How this newbie turned the tide.

Discussion in 'Psychology' started by tradetesticles, Oct 5, 2008.

  1. 1) Buy and hold isn't really safer no matter what people say about it.

    2) Don't watch market news shows. Especially that mealy mouthed pig fucker Jim Cramer.

    3) Don't listen to morons who say TA doesn't work because some eggheaded economics professor at university of failure said there was no "scientific proof" behind it. The only science you need as a trader are methods that provide results. Everything else is garbage or white noise to be filtered out.

    4) Start out trading small and work on developing your own pattern analysis. Read a few books that go over the very basics of TA but experiment to create your own recognition through trial and error. Experience is everything. The vast majority of books out there contain maybe 10% of useful material and most of it is stuff you can find for free.

    5) Shut out the advice of acquaintances or friends who don't know shit about the stock market but think they do.

    6) Discipline is huge. Most people are undisciplined that's why trading has a 95% fail rate. Around the same number of people who fail to make it in other high stress high discipline jobs.

    7) Start out practicing or trading the index and learn how the market moves.

    8) There is no such thing as easy money in the beginning. Hold on to your balls because they will get pounded with a mallet until you figure things out.

    9) When things start to make sense and you start turning a profit don't let it feed your ego, fear, or guilt. Have confidence but remain indifferent.

    10) Manage your time and money wisely.

    11) Self criticism and keeping a daily trading journal for yourself is important.
  2. I've never seen a post on ET that I agreed with more.

    We've had professors come on this site, which is funded by guys that made $100 million or more in their own lifetimes starting with corporate jobs, and tell us that trading can't work!! I hate those idiots, they have theories that are supported by public monies that never have to work, trader's theories have to work, way, way different ballgame.. I say once we have our theories complete we should find a way to give those idiots the upraised middle finger salute every single day for the rest of our lives........
  3. Excellent post :)
  4. Welcome to the Club! :) I think you'll like it here!
  5. Great post C-Kid.
  6. definitely a good post.
    i doubt however that newbs will understand each point posted by the OP. i doubt.... let's face it, when each of us were noobs, we didn't get it either...
  7. All 11 pieces of advice could be reduced to one sentence. Study the market for yourself. With no surprise that is quite the rarity.
  8. I'd like to add to your point "Study the market yourself" with the quip "the market is the best teacher'.

    Trading the market results in questions and too often we ask or seek out what someone else has said or written about what has happened. We need to formulate our own opinion first then test that opinion with what others conclude, not vice versa. A case of letting others do our thinking for us, imo this is lazy and not productive.
  9. rickf



    I would add one more -- "find what works for YOU" based on YOUR risk tolerances, goals, and personality.