sjp, I too, appreciate your bluntness, but you are missing a vital point. Many (not all) of the posters at Elite Trader work from home (such as myself). To that extent, we do not have the normal interaction with colleagues that people with most jobs have. As a result, Elite Trader becomes a sounding board for people to share ideas, bellyache, and yes, at times, *ullshit. This board has become a fraternity for many of us, and it is up to the individual to decide whether to "believe" a given post or not. We are in a great profession, but it is strange in many ways. Isolation is one of these strange ways. Cut these guys some slack. Many of us just need to vent sometimes. Continued luck in Tradin !
i agree !! the emotional part of trading is magnified by the loneliness. i have been trading on and off for 5 yrs. or so(results not good so far) and i think this is one of the biggest problems , dealing with yourself when there is nobody to give u a little change in perspective. i keep trying to get real traders(full time) to give me a few pointers, and maybe some real life thigs that they went through, i don't know. in the end we all have to learn the hard way, my biggest problem is me. i also agree with the guy though in one way, it is not some black art, the battle with the market that is. s/r , being patient , managing your money. the battle with yourself might be more tough to learn than rocket science!!!
Definitely learning how to be consistent...Anyone can pull money out of the market, but doing it consistently builds confidence and equity. More equity you have the more risk you can take the more money you can make. Dont size up if your not consistent....specialists make enough money already.
I have traded the ES for over five years and it took me 4 months before a profitable one (month) finally came. It was back and forth for another 8 months when all of a sudden something kicked in and I haven't looked back since. This something in my opinion was finally knowing myself. I realized it was totally up to me if I was going to make a success out of myself in trading and was no longer content calling myself a trader, but rather wanted to prove it. If you are a conservative trader you must be willing to take on the market when the time is right and not sit back thinking it will happen another day. If you are an aggressive trader you must have the ability to recognize when you are forcing it and overtrading. Both take a tremendous amount of focus, but realizing what type of trader you are working on identifying either of these traits proved important for me and has given me the staying power to last. Trevor
oh, my I think I'm going to be sick. Emulate-Educate etc. etc.. These people that educate are successful??? Wow thats what all profitable traders do and by the way my web site is>>>>> Always looking out for us Thanks
I wasn't offended at all...just having some fun (like I do most of the time....using ET as "therapy" LOL ). I think I'll start using "wrongwaytoo" as my alias....LOL (oh geez, now I probably provoked him again).... BTW, you don't have to call BT, just show up....LOL Don
Amazing thread...I've been trading for only about half a year, and over the time the biggest breakthrough would have to be realizing that research pays off. I was having great success in the past with the help of S&R and pivots. However, I've since switched companies and have had a really rocky start. This weekend, I've decided is my starting point. I've drawn up a plan and hope to stick to it. This thread is just helping me reinforce that Here's to hoping it works! Tenfly
A few new trading breakthroughs I've experienced: 1. Being satisified taking small profits, going for the singles, rather than the home runs. This has resulted in higher win rate, and more consistent profits, albeit smaller. 2. Quantitatively analyzing my past trading to see how my trading coudl be improved with different trade entry, management, and exits. 3. Test ideas for validity and trade-ability.
I would like to disagree - just a little bit. Whne you are on the wrong side, the markert is always right. when you are on the right side, well, to me, the market was wrong, and, well, I was right ???????
a]Agree with that lindq trader & Don; the old wives are right , experienced traders can find better things to do than watch water boil. b]You can hit four singles or a home run; prefer a home runs even if it takes closer to 80 hours a week than 20. Even if home runs have more strike outs . z]Try not let losses exceed your written plan; that would be a STINKING uneeded business expense.!!!!!