just a quick question to those of you who are consistently profitable. obviously discipline and self-control are some of the most significant traits one can develop as a profitable trader. at the time when you understood this and how it applied to your strategy. how long there after would you say it took for you to get to the level where you were actually very disciplined in your trading?
i would day it took my one blow out and then another year of refining my system and reading my rules every morning.
I studied the market for a year testing all different types of strategies while only putting minimal money in the market back in college. I flunked out of college of course pretty much on purpose because i had so much confidence in what i had developed out of my studying and then pursued the market ever sense. My advice to you is to develope more than one system or strategy. Whenever i ran into trouble i would always turn to another method and then study and refine my most profitable strategies. I would turn into a nervous wreck if i knew i only had one profitable strategy because of the chance of that strategy failing on me. Lesson number 1- Spend large amounts of time exploiting all timeframes of profitability. Lesson number 2- Devlope multiple strategies that give you confidence in the market.
The blowout helped me realize the importance of money management rules and systems. Risk management is critical to good trading.
trading options on the NY softs. No stops allowed on ICE. In the grains i was short wheat calls when the big rally came in minneapolis wheat. eventurally the calls i shorted were worthless had i had the guts to add more money for the margin call. oh well