I'd like to become a better trader

  • Thread starter Thread starter PO
  • Start date Start date
Quote from emg:

Here is my suggestion.

JUST GIVE UP

More than 90% of small traders (newbies and amateurs) lose!!!

If you follow my advise, will save you thousands of dollars.



If you don\'t believe me, do this. When you begin trading live, count how many losses. How much more should you lose

Trading is for professionals (funds, HFT, prop traders, bankers) only.
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emg, why do you trade then?
 
Quote from Redneck:

Hey BL

What changed your opinion – Context (what my subsequent posts contained, and the way they were presented)

The lesson;

When trading context is vital

You need enough, so it will tell you which side of price to be on

You don’t need more than enough – as it causes clutter and confusion

Enough – is different for each of us - you will need to define your enough..

RN
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definitely, we often forget about context in our life.
 
this is the chart of my sim trades for today. A bit messy, so it's easier to see on 1 min chart, but I trade off 5-min:

1. buy 1290, was a strong support, cover at yesterday's mid double top.
2. correctly reversed short, but covered. I think that I was expecting 1290 to hold, so I was trading what I think, not what I saw . what I saw was LH, Yesterday's mid rejected the price, price under my DMA, so my target on short should have been yesterday's low.
3. long was a scratch.
4. short again - this was just chasing, so covered at b/e
5. long was just a revenge trade
6. the next short - is lack of discipline again, chasing
7. next long is again - lack of discipline, too early, fear of missing the move
8. long with a stop being too close because I was expecting the previous low to be taken out by a few ticks as it did, but again was afraid to miss the move and didn't follow my rules.
9. long again was a good trade that I've covered before my target was reached.

It was day full of obvious beginner mistakes, the goal for tomorrow is to do better in following my rules. Concentrate on the rules, not the profit.
 
Quote from PO:

It was day full of obvious beginner mistakes, the goal for tomorrow is to do better in following my rules. Concentrate on the rules, not the profit.
More...

Cornixforex posted this last month on his blog:

"I have read the book recently, about psychological training of professional athletes, particularly pro shooters. The most interesting point for me was, that to limit stress (which is fatal factor for any serious competition), professional shooters give themselves the right to make mistakes.

More exactly, they set their goal to make a correct shot technically, not to hit the target. They even inspire themselves that outcome is not that important at all, but correct technique is what only matters.

And that little trick leads to great results. Shooter stands, focuses on the pleasure of the technically perfect shot and does it literally without stress, being focused on the process, not the outcome. Ironically, the chance of target being perfectly hit increases dramatically in such a case.

If pro shooter's mental focus was to hit the target, he would get overstressed and likely have the opposite result vs. desired.

This is a proven technique used by pro shooters, power lifters and in most other kinds of sport to limit stress during the competition.

Something for us, traders to learn here, don't you think so?"
 
Quote from NoDoji:

Cornixforex posted this last month on his blog:

"I have read the book recently, about psychological training of professional athletes, particularly pro shooters. The most interesting point for me was, that to limit stress (which is fatal factor for any serious competition), professional shooters give themselves the right to make mistakes.

More exactly, they set their goal to make a correct shot technically, not to hit the target. They even inspire themselves that outcome is not that important at all, but correct technique is what only matters.

And that little trick leads to great results. Shooter stands, focuses on the pleasure of the technically perfect shot and does it literally without stress, being focused on the process, not the outcome. Ironically, the chance of target being perfectly hit increases dramatically in such a case.

If pro shooter's mental focus was to hit the target, he would get overstressed and likely have the opposite result vs. desired.

This is a proven technique used by pro shooters, power lifters and in most other kinds of sport to limit stress during the competition.

Something for us, traders to learn here, don't you think so?"
More...

+1...NoDoji, you ever read Zen and the Art of Archery?
 
Quote from NoDoji:

Cornixforex posted this last month on his blog:

"I have read the book recently, about psychological training of professional athletes, particularly pro shooters. The most interesting point for me was, that to limit stress (which is fatal factor for any serious competition), professional shooters give themselves the right to make mistakes.

More exactly, they set their goal to make a correct shot technically, not to hit the target. They even inspire themselves that outcome is not that important at all, but correct technique is what only matters.

And that little trick leads to great results. Shooter stands, focuses on the pleasure of the technically perfect shot and does it literally without stress, being focused on the process, not the outcome. Ironically, the chance of target being perfectly hit increases dramatically in such a case.

If pro shooter's mental focus was to hit the target, he would get overstressed and likely have the opposite result vs. desired.

This is a proven technique used by pro shooters, power lifters and in most other kinds of sport to limit stress during the competition.

Something for us, traders to learn here, don't you think so?"
More...

PO

Assimilate this please.., and use it, as a factory worker would :)


RN
 
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