Great reply RN! I appreciate the honesty and think you hit the nail on the head. Acceptance of failure and of things out of our control is such a tough prospect for me. From 2006 to 2008 I lost close to $2 million between the real estate I owned and a managed broker account with a "professional" money manager. That's the main reason I want to trade my own money. I'll never invest with a big bank /broker again! Anyways, that loss was tough and I'm just now recovering, not only financially, but most importantly psychologically. I think that experience will be invaluable as a trader. Thanks for that realization RN!
da11 You're Very Welcome Sir This very same impetus propelled me into trading..., and why I hold contempt for this industry Not actual traders..., just the industry and bullshitters Much Success RN
Here is what I would do different: 1) I would work on being incredibly humble. Recognizing that everything, other than discipline, that I bring in from my previous successes most likely will be a detriment to successful trading. 2) I would revise my definition of discipline to be so strict that if I broke only one rule, it means I am completely undisciplined and now unqualified to trade for a set amount of time. 3) All trading systems I considered would first need to be logical and robust (IF this, THEN that) so that they will show the same thing in any market and any time frame, and can be successfully traded in all markets past, present, and future. 4) When receiving ANY advice from other traders, I would tattoo on my brain the following words - "Trust, but verify!" 5) I would embrace the following fact, What worked for others may not necessarily work for me. 6) I wouldn't start this journey for the potential money, because for the same amount of work there are many other disciplines were you can make good money even with average to above average performance. Not so in trading. 7) I would trade small amounts of money until I was consistently profitable AND consistently ALWAYS following my trading plan over a period of at least 6 months. Small amount of money could be 1 weeks wages for example. 8) With measurable metrics, if something wasn't working for me (even if it worked for others just fine) I would cut it quickly and try something else. You can get stuck in stupid rabbit holes because you are trying to be something you aren't meant to me. You aren't that type of person. 9) Understand that the system that makes you successful and makes you money in the markets will only last so long... then the markets change, and quite possibly your system may not work any more. (ie. pit traders to electronic... scalpers to HFT's) 10) Journal every single trading day. Describe what happened, how you felt, what you could do better, what you learned.