Advice to new a trader

destriero said:
Your plan didn’t prevent you from getting pummeled. Perhaps your plan, like infinite gamma, was shit. Maybe acting within the plan was responsible for you getting punched. Maybe your plan is garbage.
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The plan doesn't stop you from getting punched in the face, it tells you what to do next.
The thing is that if you have a plan and the discipline to follow your plan then you soon find out if you are getting punched in the face because of the plan or because of the trader.
 
deaddog said:
The plan doesn't stop you from getting punched in the face, it tells you what to do next.
The thing is that if you have a plan and the discipline to follow your plan then you soon find out if you are getting punched in the face because of the plan or because of the trader.
More...

It's a crutch. The markets give zero fucks that you have a plan. "I lost my ass today, but I followed my plan." It's another form of BS NL programming that makes 90% of this board net losers.

The trader built the plan.
 
destriero said:
It's a crutch. The markets give zero fucks that you have a plan. "I lost my ass today, but I followed my plan." It's another form of BS NL programming that makes 90% of this board net losers.

The trader built the plan.
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It is a crutch or possibly an edge.
"I lost my ass today, but I followed my plan." isn't something you'll ever hear me say because if I follow the plan I won't lose my ass.
I wonder how many of the net losers on this board actually have a plan?
 
Good Morning qlai,

The ONLY 3 things I would tell the new trader is :

1. Stay in demo until you prove to yourself you can make money for +1 year straight. +6 months is the minimum. Do not risk your trading capital until this step is done.

2. Stay extremely dedicated to your full time 9-5 career while working on #1.

3. Save up money for trading capital.

Number 1, 2, and 3 is all win-win scenarios.

I would not tell the new trader ANYTHING else or I will get a headache because I still do not have it figured out yet.
 
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deaddog said:
The plan doesn't stop you from getting punched in the face, it tells you what to do next.
The thing is that if you have a plan and the discipline to follow your plan then you soon find out if you are getting punched in the face because of the plan or because of the trader.
More...

Plans are good. What's not focused on as much is the training that goes hand-in-hand with the plan.

A plan is only as good as the training involved in the plan. Lot's of boxer's have plans of being a world champion. In the case of talent being equal, the one that trains the most effectively has the edge.
 
deaddog said:
It is a crutch or possibly an edge.
"I lost my ass today, but I followed my plan." isn't something you'll ever hear me say because if I follow the plan I won't lose my ass.
I wonder how many of the net losers on this board actually have a plan?
More...

Most likely many that just have a "mental stop" while trading too frequently for one's skill level and using too much leverage without building an experience base.

As per the OP, "mental stops" became an obstacle for my own trading and gave a path for complacency to take root.

For a beginner, it's easy to identify with one's trades as validation on being "right or wrong," therefore creating friction in taking losses.
 
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destriero said:
Define it.
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It's very dificult to be specific. (A variation of Newtons Law) By following my plan I have a greater probability of outperforming the market. I only have anecdotal evedence (my own trading) but I have managed to do this for the past 20 years. Could be just luck but I'll continue to follow my plan.
 
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