How to become a successful trader?

777 · Jan 24, 2021

themickey said:
My estimation there are a good couple of hundred at least succesful ET traders, that from the list of those whom I follow on ET, plus many others.
However, most seldom post frequently, they keep a low profile, they have nothing to crow about.
As well, many have been here on ET for numerous years, there is little more to talk about.
Every trading subject has been thrashed to death.
There is nothing to learn much, nothing worthy to debate for them, its all been said before.
The search function is what to use or google the word "Elitetrader" plus the subject to find archived stuff.
Plenty of very talented traders on ET, but it's not obvious at first.
What it is, the low key guys are drowned out by noise when looking on the surface.
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I ha

themickey said:
My estimation there are a good couple of hundred at least succesful ET traders, that from the list of those whom I follow on ET, plus many others.
However, most seldom post frequently, they keep a low profile, they have nothing to crow about.
As well, many have been here on ET for numerous years, there is little more to talk about.
Every trading subject has been thrashed to death.
There is nothing to learn much, nothing worthy to debate for them, its all been said before.
The search function is what to use or google the word "Elitetrader" plus the subject to find archived stuff.
Plenty of very talented traders on ET, but it's not obvious at first.
What it is, the low key guys are drowned out by noise when looking on the surface.
More...

I have found a couple of strong ET traders who rarely post and have been privileged to develop private chat with them.

Coner1980 · Jan 24, 2021

777 said:
Great Question!

Most people willing to speak with you at length will be losing traders.

Most guru's-for-hire are hustlers and losing traders.

Most traders lose, especially day traders.

Only a few ET posters will be worth listening to and you have to sus this out.

Things change: Big edges stop working. Candy stores close: SOES Bandits, for example. Listen skeptically to even people who used to win.

-----

Shoenfeld, years ago, was the largest trainer and backer of day traders and they gave that up to become a multibillion dollar quant firm.

Fifteen years ago I knew well over ten strong winning trader's; they all lost their edges and quit.

------

You will be outgunned in information, technology, execution, costs, and so on.

A good book to help you understand what is what is Traders of the New Era. The author occasionally posts on ET

If you are very serious, here is what your goal should be:

What you would like to do is find a winning trader who will chat with you. Better yet would be if you could provide value to that trader's life or even work for them

.
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Thank you for the advice!

Burigelv · Jan 25, 2021

It's really interesting, and I have my own logic there

777 · Jan 25, 2021

777 said:
Great Question!

Most people willing to speak with you at length will be losing traders.

Most guru's-for-hire are hustlers and losing traders.

Most traders lose, especially day traders.

Only a few ET posters will be worth listening to and you have to sus this out.

Things change: Big edges stop working. Candy stores close: SOES Bandits, for example. Listen skeptically to even people who used to win.

-----

Shoenfeld, years ago, was the largest trainer and backer of day traders and they gave that up to become a multibillion dollar quant firm.

Fifteen years ago I knew well over ten strong winning trader's; they all lost their edges and quit.

------

You will be outgunned in information, technology, execution, costs, and so on.

A good book to help you understand what is what is Traders of the New Era. The author occasionally posts on ET

If you are very serious, here is what your goal should be:

What you would like to do is find a winning trader who will chat with you. Better yet would be if you could provide value to that trader's life or even work for them

.
More...

"Most guru's-for-hire are hustlers and losing traders"

+ unless they are front-running a large chat room/ social media following. Lol.

2xtrader · Jan 25, 2021

Coner1980 said:
As a newbie what things we should consider to become a successful trader? Plz help me to understand it.
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What do you use and see used daily? Buy their stock, build your portfolio like that. Actually buy mutual funds that have many of these stocks in their holdings.

Learn the vocab, ask questions, take good advice and try and poke holes in it, if the play still seems solid go in, and go big - 100+shares.

2xtrader · Jan 25, 2021

marsku said:
Forget technical analysis.
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I agree with this. There isn't technical analysis on crypto, I understand the ideology of BTC and the niche that is THETA but if I were to hear technical analysis on it I would never open a binance account, I'd bury my head under the pillow.

In my experience, news is the ultimate needle mover: bull, bear and now hyperbull!

GSX was dormant for two months, maybe more, it was $55 ten days ago, and today out at $115.

News my friends, news.

2xtrader · Jan 25, 2021

padutrader said:
the emotionally difficult trades.......that look horrible are the ones that are lucrative.

but the problem is not so much what position too take, long or short but how to manage them...where the stop should be...the size.....when to get out.......

this is where your focus should be.
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yes, my accounts changed so much when I started thinking about, what will be my exit price?
Then setting them on my alerts or orders, most times I set them too low, other times I never set them and they became long term holds then I sold after I broke even. MATX, CSCO and TWTR some of my impatient, greedy, misinformed misses.

I'm thankful for the lessons learned being cheap.

2xtrader · Jan 25, 2021

Scataphagos said:
There are 2 big obstacles to becoming a successful trader.

1. Learning Technical Analysis. It's the ONLY way. Anyone who tells you otherwise doesn't know what he's talking about! (Specifically, "Price TA". You get paid when "your play is in tune with price". Period!)

2. The obstacle course "between your ears". Learn what you need to know... discipline to see it "on time and act on it". Sounds easy. Isn't.
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I'm new here and respect your members, with that said analysis doesn't have to be technical.
If you are a consultant for hire, you want the client to need your technical analysis- you shouldn't and you don't need them.
Independence is where it's at. If you have money, make it grow

padutrader · Jan 25, 2021

777 said:
Most traders lose, especially day traders.
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i can vouch for the day traders......l have lost for 13 years.....

2xtrader · Jan 25, 2021

Pegrinn said:
You cannot treat trading as a game. Because it will give no result other than disappointment and loss.
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I stopped sports gambling to invest in equities and crypto, I regret I didn't do it 20 years ago.

The NBA bubble playoffs was the nail in the coffin. Besides that a good season for me would be being up $300 to $1000 at the end of the season after making over 50 bets to do it. SMH I was spinning my wheels and couldn't see it.

Now I make sound decisions in sound sectors, I've been doing way better than ever.