Siam Kidd is happy to admit that he's not a genius at anything. This has meant he had to try harder than most people to be good at things. This has meant gaining a greater understanding of whatever it was he was doing.
Not being a genius has served him well, and when it comes to trading, he knows exactly where people make mistakes because he made them too. So now, as the Realistic Trader, Siam Kidd can point people in the right direction. This applies as long as they have the correct trading mindset.
Takeaways
The biggest misconception in trading is that you can get rich overnight
Having the right mindset is half the battle
You must analyse your trades to see what worked, and what did not
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Siam Kidd was once a member - an officer - in the RAF, and that offered him the training that he feels is needed to be a good trader. It is discipline, it is analysis, it is the ability to ask questions of oneself and get the answers. It is these things that have helped him become the expert in trading that he is today.
He worries about the reasons that some people turn their hand to trading in the first place. It is not, says Kidd, about getting rich overnight. So many people are convinced that this is exactly what will happen that they plunge right in… and lose the lot.
In fact, Siam Kidd became to outraged at all the fake brokers and 'experts'. He was concerned they told people they could make tens of thousands when trading and quit their day jobs within a couple of weeks.
As a result he set up The Realistic Trader. This is designed to help people get into the right mindset. As the name suggests, this means being realistic about what to expect from their first year (or more) in trading.
There is a problem with sex when it comes to trading. That's Siam Kidd's word for it, and it makes sense - 'sex' is the setup, the entry, and the exit. This is what people seem most concerned about, but it is what happens in between that really counts. This is where the excitement is, where the profit will be made, or lost.
People need to understand that there is no shortcut to successful trading. The first year or so is a learning period, nothing more - don not expect to walk away with hundreds of thousands in the bank during that time.
The first year has to be where you ask yourself important questions about how to make more money when you win and less money when you lose.
Another important factor that Siam Kidd needs everyone to remember is that analyzing your trades is essential if you want to progress. Whether you win or lose, looking back at what you did and how you did it is how to become better.
Siam Kidd has enjoyed a number of useful books over the years. His absolute favourite has to be Van Tharp's Trade Your Way To Financial Freedom. As well as this, he recommends Michael Covel's Trend Commandments and Black Swan by Naseem Talev.
Trading is a pretty simple concept, but it is also easy to screw it up. Analysing what you're doing will stop you making the same mistakes over and over. That has got to be a good thing!
If you want to learn more about Siam and the way he trades he has plenty of videos up on YouTube as well as a massive, 3 hour long video course on his website.
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