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Remember Me

I graduated from two Dr. Alexander Elder Traders’ Camps (Regular and Advanced) and served as a Camp Counselor in the January 2007 and April 2007 Camps in the Caribbean. I served as guest speaker in the 2007 European and the 2008 Caribbean Camps and Macau Camp as well as the Guatemala Camp in 2013. I started out as a member of the Spike group, rising to become its co-manager with Dr. Elder. There are chapters about me and my approach to trading in two books: Entries & Exits and Sell and Sell Short. My latest accomplishment has been winning four rounds of the Real-Money Trading Competition within the Spike group. My expertise, sincerity and focus will make a meaningful contribution to the quality of your trading experience.

When I set out to pursue the profession of trading, I read a few market books, studied a few indicators, and it looked easy enough to me. Little did I know I was embarking on a journey of self-discovery. In reviewing my trades I find that the more successful trades are those in which I knew what I was pursuing. Even when such trades do not work out, the losses are held to a minimum because I quickly realize that what I was looking for in the trade is not there and exit to preserve precious capital. On the flip side, all trades in which losses are far greater than they should have been, have one thing in common. They all have the ingredient of confusion and not knowing exactly what I was looking for in that trade.

When you are unsure what to look for in a trade, you let small losses turn into larger losses and then capitulate into selling just to get rid of the pain. This leads to fear of taking the next good setup, only to find that was the trade that worked so well. I believe all traders have had such experiences; what you learn about yourself from them, can propel you forward in the trading profession. Finding a trading style that matches your personality is the most influential factor in your success or failure. I remind myself every day to continue to observe myself. Analyzing one’s self is as critical as doing a complete chart analysis.

I have been fortunate to learn from several successful traders, and the most valuable lesson I’ve learned is the necessity of finding what game I want to play. Saying you want to trade the markets is like saying you want to be an athlete and play sports and then running out and playing the first game into which you happen to stumble. There are many games, and I do not think it would be advisable for a horse jockey to take up competitive weight lifting, but then again, it is not the job of a professional weight lifter to race a thoroughbred horse.

I have found that knowing and understanding your personal tendencies will do more for your success than any indicator or trading method. You must discover what works and does not work for you. For example, Michael Jordan is one of the greatest basketball players in the history of the game, but he underperformed as a baseball player and was just above par as a golfer. Did that make him a poor athlete? Absolutely not! His game is basketball, and that does not translate into success in baseball. There are many games in the marketplace, and you need to find the one you can play well. You also need the dedication and perseverance to perform to the best of your ability.

For example, I found that I do not have the patience to ride long-term trends. They simply wear me out, and I get tired and restless. I cannot stand to watch a position go against me and give profits back of 20 – 30%, waiting for the long-term trend to move back in my favor. By understanding that, I can look for other methods and use other tools. I came to use what I call “an inventory method”- building a position up and reducing it, trading in and out, again and again, as I attempt to ride the trend. There is no grand revelation in this but a basic understanding of what makes the difference between winning and losing for me. I am a perfectionist by nature, which is extremely stressful if you want to make a single entry and exit – I always feel I should have done better. Once I understood this, scaling in and out of positions started working better for me. Perfection does not exist in the in the markets, but with the “inventory method” the presuure to be perfect ican be minimized.

The most crucial thing to understand is how your personality works and adapt your trading style to it. In the beginning, most of us follow the crowd doubting ourselves.It is hard enough to figure out what the markets will do; if you don’t know what you are going to do, the game is lost. To succeed you must know your unique abilities, strengths, and weaknesses. This will be the focus of our work as we enter into a coaching relationship.


Sincerely,

KerrySig

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