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Did you ever get busted at school for copying a person’s work next to you or cheating in a test and looking at someone else’s answers?
I’m sure all of us have done it at one point or another. Here’s the thing, at school that’s a punishable offense. It is something that is against the rules. But in the real world and in trading, copying is something in which can be really powerful and valuable.
Now, I’m not talking about these copy trading services where you put your money in and you blindly subscribe to someone else’s trading strategy and let them do the trading for you. That’s not what I’m about at all.
Everything that you do in your trading is your responsibility.
We must take personal responsibility for our own money because if we don’t then we go to someone to blame when something goes wrong. If we have someone to blame, then we are not going to be truly attentive to our own needs and objectives. So copy trading is out as far as I’m concerned.
Here is where copying is actually really helpful…
If you do a search on the internet or you read a bunch of books, you are going to come across a whole range of ideas for trading systems and strategies that you could use. Now, one of the best sources for trading ideas is other people’s work – Systems that are published, systems in books, bits of indicators and rules that people have put out there on their website.
But here is the thing, personal responsibility is one of my key driving forces or driving motivators when I’m talking with my students in the Enlightened Stock Trader Development Program. Every student and myself included must have complete personal responsibility and accountability for our own trading decisions. If you are going to succeed, you need to take personal accountability as well.
How does that relate to copying?
When you are looking at books and website and everything, keep a journal or a diary of all the trading ideas that you come across. Then learn how to test your ideas properly … Like I teach my students in the Enlightened Stock Trader Development Program, the correct process for formulating, codifying, evaluating and optimizing your trading system.
Once you know that process, you can copy as many ideas as you want and put them through that testing and development process really quickly and identify only the ones which are the most promising, the most profitable.
Copy as many ideas as you want, but personal accountability, personal responsibility is the key.
You must know how to test your trading ideas and once you know how to test them, you can take ideas from any place you can think of, test them quickly and easily, find the profitable ones that are promising that fit your personality, your objectives, and your lifestyle. Then take them through to completion and trade with them in your own account.
Copy away but don’t resolve responsibility.
If you want to learn how to quickly test and evaluate trading ideas that you’ve come across in books or online or in any other source, then enter your name and your email in the box below and find out more about the Enlightened Stock Trader Development Program.
In that program, you will learn how to formulate, codify, evaluate, and optimize any trading idea that involves technical price action. That way you can have confidence in trading ideas that you use, and you can copy other ideas, make them your own, and have complete personal responsibility and accountability knowing that you have tested the ideas properly.
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