I am a medical doctor by training. In medicine/ surgery, there must be rigid systems in place. There can be no doubt., no fear, no emotion. When things go right in surgery, it is like a beautiful orchestra playing. When things go wrong in surgery, you must have a cool head. Everything in the non-surgical environment must be shut out of your consciousness. Your entire focus must be to correct the problem at that moment. You must have a system for dealing with whatever went wrong. You must also be cool as the “orchestra conductor”, otherwise your support staff will not perform well.
All these things are true of trading. You must have systems in place. When things go right, it is like a beautiful orchestra playing. One thing builds on another. The initial analysis is based on a system. The trade is based on a trade plan. Entry points are defined by the trade plan. Logical profit objectives/exit points are defined by a trade plan. If things go right, it is beautiful. If things go wrong, the trade must be terminated unemotionally. The failure of a trade cannot be lodged in your mind to create future fear. The success of a trade cannot be lodged in your mind to create greed.
I started trading as soon as I had made some money in my medical practice. At that time, I lived in “oil country”, so I traded the stocks of oil exploration companies. I had no system, but I made a little money. With the suggestion of my broker (be careful of these “ suggestions”), I moved on to OEX index options, which I knew nothing about. With no system, I lost a lot of money. I then attended a commodities seminar with a couple of well known gurus. Their systems worked about 60% of the time, but they exposed the trader to large drawdowns. What made matters worse for me was that I knew nothing about money management.
By good fortune, I was in Las Vegas, searching for the “Holy Grail” of trading when I spotted Joe’s presentation on the program. I knew nothing about the application of Fibonacci to trading, but was aware of Fibonacci as applied to the laws of nature. I thought to myself, “there might be something to this”. I attended a couple of basic seminars, and five advanced—four with Joe and one with Pieter. After searching for many years for the “Holy Grail”, this is as close as anyone will ever get. I had a lot of bad habits and emotional baggage (as it relates to trading) to overcome. With Joe’s help, I have come a long way down the road to trading rehabilitation. I have actually learned how to make money and control risk adequately. I am glad to have the opportunity to help other traders do the same.