Discussion in 'Professional Trading' started by efyou, Jul 23, 2011.
If you haven't started trading yet, you're not a new trader... but an aspiring trader.
I wouldn't even call most people with under 2-3 years of experience traders, most of the time they're still learning the ropes.
Consider yourself a 'market trainee' until you're consistently profitable. A big ego is the main cause of "new" traders blowing up their first accounts.
When your eye starts to twitch, reduce size.
Remember the expert rule.
Start with FX. Put 50 bucks into an account. And learn with that.
Pigs get slaughtered.
Losers average losers.
Indicators confirm price action, not the other way around.
Let's see.....what else......I think that should do for starters.
Haha I got that. In my second year. So last year. I'll give him another one. This one is for slow learners like me I guess.
I noticed changes in personality. I was very empathic, caring, what not. I stopped all that, laugh at idiots now. Movies I used to get emotional about, nah, just don't care. I believe this happened...
A shut down of Serotonin in the brain. I have read about scarcity problems and tests done on squirrels. Serotonin will shut off when not enough resources available. Probably prepares them for death. This may be why some old lady will die after her husband dies.
Interesting bodily reaction to extreme stress. I would doubt our dear friend Mr noobie will get this. It took me 16+ hours a day for 3 years of pure stress and fight to have my brain surrender. I have not though, and never will. I kinda like the new me, more robotic. I think I have turned myself partially into a psychotic, not completely devoid of emotion and empathy, but getting there.
Advice, from a loony... Uh, maybe a stress ball?
If you find yourself making the same mistakes at the start of your second year of trading as you did at the start of your first, that's a huge red flag.
Basically, the evolution of a trader is that you make mistake after mistake until you finally stumble into something that works. Or you don't.
Whoa, serious wealth wounds. The key is not to be worried about money--- the old adage only trade what you can afford to lose is great wisdom. Also believing that you are destined for success will prevent self sabotage. Many simply don't feel worthy due to negative conditioning thus need to play all kinds of psychological games like ilum described.
Come on folks, it's really not that difficult.
Spend as much time as you can in front of a screen learning how to read price action. If you can't pick that up and catch on the sometimes subtle natures of the market you will lose consistently. Reading price action is probably as close as you get to the holy grail, even though such a thing doesn't exist.
I would suggest learning price physics. That is how the market works, and I only have one other acceptable theory, and that's pairs trading.
Read some books, study the charts for a couple months then find a mentor, that's the cheapest easiest route period.
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