Lucci's Approach
The problem with becoming a profitable trader is that it requires effort, persistence and patience. Most people who attempt this game have none of these qualities. The information age we live in has allowed for EXCESSIVE resources to ‘help’ people learn whatever it is they desire to. Unfortunately, the over-saturation of information has caused a lot of confusion. This theory holds true in Finance, Economics, Politics, and just about every other industry.
Competition to earn the attention from readers who seek that information is now at an all time high. This leads to sales gimmicks, get rich quick schemes, pyramid schemes and an overall lack of honesty. Most products and services sold by anyone in the Finance industry are sub-standard at best. The concept is simple. Pitch someone the dream of getting rich and that dream all of a sudden holds an inherent value. People will pay big money, even get into debt if they believe they can change their lives for the better. It’s become a foremost practice in the Finance world, to sell you the information and to sell you that dream.
Now, with so much competing information, anyone looking to enter the industry finds it difficult to figure out how. That usually is enough to turn most new participants away. The ones who do end up sticking around seem to be seeking out that ‘golden nugget’ or for that guru who is going to help them become profitable.
This brings us to Lucci’s Approach to education in the stock market.
The only way to learn, is to get in that ass…
Pardon the phrase but the fact of the matter is, unless you put things into practice for yourself and become an independent trader you will never become profitable. Sure you may have some profitable trades here and there but your discipline will lack and that will get you into a lot of trouble. This game is 90% mental. It’s all about managing your losers. Anybody can pick winners, but do they actually book those winners and do they manage their losses? Most do not…
Traders often times are so bombarded with ideas they lose focus and try to get all of them. This is course leads straight to disaster. The stock market is unforgiving and doesn’t care about you or your ideas. Therefore, learn the basics and adapt/create your own advanced concepts. Seek knowledge and information but do not live by it. Craft and mold that information into something you yourself can understand and manage. Becoming a profitable trader is as much about finding yourself as it is about learning the mechanics. This is why many times it’s better to learn about the psychology of trading before trading itself.
Lastly, don’t pay $5 grand for classes or a trading seminar. That is just absolutely ridiculous. Some thing are worth paying for but for Pete’s sake, and I have no clue who the hell Pete is, don’t do it! A good sales pitch is just that! There is nothing you will find in those seminars that you can not find yourself by just exerting some effort which is exactly what you’re going to have to do anyway AFTER paying all that money. Stop all that nonsense people, please…
