Many books on trading psychology refer to the steps involved in achieving trading mastery. This is usually presented as five steps, starting from beginner, through novice, and finally becoming an expert, or master. Many of these authors compare the steps to learning to master a musical instrument, usually the piano. I've seen this done in at least a half dozen books, and have seen the comparison made in trading lectures as well as live trading chat rooms.
I think these comparisons are excellent. In fact, the comparison resonates especially well with me as two of the activities I have engaged in for over thirty years are both studying classical music on the piano, and trading. I have equal experience and appreciation for both disciplines.
The path to mastery for both the piano and trading is a very long one, with many curves and frustrations along the way. I can't go through all the steps in detail in the space I have available here. I suggest it will be well worth the effort to read some of the many trading psychology books available. You will no doubt see this comparison in many of them. While the authors do an excellent job in the comparison between these two difficult disciplines, and the difficulty is made clear, I don't think enough beginning traders grasp how accurate the comparison is regarding difficulty.
It would be ridiculous for a piano teacher to offer a three-day weekend course to teach a beginning piano student to become concert pianists. It does take more than three days to become a concert pianist. But some trading educators suggest you can learn to be a trader in three days.
Many of these educators will admit the weekend course is just an introduction, and that to really be successful you have to travel to their school and spend a whole week, and several thousand dollars. So is a week enough time? If you are taking the week long piano course, you better not reserve Carnegie Hall quite yet.
If a piano teacher presented the idea that you could spent a few thousand dollars to attend a piano institute for a week, or a month, or a year, and you would then get a recording contract and a world tour playing Beethoven Concertos with a major orchestra, you had better hang on to your wallet. Yet this is exactly what the trading education industry is trying to make you believe is possible.
There is no great difficulty pressing the mouse button, as there is in trying to press the correct keys at the correct time on the piano. It seems that you just need the magic formula that some guru has to sell, and then all you have to do is to implement the strategy. Nothing could be further from the truth. Trading almost always takes many years to become successful. The stories you hear about traders taking a few thousand dollars and turning it into millions in a few months are either fictitious or fraudulent. Most successful traders struggled and often went bust several times over many years before they became consistent and successful. Beginning traders always think they will be the exception and achieve instant success with little work involved. The successful traders need a constant supply of new traders who think this way.
It would certainly be easier to become a concert pianist than to be a successful trader. Don't let the chat rooms and trading schools make it seem like an easy task. It will be expensive both in the tuition you pay and the inevitable trading losses.
While it is fine to seek out a mentor, it is a mistake to look for a guru. There are no gurus. Those that hold themselves out to be gurus are usually not successful traders, and if they were successful they would not give you the answers you seek, no matter how much money you paid them. The answers come through hard work and years of experience. There are no weekend, or week long courses that will give you what you need to become successful. There are no short cuts. The failure rate in trading is very high, partly because there are high and unrealistic expectations that go unfulfilled in the short term. Those who apply themselves and are committed to many years of learning have a much higher chance of success in this fascinating and challenging business.
Doug Tucker has a blog with daily commentary on stock indexes, precious metals, and other markets. There are many articles on technical analysis and indicator design and interpretation. To visit go to: http://tuckerreport.com/
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