Poll: What step are you on right now?

Discussion in 'Trading' started by kaching, Oct 22, 2005.

  1. kaching

    kaching

    I love this list of the 38 steps it takes to becoming part of the winning 5% we all want to be. So, this is a poll: What step are you on right now and how long did it take you to get to where you are?


    ---------

    1.

    We accumulate trading information - buying books, going to seminars and researching.

    2.

    We begin to trade with our 'new' knowledge.

    3.
    We consistently 'donate' and then realize we may need more knowledge or information.

    4.
    We accumulate more information.

    5.
    We switch the commodities we are currently following.

    6.
    We go back into the market and trade with our 'updated' knowledge.

    7.
    We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.

    8. We start to listen to 'outside news' & other traders.

    9. We go back into the market and continue to donate.

    10. We switch commodities again.

    11. We search for more trading information.

    12. We go back into the market and continue to donate.

    13. We get 'overconfident' & market humbles us.

    14. We start to understand that trading success fully is going to take more time and more knowledge then we anticipated.


    Many Traders Will Give up at this Point as
    they Realize Work is Involved

    15. We get serious and start concentrating on learning a 'real' methodology.

    16. We trade our methodology with some success, but realize that something is missing.

    17. We begin to understand the need for having rules to apply our methodology.

    18. We take a sabbatical from trading to develop and research our trading rules.

    19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.

    20. We add, subtract and modify rules as we see a need to be more proficient with our rules.

    21. We go back into the market and continue to donate. We go back into the market and continue to donate.

    22. We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.

    23. We continue to trade and become more proficient with our methodology and our rules.

    24. As we trade we still have a tendency to violate our rules and our results are erratic.

    25. We know we are close.

    26. We go back and research our rules.

    27. We build the confidence in our rules and go back into the market and trade.

    28. Our trading results are getting better, but we are still hesitating in executing our rules.

    29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.

    30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.

    31. We continue to trade and the market teaches us more and more about ourselves.

    32. We master our methodology and trading rules.

    33. We begin to consistently make money. We begin to consistently make money.

    34. We get a little overconfident and the market humbles us.

    35. We continue to learn our lessons.

    36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.

    37. We are making more money then we ever dreamed to be possible.

    38. We go on with our lives and accomplish many of the goals we had always dreamed of.
     
  2. Tellon

    Tellon

    Rule 14.

    Been there a while taken me 18 Months to get here. Moving to rule 15 is a tough one. Thats so far taken me 3 months and im still not there.
     
  3. Rule 39.
     
  4. fatrat

    fatrat

    I'm at 33. I'm consistently making money now, but there's still so much more work. Taking up position size, adding new items to trade, etc.

    The biggest thing that kept me from going up was having big losing days. Once I learned to stop at a certain level, the bankroll-going-down trend got broken. A lot, actually. I undid all my trading damage from the past 2 months in the past two weeks. I'm really happy.

     
  5. newtoet

    newtoet

    Would it be wrong to say I went through all 38 over the course of one trading session?

    :eek:
     
  6. maxpi

    maxpi

    15-19 range is about all I can claim at this point.
     
  7. I'm still stuck on step 4

    4.) Made a searching and fearless moral inventory of ourselves.

    opps, never mind...


    Actually I think I'm about here..

    28. Our trading results are getting better, but we are still hesitating in executing our rules.
     
  8. Cheese

    Cheese

    No offence, kaching, but your 38 Rules are such a heap of horsesh*t!

    All that meandering may keep you happy but it ain't gonna take you anywhere.

    You have got to cut to chase and wake up, instead of live in some poor man's dream .. which are those rules!
    :)
     
  9. fatrat

    fatrat

    Ignore this guy's comments Kaching, except as a source of motivation.

    Right after he said I would be a losing trader, I posted 4 weeks in a row of profit. This guy is some kind of ET troll.

     
    #10     Oct 22, 2005