I was identified and invited to be a member of OANDA’s Elite Trader’s Club in 2015. I was asked to fill in a survey, for $50, on trading and the results were published in an article here.
I think that’s quite an affirmation of my success as a retail forex trader. But I don’t know what they mean by “top traders”. I heard it’s got something to do with account consistency, like how long your account lasts above a certain dollar amount. Doesn’t matter. Neither is it that important to me, other than the $50 they gave and the occasional free premium meals and exclusive invites to talks by industry pros which don’t really fit my taste. I’m casual.
That why the only event I attended was their first and so far only family day event which I enjoyed the most!
Anyway back to the survey results.
Here’s an interesting quote.
“Being aggressive was the least favoured option, chosen by only 14% of those surveyed.”
I was one of the 14%. I chose being aggressive as an important key attribute in being an elite trader.
Quite a while back I also took a trader psychology survey by a famed trading psychologist Dr Van Tharp, whose book “Super Trader” I really enjoyed reading, with some pinch of salt. (As he was not a trader himself)
Go ahead, try out the survey. It’s quite professionally done. His courses after all, costs thousands of dollars.
My Trader Type turned out to be the most likely to struggle to succeed. The Adventurous Trader. The survey churns out a nice report to describe your strengths, weaknesses, and of course, how you can benefit by buying his books and courses.
Well, here I am now. The black sheep of the top traders who favour aggression, and considered the type of trader with the least chance of success.
So, I came up with my own type: The Smart Casual Trader type.
Don’t let anyone tell you who you are. You know yourself the best. You know your edge. Who cares who is the top trader and what are his qualities and how he is trading. He may be unhappy, unhealthy, stressed. Well, of course I’m stereotyping, but what I’m saying is, a very simple:
It’s your journey. I get invites to the Elite Traders club events, which I really appreciate but I don’t really like, because they are usually held at night (family time), at high class restaurants (ok, who doesn’t like free expensive meals but I’d rather have family meals with my kid), and with an invited expert who talks about stuff I don’t understand nor use for my trading. In fact, I avoid such events, because they may influence the way I trade, and thus lose my edge against the rest of the attendees who are listening to a guru’s advice and therefore second guessing themselves. Or worse, blindly following the guru. (That makes you wonder…How are these people invited or qualified to be in the Elite Trader’s Club? Easy question. Figure it out yourself.)
Without disclosing too much about what goes on in this exclusive club (no, there’s nothing that….what were you thinking huh?) I just want to write about my experience that being recognized as an elite trader is indeed an affirmation, but it does nothing to me. Neither did the survey that told me I have the least chance of success. And neither does the statement about the 14% of traders that chose aggression as a key quality make me feel like it’s wrong.
Who knows, those 14% are the ones making the top bucks, which isn’t surprising to me.
So the bottom line is this: Be yourself. Find your edge. Trade a system you are comfortable with. Don’t let others influence you by saying your strategy is lousy.
The results speak for themselves. Tell them to show you the money, then we’ll talk. If they are not willing, show them the hand.
Or the finger if you prefer.
Happy trading, from the Smart Casual Trader Type R. :DDD
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