Long lesson today, but it was worth putting the time in.  Lesson 30 consisted of another 4 live trading sessions in which Sid talks me through his methodology for making trading decisions.  While much of it is just watching and waiting, Sid takes advantage of the time to really get into the psychology of trading.

Sid was quick to remind me that on a scale of 1 to 10 in trading, I am on level 1 and he is at level 10.  Having said that, he was sharing his thinking at a level 10, which I found to be quite insightful and quite awe inspiring.

Here are just a few things that I learned today:

1.      The market never stands still…one week may be easy and the next may be very tight.

2.      As I gain experience, the hard weeks will become easier for me.

3.      Flexibility in my trading practices will sometimes be required to move with the times.

4.      Common sense and deep focus are requirements for good trading.

5.      Experience will help me learn to be empathetic with the market and help me make good trading decisions.

6.      I need to ALLOW myself to develop.  What I don’t get now, I’ll get next week.  That also includes getting pips.

7.      There is no easy way to go through the process…we all have to go through it so just get on with it.

8.      Get things in perspective.  Don’t blame myself when things go wrong, especially if the market is being difficult.

9.      The forex market doesn’t conform to patterns, so don’t get comfortable just because things may go my way for a while.

10. Being prepared before I trade, both physically and mentally, will improve my chances for a successful trading session.

I have to say that I am very impressed with Sid’s openness and honesty about the difficulties that I might encounter as I learn to trade, and even once I decide to go live.  He certainly has stuck to his no B.S. policy and made it very clear that this won’t be easy, but the work will be worth it.  After watching the live sessions over the past two days, I am really beginning to understand what he means.  I think Sid’s videos are quite powerful and effective in demonstrating what is required and what I will encounter on any given day.

Lesson 31 is about mentorship and support.  I have finally been allowed to join the exclusive BBC.  The first month of membership is free…fabulous!!!  But even at $15 a month, I think it will be a bargain.  I am really looking forward to meeting my new “family” and learning from them.  The significance of this step is that I will have even more people to be accountable to.  I think this is an important step because it’s too easy to just give up when I’m all on my own.

Well, another day done, and another day closer to real trading! 

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