Most Important Lesson Of The Year.

Discussion in 'Professional Trading' started by Eddiefl, Dec 21, 2010.

  1. Eddiefl

    Eddiefl


    So the biggest lesson arrived to in 2010 was dont fight the fed.

    seems to be a common thread.

    I was thinking people tweaked money management, system, new vehicle to trade etc..

    Ef
     
    #11     Dec 21, 2010
  2. "The sky is the limit!"
     
    #12     Dec 21, 2010
  3. the need to be dispassionate about trades and overcome my ego has become pretty clear this year...

    -picaso dont know how you always find these pictures, but they are great haha.
     
    #13     Dec 21, 2010
  4. Eddiefl

    Eddiefl



    Mark Douglas talks about that, one single trade doesnt matter, take your trades in sets of 20,,add, look back, reavaluate the set of 20 trades..

    I used that and it does go a long way to take the edge off any single trade.
     
    #14     Dec 21, 2010
  5. Redneck

    Redneck

    My most important lesson


    You think trading is tough – try being a parent of a teenage boy

    Thank-less, end-less, and the pay sucks


    They revert back to the terrible twos – in almost a man’s body


    What doesn’t kill you – make you stronger – I suppose

    =============================================

    I’ve learned to separate, compartmentalize, and disassociate really well this year


    RN
     
    #15     Dec 21, 2010
  6. Don't mean to get off track here, I have to comment, I understand your dilemma and I'm aware you didn't ask for advice bet hey, it's the net.

    When the father accepts the son as his equal and recognizes him for the man he is, your son will change.

    In essence, you have to change first, then he will. sons can spend their life trying to earn recognition from their father, but you see, the father has all the power and until the father relinquishes (but will never lose the power anyways because he is the father) and accepts his son, life will be the same ol same ol.

    I have seen this play out again and again, nothing changes until the father does.

    On a personal note, I became friends with my Dad (good friends) when he accepted me. He made the effort, I was always there for him but we never connected till he wanted it.
     
    #16     Dec 21, 2010
  7. Most Important Lesson Of The Year


    Don't be intimidated by the experts.

    Read a few books this year that confirmed this point, esp in light of the financial crisis. Not that we shouldn't respect their opinion, think for your self and if you disagree, so be it.
     
    #17     Dec 21, 2010
  8. Eddiefl

    Eddiefl


    Good one. Its true, most are author or analysts.

    And we know authors and analysts dont make great investors, except Bufffet, but then again, I dont think he writes most of his own stuff.

    Although, experts and expert instruction could possibly shorten the learning curve when you first start trading. I think eventuially it has to come from within.

    EF
     
    #18     Dec 21, 2010
  9. NoDoji

    NoDoji

    Go with the trend until it ends, then go with the new trend.

    Accept no profit less than your minimum profit unless price presents a solid setup in the other direction.

    Set a minimum profit that's 2x or more your maximum loss.

    Learn to consistently trade small size for large gains before sizing up.

    Study setups until you have an arsenal of tactics that provides a positive edge in a variety of market environments (strong trend, channeling trend, wide range, narrow range, and chop). Set up rules for each type of trade. Follow your rules every day. DO NOT CHEAT.

    If you told me just three years ago the alien demon we discovered living with us would become a focused, hard-working, kind, thoughtful and responsible person, I'd have had you committed on the spot.

    RN, just live a strong example for your son day by day and grit your teeth through this one. It ends, there will be thanks, and...OK, the pay definitely sucks.
     
    #19     Dec 21, 2010
  10. Eddiefl

    Eddiefl


    No doji,


    Excellent post, very well said in both subjects.

    This may be one of the better statements of the last several months: "Learn to consistently trade small size for large gains before sizing up."


    You have to stay in the game long enough to know what you are doing.

    EF
     
    #20     Dec 21, 2010