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What lessons did you learn in 2017 that improved your trading?

  1. Happy new year everyone! With regard to trading what did you learn in 2017? Feel free to share anything that improved your trading.
  2. Always take the other side of Paul Krugman.
  3. I heard taxation was theft...I learned you can still earn even when vol is super low... Inflation is theft over heard to .. the Government creates a inmoral system of incentives I've heard......I've heard people talk mostly about Bitcoin.... We how many people definitely see how many people leave the table with their money trading Bitcoin..... I'm for a private non regulated commodity money like gold or silver..... The new year Will bring at least a 20+ vix.. hopefully more...say a prayer
  4. I've learned no matter how many books you read or workshops you attend you need to create your own method that you totally believe in and own it and make it a part of you if are going to make it in this game
  5. Don't forget Gartman
  6. someone must feedback this info to Paul Krugman.
  7. But Gartman is right 100% of the time:strong:
  8. Not just in 2017, but every year I confirm that there's still more to learn (and that's what makes it all so much fun!!).
  9. Don't rely an Yahoo EOD data.
  10. But that's not a 2017 discovery. Been known for years.
  11. I learned that Fran T doesn’t pay out of his bets!!
  12. "Trade what you see".
  13. Trade what you see -- and think -- with supporting loose logic and rationale behind it.

    Trading is a dynamic...part art, part science activity. To think you can simply, blindly follow a tracing line up and down to riches is silly and naive, a bit.

    Trading is like a mystery, suspense, thriller movie...it gives you tiny, subtle hints along the way to who may have done it, mixed in with a host of many other factors designed to throw you off...that is only clear and obvious in hindsight. But hindsight ability never pays.

    But the great thing about trading, unlike gambling, is you can be completely wrong...but still reap great rewards. Your fate is not an all or nothing deal with the next turn of the card.
  14. Smoking weed helps.
  15. It doesn't require an array of sophisticated computer equipment to trade effectively.
    Have heard many times on ET the words: "KISS", mainly in the context of systems or TA, but the principle also does apply to hardware.

  16. Ditto Ditto Ditto, your supporting logic is your conviction, which then determines size, position risk, etc.

    In addition for me, I customized my own risk system, that works with how I trade.
  17. Should have bought some bitcoins.
  18. I am now adjusting some thing into my method: only trade the combo of either 1H or 3H setups
  19. 2017 showed me I should -

    go with every trend
    pyramid every winner
    scale out of every loser
  20. hmmm, pyramiding is a dangerous game only to be used on very specific occasions (even then) ... and you shouldn't scale out of every loser; you should get rid as fast as you can of losers
  21. I learned the importance of the following:

    1) writing out and reviewing my trading plan.

    2) developing a daily routine and proper preparation for each trading day.

    3) having a proper mindset.

    4) trading with the trend unless there is a clear loss of momentum; recognizing that strong trends persist longer than I expect.

    5) recording all my trades and journaling (I use Edgewonk and Evernote).

    6) evaluating my trading based on the process (and following / executing the process) and not the results.

    7) understanding that discipline in trading is related to discipline in all other aspects of my life.

    8) letting go of the need to be right, perfect and comfortable.

    9) recognizing decision fatigue and structuring my day to avoid it.

    10) reducing screen time and printing out charts to do much of my analysis.

    11) focusing on end-of-day set-ups as swing trading is a better fit for me and also protects me from some of my weaknesses which are exposed more when I trade intraday.

    12) calming the mind through yoga and meditation; staying hydrated and eating healthy.

    13) visualizing who I want to be as a trader and visualizing that I'm making trades for someone I admire -- asking myself whether that person would invest in me given my process and how I'm executing my trades.

    14) being aware and fully present when making trading decisions -- avoid default / autopilot behaviors.

    15) doing what I know I should do even when it's uncomfortable.

    16) trusting my indicators.

    17) recognizing that the higher (longer) time frames trump the lower (shorter) time frames when looking at charts.

    18) understanding that those who are incredibly successful have incredible habits. Just because my habits were better than 95% of folks wouldn't make me great. My habits have to be exceptional and put me in the 1%. However, I don't need to compare myself to others -- my goal is to become the best version of me.

    19) understanding that I am 100% responsible for my results, regardless of my challenges and perceived limitations.

    20) acknowledging that I can't change the past but I can learn from it.

    21) recognizing that I need to enjoy the process / journey and HAVE FUN!
  22. valuable insights, while not agreeing on everything, this post oozes wisdom ... you should be on the right track to making money ...
  23. Pyramiding is not dangerous at all. As long as you wait for the trade to become a winner and for the unrealised profit to reach the equivalent of your risk before you pyramid. That way, your capital risk is never increased but the profit potential grows parabolically as you add positions.

    As for cutting losers, I always set a stop. Suppose the stop is £300 away from entry.As soon as price takes me to an unrealised loss of -£150, I cut 75% of the position. the remaining 25% rides on to either the same SL or into profit (rarely). Again, my capital risk is not increased, it is actually cut.

    I wonder if you're actually trading or just theorising?
  24. 1. Learning some more advanced programming will benefit you immensely if you want to do anything more complex than just point and click. It will also save you time and time is invaluable.

    2. Just because you're good at one strategy doesn't mean you've become a "trading god" and can adapt to trading anything with easily obtainable success. Might seem obvious but it's a very easy trap to fall into.

    3. Better to be conservative and think thrice before jumping into any new strategies.

    4. Low probability setups are best to be ignored even at the expense of profit. Slippage models can be inaccurate and low profit factors can then go below one.
  25. Most, if not all, programming automated systems are lucky or rare if they can even match the S&P 500 benchmark, let alone beat it consistently.

    #2 definitely agree with. All the great traders in history have mastered only one discipline of the trading world. Every meteoric trader has one claim to fame/expertise.

    It's always prudent to be conservative with anything new -- because most people will fail flat on their face, or seriously hurt themselves most likely...instead of progress.

    Low probability events or once in a blue moon events are ill-advised too. Things like quarterlies maybe as well.
    Most people should trade things that have much higher revolutions. You can gain/compound more, more opportunities for gain...less for permanent hurt.
  26. That's just your opinion, really. There's evidence otherwise.
  27. A common theme to my prior post in this thread is the realization that trading is a like a performance sport, and to be successful, I need to approach it like one. Connor McGregor and Floyd Mayweather just don't show up in the ring and fight. But for some reason, many traders think they can wake up each day, turn on their computer and trade consistently. The real work is done before the market is open and after it is closed.
  28. I learnt just to go long anytime, markets never go down anymore.
  29. You got 1 of 3 right.
  30. You're beginning to grasp the concept of Prudent Risk Management.
  31. I've learned that there are very few individualists out there , mostly people are statist and have a collectivist mentality that is anti capitalist even in this trading forum
  32. Respectfully, I believe you are believing that trading is some 'mighty endevour'.
    It's not really but probably is only if you are not suited to this game.
    If I said to you I have a special bycycle which I want you to ride, you would ride it after you had mastered it. It wouldn't need a Connor McGregor or Floyd Mayweathertype type person.
    Honestly, trading is not a high level performance sport, it only is if you are out of sync.

    This is how my trading day goes:
    I wake up maybe 4am ish thereabouts, no alarms, just wake naturally.
    Reach under bed bed, grab my tablet and peruse the overnight markets performance.
    (I am doing this right now as I write).
    If I have any trading money burning a hole in my pocket and see a opportunity, I will make a mental note to trade on next market open.
    Get outta bed 6.30am, make muesli breakfast, chat on skype to trading mate.
    Place trade 7.00am, eat breakfast, walk or drive to shops for coffee.
    Spend 2 hours at coffee, read business news, scan my mobile on market.
    Come home, spend rest of day in garden and with wife.
    Turn off all computer related equipment by 7pm, shut down brain from work, go to bed by 8-9pm.
    Edit: yesterday made 4k, previous 10 trading day made approx 1.5k a day (that's 15k), no losses on one of my trading accounts. (I run 3 acc's)
  33. Think smarter, don't work harder.
  34. I noticed that if I let go and became willing to miss opportunities, mostly everything became easier. I try to keep it in the day, the moment, and not take too seriously the trend at hand. This means taking good profits when my brain is telling me to hold on for more because obviously it's very weak or strong. I noticed that I was picking up the buying or selling pressure well, then my imagination would start up. I just became willing to accept that this was happening, that there was the market and what I thought about it existing side by side.
  35. I've been trading the same thing for over 20 years, save for minor adjustments as new markets emerge, etc. 2017 was, ultimately, despite being an insanely bullish year - uncharted territory at that - like any other year for me.

    I've found the LESS I have to change, having reached a certain level of success, as a result of current market conditions, the better.

    "I have fought sixty battles and I have learned nothing which I did not know at the beginning. Look at Caesar; he fought the first like the last." -Napoleon Bonaparte
  36. I notice too that I'm usually looking for two or three things in particular. One is panic or a group of traders who just got trapped by market movement-a pattern break. The other is if I feel that the market has moved in trend, but has left traders behind. Much more subjective. I'm constantly asking myself if the tape is confirming my hypothesis right now. If not, probably time to exit and reassess. Just being willing to get out and risk missing a move is growth.
  37. Forex is a highly competitive and risky market area. So it is important for us to learn from the mistakes that we have done in the previous year. I have made some hasty decision in case selecting currency pairs in the year 2017. So I have to bear some significant losses. But I won’t repeat these mistakes again in the year 2018. And I have also learnt that working with demo accounts is now helping me to learn about forex market again.