Evolution of a trader

Stage Two: The Rookie Trader

1) In this stage you have lost enough money to realize what you are doing is completely wrong. In other words, you start to realize that you don't know. 

2) You will then devour every trading book available. 

3) Your search for magic indicator and the holy grail starts here 

4) You will memorize every technical pattern known to man. You will read about the ADX, moving averages, Fibonacci lines, pivot points, MACD, Bollinger Bands, channels, etc 

5) You will go through the "help" tab on your data vendor to read about every single technical indicator available 

6) You will plot them on your charts and spend hours looking for an indicator that works

7) You will be extra confident now, thinking you have found the magical technical indicator

8) Yet, you still continue to lose money everyday. You realize that your indicators are lagging and that every other new trader is probably looking at the same thing. 

9) You realize that you are the sucker 

10) You are in the conscious incompetence stage 



                                                                                                
                                                                                                                to be continued.............