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Posted by Eddiefl on 12-21-10 07:05 PM:

Most Important Lesson Of The Year.

Another year wrapping up. I was wondering what you guys think was the most important lesson or observation you discovered this year.

I will go first.

Two things.

1. more emphasis on the larger time frames; lower costs, larger gains, easliy add size. A stunning observation was in Nov., using a larger time frame, i made the same net points in 6 trades as i would of in 18-20, shorter time frame trades. Why make this any harder than it needs to be,.(note i see the same results as i did in Nov, in 5 years of backtesting.)

2. Stick to key several systems. A funny thing i also noticed, is many systems/methodolgies work. The "secret" is to trade it from 1/1/2010 to 12/30/2010, unless stats or results change.

In summary, stick to what works and the larger the time frame the more it works. at least for me.

Your thoughts and your findings

EF

Posted by Picaso on 12-21-10 07:25 PM:

Don't fight the FED - no matter what you think it's going up

Edit: nice timing, Pupu

Posted by pupu on 12-21-10 07:26 PM:

Most important lesson, two years running:

DON"T FIGHT THE FED

Picaso beat me to it by 1 min. must have direct access...

Posted by Eddiefl on 12-21-10 07:30 PM:

Quote from Picaso:

Don't fight the FED - no matter what you think it's going up

Edit: nice timing, Pupu

Picaso are the sheep led off the cliff at the end like the FEd will do to us eventually.

thanks,

EF

Posted by jajuanm2 on 12-21-10 07:37 PM:

Have patience to wait for trades in direction of daily or weekly trend. The guys trading from daily and weekly time frame have the money to move the markets.

Posted by shortie on 12-21-10 07:38 PM:

Quote from Eddiefl:

Picaso are the sheep led off the cliff at the end like the FEd will do to us eventually.

thanks,

EF

Hold your horses!!!

Why do you reveal the most important lesson for 2011?

Posted by Eddiefl on 12-21-10 07:46 PM:

Quote from jajuanm2:

Have patience to wait for trades in direction of daily or weekly trend. The guys trading from daily and weekly time frame have the money to move the markets.

jajuanm,

Thats affirmative ghost rider... Yes, you nailed it on the head. A big winner, needs the big money to be behind it and push it for days or weeks etc.

i agree.

Posted by Picaso on 12-21-10 07:48 PM:

Quote from Eddiefl:

Picaso are the sheep led off the cliff at the end like the FEd will do to us eventually.

thanks,

EF

It depends on what gives first...

Posted by Eddiefl on 12-21-10 08:02 PM:

Quote from Picaso:

It depends on what gives first...

I got a feeling when this sells off in early 2011,, it will be like 100 elephants heading out the same door.

Back to my original posts,those are the moves i want to catch.

IF you back up from a 60min or daily charts, you can clearly see 5-6 moves per year, that are the sweet money.

Thats what i am huting for, Big Game hunting.

EF

Posted by candles on 12-21-10 08:08 PM:

Quote from Picaso:

Don't fight the FED - no matter what you think it's going up

Edit: nice timing, Pupu

Quote from pupu:

Most important lesson, two years running:

DON"T FIGHT THE FED

Picaso beat me to it by 1 min. must have direct access...

Im with these two guys!
Easiest money yet once I stopped fighting the FED and JOINING them!!
love it.

Posted by Eddiefl on 12-21-10 08:26 PM:

Quote from candles:

Im with these two guys!
Easiest money yet once I stopped fighting the FED and JOINING them!!
love it.

So the biggest lesson arrived to in 2010 was dont fight the fed.

seems to be a common thread.

I was thinking people tweaked money management, system, new vehicle to trade etc..

Ef

Posted by shortie on 12-21-10 08:30 PM:

"The sky is the limit!"

Posted by Builder17 on 12-21-10 09:27 PM:

the need to be dispassionate about trades and overcome my ego has become pretty clear this year...

-picaso dont know how you always find these pictures, but they are great haha.

Posted by Eddiefl on 12-21-10 10:04 PM:

Quote from Builder17:

the need to be dispassionate about trades and overcome my ego has become pretty clear this year...

-picaso dont know how you always find these pictures, but they are great haha.

Mark Douglas talks about that, one single trade doesnt matter, take your trades in sets of 20,,add, look back, reavaluate the set of 20 trades..

I used that and it does go a long way to take the edge off any single trade.

Posted by Redneck on 12-22-10 12:53 AM:

My most important lesson

You think trading is tough – try being a parent of a teenage boy

Thank-less, end-less, and the pay sucks

They revert back to the terrible twos – in almost a man’s body

What doesn’t kill you – make you stronger – I suppose

=============================================

I’ve learned to separate, compartmentalize, and disassociate really well this year

RN

Posted by nutmeg on 12-22-10 01:41 AM:

Quote from Redneck:

My most important lesson

You think trading is tough – try being a parent of a teenage boy

Thank-less, end-less, and the pay sucks

They revert back to the terrible twos – in almost a man’s body

What doesn’t kill you – make you stronger – I suppose

=============================================

I’ve learned to separate, compartmentalize, and disassociate really well this year

RN

Don't mean to get off track here, I have to comment, I understand your dilemma and I'm aware you didn't ask for advice bet hey, it's the net.

When the father accepts the son as his equal and recognizes him for the man he is, your son will change.

In essence, you have to change first, then he will. sons can spend their life trying to earn recognition from their father, but you see, the father has all the power and until the father relinquishes (but will never lose the power anyways because he is the father) and accepts his son, life will be the same ol same ol.

I have seen this play out again and again, nothing changes until the father does.

On a personal note, I became friends with my Dad (good friends) when he accepted me. He made the effort, I was always there for him but we never connected till he wanted it.

Posted by nutmeg on 12-22-10 01:51 AM:

Most Important Lesson Of The Year

Don't be intimidated by the experts.

Read a few books this year that confirmed this point, esp in light of the financial crisis. Not that we shouldn't respect their opinion, think for your self and if you disagree, so be it.

Posted by Eddiefl on 12-22-10 02:17 AM:

Quote from nutmeg:

Most Important Lesson Of The Year

Don't be intimidated by the experts.

Read a few books this year that confirmed this point, esp in light of the financial crisis. Not that we shouldn't respect their opinion, think for your self and if you disagree, so be it.

Good one. Its true, most are author or analysts.

And we know authors and analysts dont make great investors, except Bufffet, but then again, I dont think he writes most of his own stuff.

Although, experts and expert instruction could possibly shorten the learning curve when you first start trading. I think eventuially it has to come from within.

EF

Posted by NoDoji on 12-22-10 03:53 AM:

Go with the trend until it ends, then go with the new trend.

Accept no profit less than your minimum profit unless price presents a solid setup in the other direction.

Set a minimum profit that's 2x or more your maximum loss.

Learn to consistently trade small size for large gains before sizing up.

Study setups until you have an arsenal of tactics that provides a positive edge in a variety of market environments (strong trend, channeling trend, wide range, narrow range, and chop). Set up rules for each type of trade. Follow your rules every day. DO NOT CHEAT.

Quote from Redneck:

My most important lesson

You think trading is tough – try being a parent of a teenage boy

Thank-less, end-less, and the pay sucks

What doesn’t kill you – make you stronger – I suppose

=============================================

I’ve learned to separate, compartmentalize, and disassociate really well this year

RN

If you told me just three years ago the alien demon we discovered living with us would become a focused, hard-working, kind, thoughtful and responsible person, I'd have had you committed on the spot.

RN, just live a strong example for your son day by day and grit your teeth through this one. It ends, there will be thanks, and...OK, the pay definitely sucks.

Posted by Eddiefl on 12-22-10 03:59 AM:

Quote from NoDoji:

Go with the trend until it ends, then go with the new trend.

Accept no profit less than your minimum profit unless price presents a solid setup in the other direction.

Set a minimum profit that's 2x or more your maximum loss.

Learn to consistently trade small size for large gains before sizing up.

Study setups until you have an arsenal of tactics that provides a positive edge in a variety of market environments (strong trend, channeling trend, wide range, narrow range, and chop). Set up rules for each type of trade. Follow your rules every day. DO NOT CHEAT.

If you told me just three years ago the alien demon we discovered living with us would become a focused, hard-working, kind, thoughtful and responsible person, I'd have had you committed on the spot.

RN, just live a strong example for your son day by day and grit your teeth through this one. It ends, there will be thanks, and...OK, the pay definitely sucks.

No doji,

Excellent post, very well said in both subjects.

This may be one of the better statements of the last several months: "Learn to consistently trade small size for large gains before sizing up."

You have to stay in the game long enough to know what you are doing.

EF

Posted by Redneck on 12-22-10 05:46 AM:

Nutmeg,

Your thoughts are always Welcome – Thank You

And one day I will accept my Son as an equal – and hopefully one day he will become my better

Yes - one day I look forward to being my Son’s friend

But not today…….

Today;

I will be a parent

I will teach him all things are possible – through hard work and good decisions

I will teach him manners, respect, humility, politeness, accountability, never to be afraid of hard work..., never to be afraid of asking questions..., how to be a man..., a father..., how to take responsibility for all his decisions and actions..., and how to be proud of his good decisions and actions....

I will teach him – no one is due anything…, except what they work and earn

Yes Sir one day I will be my Son’s friend – but not today….

===============================================================================================

NOD,

Halleluiah – There is light at the end of the tunnel….. And hopefully it ain’t a train headed my way

==============================================================================================

EF,

Sorry to deviate – but you did inquire about our greatest lesson this year – mine is still a work in progress Sir

RN

Posted by Eddiefl on 12-22-10 01:47 PM:

Quote from Redneck:

Nutmeg,

Your thoughts are always Welcome – Thank You

And one day I will accept my Son as an equal – and hopefully one day he will become my better

Yes - one day I look forward to being my Son’s friend

But not today…….

Today;

I will be a parent

I will teach him all things are possible – through hard work and good decisions

I will teach him manners, respect, humility, politeness, accountability, never to be afraid of hard work..., never to be afraid of asking questions..., how to be a man..., a father..., how to take responsibility for all his decisions and actions..., and how to be proud of his good decisions and actions....

I will teach him – no one is due anything…, except what they work and earn

Yes Sir one day I will be my Son’s friend – but not today….

===============================================================================================

NOD,

Halleluiah – There is light at the end of the tunnel….. And hopefully it ain’t a train headed my way

==============================================================================================

EF,

Sorry to deviate – but you did inquire about our greatest lesson this year – mine is still a work in progress Sir

RN

No prob RN,.

I just did ask for most important lesson of the year. I didnt specify "trading lesson", lolol..

BUt it is good advice and I hope the situation works for you and your son.

Ef

Posted by Scataphagos on 12-22-10 02:01 PM:

Most important? LISTEN TO CRAMER!

(Oh.. and "don't piss off the wife".)

Posted by Eddiefl on 12-22-10 03:24 PM:

Quote from Scataphagos:

Most important? LISTEN TO CRAMER!

(Oh.. and "don't piss off the wife".)

buy buy buy

sell sell sell...

House of Paaaiiiiiinnnnnnn!!!!!

the avg joes love Cramer,, he is certifiably nuts, but he sounds convincing. A little bit of confidence and some bells and whistles go a long way.

EF

Posted by Scataphagos on 12-22-10 03:26 PM:

Quote from Eddiefl:

buy buy buy

sell sell sell...

House of Paaaiiiiiinnnnnnn!!!!!

the avg joes love Cramer,, he is certifiably nuts, but he sounds convincing. A little bit of confidence and some bells and whistles go a long way.

EF

I sent him an email years ago... suggesting that he was "one big jerk"...

He responded that I should, "take a pill"... LOL!

Posted by Eddiefl on 12-22-10 03:32 PM:

Quote from Scataphagos:

I sent him an email years ago... suggesting that he was "one big jerk"...

He responded that I should, "take a pill"... LOL!

hahah,,classic.

I remember in 08, i wanted to email him. I had to sign up for some crazy ass newsletter to email him directly,,,(scam).

I think he was getting a shit load of heat back then, this may have been around the same time he recommened Lenny Dykstra as a real wall street guy,,haha,,

Lesson learned with Cramer, he is the walmart for retail investors. dont go there if you have other options.

EF

Posted by dirkd on 12-22-10 03:50 PM:

work on longer time frames and trade 1 strategy till your a master at that then move on to other strategies. also dont follow to many markets focus on just a few.

__________________
bob sehat

Posted by afto on 12-22-10 04:01 PM:

So, why not now?
He is a sovereign being with exactly the same wants, needs and aspirations as you. He has always been your equal even though he may display obnoxious behavior and seem totally out of control and unreasonable to you.
All the stuff that you mention (teaching him manners, respect, humility, value of hard work etc etc) whilst laudable, is also laughable compared to the benefits of having an expansive, loving relationship with him NOW, sans the control mechanism. Why wait?
Give him the freedom to make all the "mistakes" that you - and all of us - made in our "formative years" and let him know clearly and unambiguously that you trust him and stand by him wherever it leads. Be honest with him, be vulnerable - step outside the program - and allow him to flourish in ways you can't possibly imagine now.
Yes, its a big ask for anyone and I have also had more than my fair share of screaming matches with an "alien demon"adolescent son. My ongoing experience is that force just doesn't work in the long run, even if we believe in our heart of hearts that what we are doing is "the right thing" and an expression of parental love.
So, end of sermon.
These words are aimed at me just as much as anyone who has ever/is yet to to experience the raging, angry young man syndrome. As you say, trading is a piece of cake compared to all that.
Good luck RN..you always bring words of wisdom to ET.
I humbly submit that Nutmeg is offering very valuable advice here.
Let the stoning begin.
JMO

And one day I will accept my Son as an equal – and hopefully one day he will become my better

Yes - one day I look forward to being my Son’s friend

But not today…….

Today;

I will be a parent

I will teach him all things are possible – through hard work and good decisions

I will teach him manners, respect, humility, politeness, accountability, never to be afraid of hard work..., never to be afraid of asking questions..., how to be a man..., a father..., how to take responsibility for all his decisions and actions..., and how to be proud of his good decisions and actions....

I will teach him – no one is due anything…, except what they work and earn

Yes Sir one day I will be my Son’s friend – but not today….

Posted by Eddiefl on 12-22-10 04:03 PM:

Quote from dirkd:

work on longer time frames and trade 1 strategy till your a master at that then move on to other strategies. also dont follow to many markets focus on just a few.

good dirkd. I read in one of the recent trading books on systems/methodologies. It said, dont add setups, just add contracts.

EF

Posted by dave4532 on 12-22-10 07:27 PM:

Quote from Picaso:

Don't fight the FED - no matter what you think it's going up

Posted by drcha on 12-23-10 02:38 AM:

Redneck, I always enjoy your wisdom.

My lesson: Ignore the news. No, this time it is not different--ignore the news.

Posted by NoDoji on 12-23-10 04:00 AM:

Quote from drcha:

My lesson: Ignore the news. No, this time it is not different--ignore the news.

That is definitely one of the biggest lessons I learned this year. I know when the news is due to be reported and usually avoid trading right into a news report, but one of the best things I learned was to not even bother finding out what the news actually is, because everything you need to know is contained within the price action. What finally drove this home for me was seeing our automated system (based on pure price action) trade right through major news events week after week and never suffer a measurable blow to profits during those reports.

Posted by bone on 12-23-10 04:37 AM:

Look at where the CL future closes on Wednesdays (API-DoE), and where the TY future closes on the first Friday of every month (Civ Unemploy). If you can ignore the first 30 minutes of noise after the initial market reaction to the number, the settlements are remarkably sublime given the daily vol and ATR for each market. In fact, you could make the case that the dollar index, gold, and ES are much bigger correlators/market drivers on the CL than DoE and PAD inventories these days.

For me, at least, it seems that the market reaction to an economic release frequently does not follow what 'conventional wisdom' might dictate - almost a 'buy the rumor, sell the fact' kind of thing. It truly is all about not trying to think beyond that last price print in terms of what I personally think something should be worth - everything known about that contract is distilled in that last price print.

__________________
Spread, Relative Value, and Correlation Trading Instruction from a Professional Trader. The only thing that matters are Clients making money IN LIVE MARKETS. Why not interview my clients for yourself on an independent basis. My typical client is an outright directional trader looking to pick up an industry-recognized specialty technique. http://www.spreadprofessor.com

Posted by Piffle on 12-23-10 07:40 AM:

I know everyone says that you have to trade in a way that fits your personality, but sometimes a successful method just finds you when you aren't even looking for it. It would be pretty stupid to discard it if it could potentially make you a lot of money. I have been doing discrectionary trading for the last 2 months and it has been going extremely well. This really chaps me because I am a very analytical, math-brained person, but I'm not going to fight it if it is working this well. I can't reduce what I'm doing to any kind of mathematical equation, and I'm learning that that is ok. Yes I have objective signposts (S/R, dow theory, buy/sell volume) that I use, but I am basically trading by feel (that is painful to say).

This is my most important lesson of the year. Don't try to impose your view of what the market "should" be doing on your trading. Learn to see what it IS doing. I am getting away from trying to build mathematical models to predict the market and just learning to flow with the market. Not only has it been profitable (and I still have much to learn), it is very zen and very satisfying to feel in tune with the market.

I'm sure there will be plenty of new and "exciting" lessons in the year to come.

Posted by 9999 on 12-23-10 09:35 AM:

My lesson: my family is a bunch of scumbags

Posted by TraDaToR on 12-23-10 11:12 AM:

- Never stop to research new instruments to apply your strategies. Don't be afraid to drop a long time buddy instrument if you find another one with an objectively better edge. Keep your portfolio dynamic.

- Our business or part of it can be shut down overnight, be it by your country of residence laws, the exchange country laws, the exchange rules or your broker policies. Especially if you are profitable, as the best edges are sometimes in gray areas. Enjoy every day you can trade.

- If you are not a programmer and decide to hire people to write a quite high-end ( fast ) program, keep the number of persons involved really low. Not even for the eventual idea theft, but more because it is super difficult to get a large group of people working on each others' computer codes ... This one is not from my personal experience , I was just the witness of another guy's nightmare during fall.

Posted by benwm on 12-23-10 11:30 AM:

When I become emotionally destabilized due to a succession of losses (some would say, 'unhinged'), it is uncanny how poor a trader I then become. But I still find it hard to walk away and stop trading.

If someone was sitting next to me during those moments they could make a fortune trading the opposite side to me!

The other 98% of the time I am not so bad.

Posted by Eddiefl on 12-23-10 12:51 PM:

Quote from 9999:

My lesson: my family is a bunch of scumbags

Ouch,,lol,, I am sorry to hear that.

EF

Posted by Eddiefl on 12-23-10 12:55 PM:

Quote from TraDaToR:

- Never stop to research new instruments to apply your strategies. Don't be afraid to drop a long time buddy instrument if you find another one with an objectively better edge. Keep your portfolio dynamic.

- Our business or part of it can be shut down overnight, be it by your country of residence laws, the exchange country laws, the exchange rules or your broker policies. Especially if you are profitable, as the best edges are sometimes in gray areas. Enjoy every day you can trade.

- If you are not a programmer and decide to hire people to write a quite high-end ( fast ) program, keep the number of persons involved really low. Not even for the eventual idea theft, but more because it is super difficult to get a large group of people working on each others' computer codes ... This one is not from my personal experience , I was just the witness of another guy's nightmare during fall.

All good and valid points.

Did you have an account shut dwn on you?

I agree with the first part very much. I have stopped working a system that was working to add a new system. Never do that, if it is working just add contracts, dont end it. Or add the new system to your group of systems. If it is working , dont mess with it.

Posted by Eddiefl on 12-23-10 12:59 PM:

Quote from benwm:

When I become emotionally destabilized due to a succession of losses (some would say, 'unhinged'), it is uncanny how poor a trader I then become. But I still find it hard to walk away and stop trading.

If someone was sitting next to me during those moments they could make a fortune trading the opposite side to me!

The other 98% of the time I am not so bad.

Self control
self control
self control

When the brain is scrambled you couldnt hit the side of a barn with basketball. NO\ot saying just you, but "you" as in me as well. None of us could.

BEst to stop and walk away. BEtter setups down the road.

Posted by TraDaToR on 12-23-10 03:08 PM:

Quote from Eddiefl:

Did you have an account shut dwn on you?

IB sent me an ultimatum to stop my automated systems because of excessive messaging. The worst part was that I had always respected the exchange benchmarks and wrongly assumed that IB wouldn't mess with me as long as I respected it. I watch these products everyday and see programs doing even more cancel/replace with an other FCM than what I was doing and they are not MMs as there are no MMs on these markets. Lesson learned. These systems represented 1/4 to 1/3 of my income. I made a good year though.

Posted by Eddiefl on 12-23-10 06:09 PM:

Quote from TraDaToR:

IB sent me an ultimatum to stop my automated systems because of excessive messaging. The worst part was that I had always respected the exchange benchmarks and wrongly assumed that IB wouldn't mess with me as long as I respected it. I watch these products everyday and see programs doing even more cancel/replace with an other FCM than what I was doing and they are not MMs as there are no MMs on these markets. Lesson learned. These systems represented 1/4 to 1/3 of my income. I made a good year though.

Oh yes,

I remember your post from a couple months ago. So yes, your lesson is summed up: Make money while you can, things can change.

EF

Posted by athlonmank8 on 12-23-10 06:34 PM:

Watch porn AFTER you're done trading. Not during

Posted by Eddiefl on 12-23-10 06:55 PM:

Quote from athlonmank8:

Watch porn AFTER you're done trading. Not during

Never drink and watch porn and trade. Only pick two out of three.

Posted by NoDoji on 12-23-10 09:38 PM:

Quote from athlonmank8:

Watch porn AFTER you're done trading. Not during

Some porn you can watch during and after. I can't stop staring at this one

Posted by Eddiefl on 12-23-10 09:50 PM:

Quote from NoDoji:

Some porn you can watch during and after. I can't stop staring at this one

That is just obscene.......How dare you make us click on it.

How sweet it is!!!.lololol

Ef

Posted by anituchka on 12-23-10 11:08 PM:

Quote from Piffle:

I know everyone says that you have to trade in a way that fits your personality, but sometimes a successful method just finds you when you aren't even looking for it. It would be pretty stupid to discard it if it could potentially make you a lot of money. I have been doing discrectionary trading for the last 2 months and it has been going extremely well. This really chaps me because I am a very analytical, math-brained person, but I'm not going to fight it if it is working this well. I can't reduce what I'm doing to any kind of mathematical equation, and I'm learning that that is ok. Yes I have objective signposts (S/R, dow theory, buy/sell volume) that I use, but I am basically trading by feel (that is painful to say).

This is my most important lesson of the year. Don't try to impose your view of what the market "should" be doing on your trading. Learn to see what it IS doing. I am getting away from trying to build mathematical models to predict the market and just learning to flow with the market. Not only has it been profitable (and I still have much to learn), it is very zen and very satisfying to feel in tune with the market.

I'm sure there will be plenty of new and "exciting" lessons in the year to come.

I agree. I found that I am a disretionary trader. I tried to apply a structured system but found that just observing price action and trying to be on the same wave as the market, is much more profitable for me.

Posted by anituchka on 12-23-10 11:11 PM:

Another lesson for me this year: treat each trade absolutely separately from your previous trades and don't let losses or wins affect your next trade.

Posted by Eddiefl on 12-24-10 03:23 PM:

Quote from anituchka:

Another lesson for me this year: treat each trade absolutely separately from your previous trades and don't let losses or wins affect your next trade.

+100

Posted by logic_man on 12-24-10 04:16 PM:

If you're right 60% of the time, in this business that's not a failing grade, that's an "A".

Posted by jinxu on 12-24-10 04:39 PM:

Good trading advice is like advice on quitting smoking. No matter how much you show that smoking is bad, most people will still not listen. Some may quit eventually but only by the hard way. The rest will get cancer.

Everyone thinks they will become the next trading success story, but statistically that's not possible.

In trading:
Those who don't know, love to talk.
Those who truly know, don't like to tell.

On ET:
Those who don't know, love to give advice.
Those who know, don't give a damn.

This is my 277th post and will be the last one for the year.

Posted by pspr on 12-24-10 05:02 PM:

Biggest Lesson: Discovering I'm not as smart as I think I am.

__________________
Wally

--------------------------------
"In actual practice a man has to guard against many things, and most of all against himself."
--- Jesse Livermore

Posted by Eddiefl on 12-24-10 06:15 PM:

Quote from pspr:

Biggest Lesson: Discovering I'm not as smart as I think I am.

lol,,i hear you. Nothing like a 2 month streak and then a 2 week drawdown from hell to bring me back to earth.

EF

Posted by momoNY on 12-24-10 06:45 PM:

Completely agree with you. It seems the terrible twos last only 10-12 years, before the terrible 15s start! where you can look for friendship, and may be teach him to trade.
Until then just be a good parent.

Momo.

Quote from Redneck:

Nutmeg,

Your thoughts are always Welcome – Thank You

And one day I will accept my Son as an equal – and hopefully one day he will become my better

Yes - one day I look forward to being my Son’s friend

But not today…….

Today;

I will be a parent

I will teach him all things are possible – through hard work and good decisions

I will teach him manners, respect, humility, politeness, accountability, never to be afraid of hard work..., never to be afraid of asking questions..., how to be a man..., a father..., how to take responsibility for all his decisions and actions..., and how to be proud of his good decisions and actions....

I will teach him – no one is due anything…, except what they work and earn

Yes Sir one day I will be my Son’s friend – but not today….

===============================================================================================

NOD,

Halleluiah – There is light at the end of the tunnel….. And hopefully it ain’t a train headed my way

==============================================================================================

EF,

Sorry to deviate – but you did inquire about our greatest lesson this year – mine is still a work in progress Sir

RN

Posted by Tonkadad on 12-24-10 07:54 PM:

Quote from Redneck:

My most important lesson

You think trading is tough – try being a parent of a teenage boy

Thank-less, end-less, and the pay sucks

They revert back to the terrible twos – in almost a man’s body

What doesn’t kill you – make you stronger – I suppose

=============================================

RN

Currently living that dream, 14 (6'2') and 17 (6'3") I miss the days when I could physically pick them up to get my way.

Posted by mindtrade on 12-24-10 08:27 PM:

Quote from jinxu:

On ET:
Those who don't know, love to give advice.
Those who know, don't give a damn.

This is my 277th post and will be the last one for the year.

You should add:
Those who can't make money, try selling their worthless system.

Posted by mindtrade on 12-24-10 08:29 PM:

My biggest lesson learned has been cut losers short and ride winners, don't over trade!

Posted by EminiCoach on 12-24-10 10:39 PM:

I agree pretty much with the theme of this thread.

1. Scroll back to longer time frames
2. Trade with the trend
3. Be Unique - be able to make informed trading decisions for yourself

__________________
Learn How to Identify High Probability Trading Setups @ http://www.eminitradingcoach.com

Posted by magix3d on 12-24-10 11:00 PM:

lessons of the year

1.) Always trade, and stay in the market. (pay attention to it). It will help teach you to keep your emotions under control. ( i periodically go in the market for 2-4 months then hit a losing streak, then take a break, then come back) But each time I get back and stay in I have this emotional euphoria that impairs my judgment.

2.) When he ADX is relatively low, look out for a quick move (up or down) soon.

Posted by Eddiefl on 12-25-10 03:19 AM:

Quote from EminiCoach:

I agree pretty much with the theme of this thread.

1. Scroll back to longer time frames
2. Trade with the trend
3. Be Unique - be able to make informed trading decisions for yourself

Agree on all accounts. I got to say the longer time frames for me, changed it all.

EF

Posted by Rowdy Duty on 12-27-10 05:24 PM:

Happy Holidays to all,

This will sound oversimplified, the one thing that I've told myself over and over this year is "Relax, there is plenty of time". I say this to remind myself to stay out of my own way. I know there is always a new setup just around the corner. I trade crude exclusively and those of you that do as well will know what I mean.

Be safe everyone. Much success to all in the new year.

__________________
Rowdy

Posted by nutmeg on 12-27-10 06:02 PM:

"Don't Risk What You Don't Have Enough of to Get More of What You Have Plenty Of."

Fer example: don't have enough money? Don't risk money with the intention of gaining more freedom or independence. (roughly speaking). You might have plenty of freedom now, although little money. Shit may backfire on ya {:>)

This quote stuck with me. From a book "Letters to a Young Lawyer" A Dershowitz.

http://search.barnesandnoble.com/Le...e/9780465016334

This book has excellent advice that is applicable to all professions. Short, quick read long on required thought.

Posted by Eddiefl on 12-29-10 04:46 PM:

Quote from Rowdy Duty:

Happy Holidays to all,

This will sound oversimplified, the one thing that I've told myself over and over this year is "Relax, there is plenty of time". I say this to remind myself to stay out of my own way. I know there is always a new setup just around the corner. I trade crude exclusively and those of you that do as well will know what I mean.

Be safe everyone. Much success to all in the new year.

+1, i agree on this. Its an issue i had and still have every now and then.

I read somewhere, "the most money i ever made was when i sat on my hands, either not taking risky trades or sitting on hands and letting winners run".

How well said, it took me a couple years to "get" what he was saying.

EF

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