If you could go back in time to when you were a new trader

With all that you know now, what would you tell yourself?

 

Slow down. Have a concise plan and execute it well. This will take years not weeks or months.

Edit: Oh and buy lots and lots of bitcoins then sell at least half when it hits 1200. =)

 

Don't try to be smarter than your own plan.

 

I would give myself my finished rule set and would have started making money 2 years earlier

 

Stay away from hookers and blow. Only stick to the black tar and strippers!

 

I would tell myself to find DbPhoenix right away.

We can tell ourselves all we want about the technical aspects of trading, but like anything else in life, we won't have developed a belief in that information, even though it was coming from ourselves. This confidence and belief develops as a result of doing the backward and forward testing and I wouldn't want to tamper with that experience.

Gringo

 

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Good points , good plan.

a]To keep it realistic + helpful, do NOT pretend you know $50 was a topping area for silver..................................................................So do NOT even pretend you know future prices, trading,investing-futures are NOt about the future anyway. Stock trends usually are smaller than metal or oil ........ trends

[z]READ more{Jack Schwager,Proverbs} if i missed much of the big move in 1964 JFK silver half dollars;;dont worry big trends may happen anytime%%%%%%%%%%%%%%%%%%%%

Wisdom is profitable to direct

 

I would tell myself to read Al Brooks' Reading Price Charts Bar By Bar and Bob Volman's Forex Price Action Scalping, then choose two setups and develop a positive expectancy plan for trading them and trade in a simulated account until I'd developed a trader's mindset as described in Mark Douglas's books.

I started trading a couple months before dbPhoenix 's plan development thread at Trader's Lab. If I'd come across it back then, I doubt I'd have "got it".

We're all doing what we think is best at the time.

 

And sometimes we're just lucky. I was fortunate in that the first book I read was How To Make Money In Stocks, in the 80s, so I was never sucked into the indicator mire. When I turned my attention to futures in the 90s, I somehow lucked into an association with Teresa Lo, who acquainted me with Richard Wyckoff, so I was never exposed to the entanglements that plague struggling traders.

 

Db and his association chart:

1980's -> O'neil
1990's -> Teresa Lo
2000's -> Wyckoff
2010's -> Gringo

Db has been pretty consistent in finding gems throughout!

Gringo