How did you get to where you are now?

Discussion in 'Trading' started by mEmmerrr, Dec 7, 2008.

  1. mEmmerrr

    mEmmerrr

    Thinking back to when you were in the early stages of your trading days, what was your most influential knowledge source?

    Ive read various books on technical analysis and have a reasonable working knowledge of most of the key things.

    I could continue buying book after book and reading about how indicator after indicator in constructed, how the textbook says it should be implemented but im not convinced this is the best way.

    Obviously personal experience is an excellent way to learn by actually trading which I do, but I am looking for ways to speed up the learning process.

    This is pretty badly worded, its a hard question to phrase I think.

    Cliffs:
    What is the main thing that you would identify that got you to where you are today in terms of your working knowledge of trading?
     
  2. Lucrum

    Lucrum

    School of Hard Knocks.
    Thousands of hours of screen time and (slowly) learning from mistakes. Which I still struggle with from time to time. There are no short cuts. And it's a journey, not a destination.
     
  3. seadog

    seadog

    Yup! Agree with both.
     
  4. A comedy of errors.
     
  5. There are only three kinds of traders in this world - those that are good at math, and those that aren't...
     
  6. Its not until you give up everything that you receive it.
     
  7. bighog

    bighog Guest

    Math is not needed for directional trading and directional trading is where the money is, unhedged and unfiltered. Quants use math and we all see their results regularly as they blow themselves up and manage to take the whole ststem down with them.

    Progress only comes from continual learning by reading books in the beginning and then after some actual experience from firing away with real live ammo you go back and "REREAD" the same books. Upon rereading the books with some battlefield scars on your war record you will be more aware of what the author was trying to implant into all the readers thick skulls.

    After you get past the beginning phases of learning any profession by getting a firm handle on the mechanics required you progress to what i call the "elimination" phase. This is the phase where you eliminate most of the myths and bullshit about this profession. You will not be trading with a laptop on some ocean beach with the babes rubbing lotion on your johnson while sipping a cocktail and whacking off 77 handles in ES while never breaking a sweat.

    You progress to enhanced learning by honing the skills that work, your skills improve as you now have eliminated what does not work.

    Daytrading a single instrument will concentrate the learning process because daytrading is about making a lot of decisions and testing your mental state. Pick the instrument that many are scared shitless of because they got their heads handed to them after 5 or 6 trades. Pick the e-mini ES as your weapon of choice and you will learn a lot more a lot faster.

    Keep it simple, KISS works, it always has and it always will. Why? Well price and price only is what matters and price can only do so much. DUH!!!!! You should have dropped all the esoteric silliness in the elimination process of learning. Always remember that vendors have lots of bullshit indicators etc to tell you how to make a fortune. Gee, how come they are not trading?

    Computers and math have nothing at all to do with directional trading, computers speeded up the game but DID NOT CHANGE THE GAME for normal everyday retail directional traders.

    Have fun, good luck and i repeat, learn, go back and relearn what you think you know, work on the losers and ask why you lost. (notice i said why "YOU" lost, do not blame the mkt, the quotes etc). Do continual progress learning and then and only then will you perfect the skillset to win in a game of probabilities and odds. After you perfected the mechanical parts of the game then you will realize this is a game NOT of science but a game of ART. Artform is developed not bought. the rest is up to you.
     
    beginner66 likes this.
  8. ess1096

    ess1096

    I didn't get that until I read it twice! :D :D :D

    To the OP, the tutorals of your choice are neccessary. All, some or one of the following........books, magazines, seminars, websites, newsletters, IBD, Barrons etc...) But there is NO substitute for SCREENTIME. Put in the hours until you are numb.
     
  9. seadog

    seadog

    Try 5 years, 15,000 hours of screen time. If you can stick it out, it is well worth it.
     
  10. Experience comes with stiff tuition and many sleepless nights. I kid you not!

    But those books ain't going to help you succeed. Most of them are worthless. Just as you can't drive a car or fly an airplane just by reading the driving manual, ya ain't gonna gain much experience by reading book after book filled with crap.

    Anyway, if you're in serious need of a fresh start, I encourage you to visit this noob's very own Cliffs Notes at Unholy Grail to Success. Perhaps it could turn you around!
     
    #10     Dec 7, 2008