Quote from Kap:
These are my 36 rules... squirm while u read them :
http://www.futuresemail.com/ftsch/psycho.pdf
These rules are extremely useful....thanks for offering them to the group.
25 Rules of Trading Discipline
- Thread starter ZAL
- Start date
These rules are extremely useful....thanks for offering them to the group.
You can create poll's on ET , not sure you can vote for 3 options
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Thank you for the pdf. I enjoyed it.
not speaking for the average trader who will never be able to: but for those who desire to take trading over the top.
1.) you have to control your cost of doing business. i know you can get all wrapped up in well i plan to make so much money etc. so what does it matter what i spend on data feeds, commissions, services, etc.
but the facts are cost can kill you, be frugal with your money. until you can be consistently profitable with some edge you have. once you have that edge then go wild with it, in disciplined steps that make sense.
2.) get training - any kind of training but don't for one minute think that the training you will get will actually be the exact method you will use to get rich. even if you were trained in a successful method. the human in you would not let you use it unmodified to make profits. you will have to take responsibility for yourself and make it happen anyway. but educational exploration you need constantly! doesn't really matter if it's good or bad, you must put the pieces together via hard work.
i was guilty of not following number one but i invented number two (maybe hidden meaning - not) and mastered it. maybe someone can learn from my mistake and get a jump start that will save you years.
mb
1.) you have to control your cost of doing business. i know you can get all wrapped up in well i plan to make so much money etc. so what does it matter what i spend on data feeds, commissions, services, etc.
but the facts are cost can kill you, be frugal with your money. until you can be consistently profitable with some edge you have. once you have that edge then go wild with it, in disciplined steps that make sense.
2.) get training - any kind of training but don't for one minute think that the training you will get will actually be the exact method you will use to get rich. even if you were trained in a successful method. the human in you would not let you use it unmodified to make profits. you will have to take responsibility for yourself and make it happen anyway. but educational exploration you need constantly! doesn't really matter if it's good or bad, you must put the pieces together via hard work.
i was guilty of not following number one but i invented number two (maybe hidden meaning - not) and mastered it. maybe someone can learn from my mistake and get a jump start that will save you years.
mb
Thanks to Mark Brown for his comments, well said.
A couple of days ago I wrote the post below. There is a synergy between what Mark wrote and the necessity to increase your trade size once your methodology is proven and sound.
Earning the right to trade bigger is, I feel, the keys to the kingdom.
A couple of days ago I wrote the post below. There is a synergy between what Mark wrote and the necessity to increase your trade size once your methodology is proven and sound.
Earning the right to trade bigger is, I feel, the keys to the kingdom.
ZAL
you said
The Bond market is a much better (easier) market to trade than the ES. Set a goal for yourself of 4 full tics per day for ten days. If you can achieve your short term goal then you did it by skill, not luck, and your should increase your trade size to a 2 lot.
I am not familiar with the bond market. Please give a short education and ticker symbol to be used. I use IB
Thanks
you said
The Bond market is a much better (easier) market to trade than the ES. Set a goal for yourself of 4 full tics per day for ten days. If you can achieve your short term goal then you did it by skill, not luck, and your should increase your trade size to a 2 lot.
I am not familiar with the bond market. Please give a short education and ticker symbol to be used. I use IB
Thanks
i have traded just about everything and years ago i decided to focus on debt (bonds, notes, etc.) and the index, i say "the index" because to me there is only one of course the sp. i like many of the indexes but place the most faith in the sp.
in the old days to trade really big money and positions. of the two choices above only debt's could carry the volume and provide the necessary liquidity. the e-mini sp has somewhat, though not solved but rather progressed to point it is much improved.
i am speaking in terms of hundreds of contracts like 100 to 500 lots one way and flipping twice as many. so if i were to spend my time developing a way to make consistent profits. i would agree to spend that time in a market which i could easily scale. bonds fit that parameter especially if your not an in and out trader but an always in trader.
funny but as licensed vendor (not active for many years) of the cbot market profile and a very devout observer of it. i would class this thread as a very upsetting exposure of an edge. yet what the heck most people will dismiss all this really good advice published here and life will continue as i know it. the markets don't change because people don't change. so let the carnage continue and for the few welcome aboard as this guy tells you more hopefully. for i am listening.
mb
in the old days to trade really big money and positions. of the two choices above only debt's could carry the volume and provide the necessary liquidity. the e-mini sp has somewhat, though not solved but rather progressed to point it is much improved.
i am speaking in terms of hundreds of contracts like 100 to 500 lots one way and flipping twice as many. so if i were to spend my time developing a way to make consistent profits. i would agree to spend that time in a market which i could easily scale. bonds fit that parameter especially if your not an in and out trader but an always in trader.
funny but as licensed vendor (not active for many years) of the cbot market profile and a very devout observer of it. i would class this thread as a very upsetting exposure of an edge. yet what the heck most people will dismiss all this really good advice published here and life will continue as i know it. the markets don't change because people don't change. so let the carnage continue and for the few welcome aboard as this guy tells you more hopefully. for i am listening.
mb
Daily goals were one of the largest inhibitors to taking off as a trader for myself.
DO NOT set daily goals.
If the markets are shitty, you will not make your goal and prob lose money, putting pressure on you to not only make your daily goal, but to also make yesterdays loss back IN ADDITION TO the daily goal not achieved.
If the markets are good, you will be satisfied when you made your "daily goal" and miss out on opportunity after shuttin'er down.
When you're seeing it, take all the money you can out of the market. When not seeing it, stay out and don't try to "just make a little."