And this IMâNOT So HumbleâO Is the absolute key to trading successfully Take the initiative Lean how you learn Become your own mentor, teacher, guru, whatever Knuckle down and lean it Every time you stumble â get right back up â dust yourself off â learn the lesson â move forward Just a redneckâs opinion â each trader's mileage may vary RN
Of course we all do the wrong things over and over, as we are human and our emotions play a big part of how we think and thus act. Most people have heard about the so called secret and how it can change you for the best. Most people, including myself up to not too long ago, fail to see that we create our own reality by our thought process, or to be more specific, by the thoughts that we dwell on mostly. In theory there is no such thing as a mistake, and therefore you are correct, as all our actions are but a result of our past experiences, which are different for everyone, but some experiences tend to affect some people in different ways, e.g, one child brought up in a strict catholic household might have a different outlook on life than another child in the same house, in that one may accept the rules while the other may rebel against the rules and be turned completely off religion altogether. Individuality is in every person at birth. Many keep this individuality for many reasons, most of which I would imagine are still unknown to us, and many others lose it as sure as they lose their first tooth. The secret, imho, is discovering what makes us different, and then, if we want to we can go about changing what we have if life by changing our individuality. In the past, this might have been called character building, today they give it fancy names and box it to sell for profit, but no person needs anyone else to tell or show them how to make their life better, but the surely need to know enough about themselves to enable them to make any lasting changes. It is a big word for most, but Introspection is the Key to the door to all the secrets that one can discover, but due to the "way we are", not too many have either the patience or the wisdom to understand, and more importantly, practice it. In relation to trading, I will bet you $1K that if you ask any successful trader what he / she thinks about all the "experts" and their vast mountains of knowledge, they will all agree that it is all hogwash, and the real wise person is the one who sees this at a very early stage and quickly goes about gathering the required information that he/she needs in order for them to improve themselves. The pot of gold does exist, as I mentioned in another thread, but it is at the opposite end of the rainbow to where most will search, and how does one see the difference between the two ends, easy, if one but look at the colors and how they are arranged!
Very true indeed. In trading lingo it might go something like this. Start out with an objective to learn, not make money. Trade small size until you can make money consistently, however long it takes. Ignore all the hype about futures and options and trade stocks initially, as they are far less risky and not as volatile (not cheap penny stocks but institutional traded stocks). Learn about how institutional money effects the range of a stock and how money flows between sectors - know why the stocks you are following are not moving as they used to. And now the pot of gold bit - learn to look at the rainbow in front of you and what way the colours are arranged - for depending on the time frame chosen to trade, all the other hard work might be for nothing if you look at the wrong end of the rainbow all of the time.
Many people think that luck has a lot to do with things, and I myself have mentioned that I have been lucky at times, it is common practice, but the reality is that everything happens for a reason. One might be lucky and win the lotto, but unless one has bought the ticket first there was no way the lotto could ever have been won. The same principle applies to everything if one but takes the time to stop and think about it.
Luck = Where preparation meets opportunity Bad Luck = One or the other above is missing If it is to be - it is up to me - "always" Regards RN
Exactly. And the first part of that equation is a thought. First, you think "I'd like to win the Lotto!!". Second, you must put action to that thought. But even before all of that, you must be totally convinced you DESERVE to win. Some have problems with that one.
Of late I have been trading on and off, for personal reasons. I have done a bit of mini Dow trading, not on the YM as I consider the risk too large for on and off trading activities. What I have found, is that one of the above seems to be always missing - and even though I have made some money I have given back more of the profits than I would have normally done! This has led me to rethink my whole approach to where (what market) I will resume full time trading, and I have just reverted to the old simple things that seem to work best no matter what the situation I have found myself in. If one of the other is missing, it must be rectified in order to get lucky again.
On the flip side, if maybe you were little more intelligent perhaps you could squeeze even more out of the mkt? You do not think you've exhausted liquidity and opportunity and can no longer ever achieve better performance do you?