Steps to becoming a great trader

Discussion in 'Forex' started by T-Bone Trader, May 27, 2009.

  1. Typical example of the psychobabble claptrap frequently spouted by limp-wristed tweed-jacketed amateur psychologists at parties.

    It's simple. Develop a workable strategy. Apply money management. Trade it with discipline. 'Emotional awareness' doesn't need to feature anywhere in the process.

    You can "learn about yourself" and your "sixth sense intuition" to your hearts content if that's what floats your boat but it isn't a prerequisite to achieving consistent profitability in trading whereas strategy and discipline are.

    And don't even bother quoting Soros's philosophies on trading, he's a market manipulator and a major player, he can afford to have his little eccentric "aches in his body" idiosyncrasies but they're not relevant or recommended for the average trader! :)
     
    #11     Jun 4, 2009
  2. weld1

    weld1

    sell resistance...buy support...that is all it is. nothing else...
     
    #12     Jun 4, 2009
  3. weld1

    weld1

    6 yrs and that is all it is...that simple...
     
    #13     Jun 4, 2009
  4. Eric215

    Eric215

    You're right, what ever floats your boat. And you're also right that it is probably not required to be somewhat profitable. However, I would be willing to bet my right arm that most, if not all, of the extraordinarily successful traders and money managers are extremely emotionally aware, even if they don't spell it out that way. It is that very awareness which has enabled these trading superstars or geniuses to enter a "zone" and see the markets clearly during all situations. Whether they are giant, ultra-successful, fund mangers like George Soros or just the large locals in the pit who seem to have developed an uncanny "feel" for the flow of trading, this type of awareness plays a large role. I have worked with a few traders over the past couple years and if you tell them to just "have discipline", it works about as much as telling an alcoholic to just not pick up a second drink. But if you teach a person to watch themselves, and more specifically their emotions, while they trade and then learn how the emotions caused them to react adversely, it helps them to develop discipline and enter a calm state of mind in which to view the market. It takes time but it works.

    Also, I am not debating this with you so that you will agree, because I doubt you will. I am debating this just in case other newer traders are reading this and want to learn and your questioning does help to sharpen my explanation a bit.
     
    #14     Jun 4, 2009
  5. Now you're talking about a totally different subject, an understanding of the market, the way it moves, it's 'personality' if you will. That 'feel' comes from endless hours of watching and trading, nothing to do with your own 'emotional awareness' or learning about yourself. If you're exploring those avenues in order to develop that feel for the market yourself then I think you're going to be disappointed with the results. Just put in the hours and it will come, you can't force some apects of trading, they come naturally with experience and time.

    Like I said, don't even bother quoting Soros's philosophies on trading, he's a market manipulator and a major player so he can afford to have his little eccentric "aches in his body" idiosyncrasies but they're not relevant or recommended for the average trader!
     
    #15     Jun 4, 2009
  6. Eric215

    Eric215

    Well, there is nothing else I can add, I have said it all and I disagree with you about Soros. People can read the posts and decide who is helpful to them.

    Let me just ask you a question Cabletrader. Are you profitable? If so, are you very profitable and consistently so? You don't have to post your blotter, because you already know my opinion there, but just a question man to man. Taking information from your previous posts the answer will probably be "somewhat" to the first question and "no" to the second. So if that is the case, what makes you think you know what it takes to be very profitable consistently. You seem to argue and make quite critical statements as though you are an authority on the subject of what it takes to be a very successful trader. It would be like me going into a college basketball game and telling people "what it takes" to go pro, yet I myself am still in high school. I mean this with respect, but please do answer the questions.
     
    #16     Jun 4, 2009
  7. weld1

    weld1

    i agree, like the guy said ..trading will paint yourself with a broad brush. emotions are huge!!! you have to let go when u know its right. its never for certain...u just take ur shots at support and resistance. thats all it is...imho
     
    #17     Jun 4, 2009
  8. weld1

    weld1

    for example..a inverted head and shoulders on a minute chart could look like a bear flag on a 5 min. chart...u can't know how it will work out.. u just take the set up in the smaller time frame and see how it works. emotions keep u from trading the set up...u just have to trade what u see in relation to what time frame u r trading in...imho
     
    #18     Jun 4, 2009
  9. weld1

    weld1

    simply put emotions get u in a trade too late and get u out too early...i agree though its the most difficult part of the whole game:(
     
    #19     Jun 4, 2009
  10. lol, this isn't a competition to see who can be the most helpful you know, it's supposed to be a discussion forum although admitedly it's hard to tell sometimes :)

    Your questions are slightly pointless in this context because whether (and to what degree) I'm consistently profitable or not is irrelevant, sensible people should have the ability to evaluate information for themsleves and store away bits which they find useful or helpful and dismiss the rest, wheat from the chaff so to speak.

    My opinions and observations are based on personal experience of what I found worked for me and others, it doesn't automatically follow that it's either the best approach or that it will work as effectively for everyone, it would be incredibly conceited (not to mention naiive) to believe one's opinion is the only one which is right or which matters, no-one has the monopoly on ways to achieve consistent profitability nevertheless some things are just plain common sense.

    Everyone, even the likes of Soros, has potential for improvement and it's that continued honing of one's skills which keeps interest alive, trading (and life in general come to that) would be terminally boring if we rested on our laurels and didn't try to improve ourselves.

    In the interest of diplomacy I'll resist the temptation to express my opinion of your trading experience and profitability based on information from your previous posts :)
     
    #20     Jun 4, 2009