this should be fun. And I’m sure there will be the typical ET trash talk. Question: what’s the single most valuable lesson you had to learn to be successful as a trader? For me it was strict loss limit rules. I follow the 2% rule now. But I used to risk even up to 25% of my account on a trade.
Three most valuable lessons : 1. Identify all continuation and reversal signals. Catch ALL signals and enter early 2. BE CALM (no anger, no fear, ie be confident ) and ALERT 3. don't listen to news & financial experts
I think that advice well ‘received’ at a particular time and under particular circumstances fits a well-timed need for the recipient. Filter in filter out. There is no singular lesson that supercedes all others to the point of ‘Holy Grailty’. But if your intent is to compile a list over the course of a protracted thread - I’m sure you’ll get plenty of time honored platitudes. Sorry to be a buzz-kill. How about:”the market is what the market is”. ... Insert Schwaeger reference here ...
Perhaps 500 thoughts, maybe more, it never enough as they are all valuable lessons, as simple as close the door to the office and pick up cat on way out as you taking coffee break, and yes pets do put on trades-mine did, to being tired from long boring day and hitting wrong side and buying when you think you are selling, to not checking open orders to take your coffee break after you thought was completion of trades and left the protective stops in. Forgetting to check for reports or have the buzzer alert on for important news flashes, ignoring the Holy rollers as they ignored sign in front of no salesmen or religious people(having the speaker installed helps the most then playing Devils Woman). There is never just one thing that makes a difference, how much memory and how fast can you remember makes the difference among your knowledge.
Yeah, detractors are all losers, best to live in la la land where everything is peachy pinky perfect.
Only allocate funds toward strategies that make money and avoid those that do not. Size your trades to the size of your account and your risk tolerance. Avoid quick rich strategies that have more hope than edge. Never do a trade to make back money lost. Never do a trade with "house money", all money is yours. Never trade under funded. Your stops will be too low. Take losses when necessary and move on. Take winners when necessary and move on. I know, not one, These are all I can think of at 5am. I like to focus more on the money making side of the problem than the limit loss side as I'm naturally risk averse and have no problem taking losses.
My most valuable lesson? Stop listening to what other people say and listen to yourself. I used to listen to advice.Then the realization came that 95% of traders are loser therefore assume that 95% of advice out there are bad advice. The truth is most people just do not know what they are talking about. Best to take every thing you hear with a grain of salt. My best advice given when I was young? Talk less and listen more when you're under 30 years old. And don't ever take career advice from someone over 40 years old. Hehe