid for in Montreal cost 6500$ for a 5 day course and I can honestly say you will get more information in this E-course! Don’t get me wrong, a lot of live courses are great but the problem is that they show you everything but don’t commit to a strategy. You have all the theory but you don’t know what to do with it! Follows the inevitable quest for the holy grail!

It’s like learning about the performances and specs of a sports car without an actual road test … It won’t make you a better driver to know how much horse power, or type of suspension the car has, right?

So remember what I said about 90% of traders failing? Trading without a trading plan is like driving a very complex sports car at crazy speeds on narrow roads along precipices without a single minute of training about the implications the car specs have on the driving skills needed to avoid, death!

What I will do here is give you the theory, the specs, and in my trading plan I will teach you what to do with it in real life; the road test…