What was the ***last*** thing you had to master before becoming profitable?

The most significant barrier to profitability is the inability to sit on your hands. Letting winners ride, stops, etc., is all conversation.

 

"I used to feel like I had to make trades often or I was being lazy... that lost me lots of $$$

Now on a flat day I am fine making no trade at all.
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Totally agree -- the fewer trades I make, the more profits I seem to have at the end of the month"


Funny there was a guy, Tom Smith I think, who posted that instead of trading in and out based on TA and systems, the key to success was to sit and watch for 1or 2 situations a year when a big move starts to happen and go in large with a tight stop. Did he get reamed by the "pros" here for making a big move based on observation and instinct instead of the usual in and out system trading that usually rely on numerous trades with small profits to try and beat the odds the way casinos do.

 

I agree with you absolutely. For me, I found that one of the big barriers to profitability is "managing yourself". Whilst you cannot control what the market is doing, in order to be sucessful, one must be able to control one's own reactions to the market's behaviour.

 

In order to master awareness, I recommend the audio version of The 4 Agreements by Don Miguel Ruiz.

1) Be impeccable with your word
2) Don't take anything personally
3) Don't make assumptions
4) Always do your best << most important. No risk, no reward.

Although you may certainly gain great ideas from other traders, only your own common sense will guide you to successful trading. Once you accept yourself, then you love yourself and give yourself everything you need. (Pay yourself first)

In fact, I would get the audio versions of the other 2 books, the Voice of Knowledge and the Mastery of Love. The 5th agreement there is no audio version yet.

With all this said, one thing I learned was to expiate or move to a location that was cheaper or was a better fit for my independent philosophy. Thailand, Singapore, Columbia come to mind, and I'm sure there are many other countries. You can live in a furnished studio with electric, air condition, and high speed internet for $100-150/mo. food for $40-100 a month. Plenty of fresh foods and you can still get many of your Western fixes as needed. And plus, as you move to new locations, you meet fresh minds from both locals and other foreigners to give you fresh ideas (either electronic trading or some other type of portable / profitable business). this will only further increase your awareness.

So in this way, you give your self time to practice your trading methodologies, still have a personal live without having to wonder if you must pay the rent next month vs trading.

 

Not a bad idea. Singapore, however, is not a cheap country to live in.

 

me

 

expiate- freudian slip? you must be guilty of some dastardly action.

ex·pi·ate/&#712;eksp&#275;&#716;&#257;t/
Verb: Atone for (guilt or sin)

ps your post is +1

 

What was the ***last*** thing you had to master before becoming profitable?


That just because I am profitable today does not mean that I will be profitable tomorrow.

What I mean is that you have to keep yourself sharp at all times and remember that today I might be great with my entries and weak on my psychology.

Tomorrow my psychology will be razor sharp but my exits are weak.

The next day I might have a problem with blaming others for my mistakes.

If you ever fall into the trap of thinking you have this market thing mastered that is when you are about to be humbled.

 

Ill let you know when it happens.

 

What was the ***last*** thing you had to master before becoming profitable?

I had to master something quite different/new almost every ***Last*** time becoming profitable!