Hardest and Most Valuable Things In Trading
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The things that I continually struggle with are.
1. Ignoring counter trades that goes against the trend. Even when they look profitable.
2. Chasing the market for an entry when it is moving rather than waiting for a pullback to enter.
3. Not cutting loses fast enough.
4. Taking profit too quickly instead of having the patience to ride them out.
1. Ignoring counter trades that goes against the trend. Even when they look profitable.
2. Chasing the market for an entry when it is moving rather than waiting for a pullback to enter.
3. Not cutting loses fast enough.
4. Taking profit too quickly instead of having the patience to ride them out.
The hardest but most valuable thing in trading is the ability to reverse your position.
If you have learned to distinguish trend from congestion it does not matter whether the market goes into your direction or the other side but you know that it will move and you gonna be on board regardless.
Everything else mentioned here is just individual interpretation of discipline which everybody heard and read to be essential hundreds of times but doesn't apply while subconciously feeling that it doesn't make sense anyway and it doesn't until one has discovered his own personal style.
If you have learned to distinguish trend from congestion it does not matter whether the market goes into your direction or the other side but you know that it will move and you gonna be on board regardless.
Everything else mentioned here is just individual interpretation of discipline which everybody heard and read to be essential hundreds of times but doesn't apply while subconciously feeling that it doesn't make sense anyway and it doesn't until one has discovered his own personal style.
Be careful about assumptions based on a few months of results tuned to two instruments.
This type of trading is very, very rarely the path to longevity.
I like futures but not because of the leverage and not as individual instruments. I like them for diversification.
Best of luck at any rate.
The more I narrowed my focus the easier trading became. I had some good times with ES before and after 5/6. But my true love was CL and I've been almost exclusively trading it for the past 2 1/2 months. However, it's been trying my patience for some time now; the number of trades that show me 20-25 tick profit and reverse to b/e is convincing me to become a scalper...:eek:
Confucius says it best and what's more, its stood the test of time ....
re: 3-5 min. timeframe .... "The worst thing about oral sex is the view"
re: testing with small entries ..... "A kiss is just shopping upstairs for downstairs merchandise."
re: >90% bullish or bearish .... "Crowded elevator always smell different to midget"
re: catching a falling knife .... "Dumb man climb tree to get cherry, wise man spread limbs"
re: bull or bear fakeouts: .... "The difference between a dog and a fox is about five drinks"
re: never marry a postion .... "Marriage is like a bank account. You put it in, you take it out, you lose interest"
re: experts v/s newbies .... "Gynecologist and a pizza delivery boy much alike. Both can smell it, but they can't eat it"
re: bet small, never ranch .... ""Foolish man give wife grand piano. Wise man give wife upright organ."
re: Patience (of Job, yes but not that of Wishful Thinking) .... ""Patience" is a naked woman lying down with her legs apart under a banana tree"