Trade smaller. Take profits sooner.
If you could go back in time to when you were a new trader
- Thread starter TheGreatGorilla
- Start date
First off, we all go back in time every time a new cycle starts. It is the same pattern and situation except it has a different name and this time it is different.
We are doing it right now!
Missed the cell phone growth sector. Try some high flying pot stocks.
Missed Dell or MSFT in the 90's? Well you have FB, LNKD and many other repeating the same patterns and giving huge growth opportunities.
Got to go back to flipping burgers!
No cash until proven edge
- Start backtesting your trading ideas quantitatively right now, using specific entry and exit rules each time, and carefully analyze the output from each test (net profit, profit factor, max DD, max consec losing trades, net profit/max DD, etc.). Do it rigorously and do it correctly.
- Learn the value of using volatility-based entry & stop-loss & target prices.
- Learn the value of using volatility-based entry & stop-loss & target prices.
For sure there are many things I would have done very differently:
1) Spend first on clinical psy, instead of wasting money and time on trading classes.
2) Give a good boot to anybody who - no matter their own reasons- showed any signs of wanting to hold me back.
3) I would have played it really much more bigger, so as to maximize beginner's luck. But then I did not know what beginner's luck meant.
4) Not waste my time and energy trying to explain why it works.
Just make money, philosophy after.
5) Take systematically at least 75% of profits out.
And - without complexes- do whatever I want to do, no matter
what other's opinions would have been, as long as it did not infringe on other people's freedoms and rights.
1) Spend first on clinical psy, instead of wasting money and time on trading classes.
2) Give a good boot to anybody who - no matter their own reasons- showed any signs of wanting to hold me back.
3) I would have played it really much more bigger, so as to maximize beginner's luck. But then I did not know what beginner's luck meant.
4) Not waste my time and energy trying to explain why it works.
Just make money, philosophy after.
5) Take systematically at least 75% of profits out.
And - without complexes- do whatever I want to do, no matter
what other's opinions would have been, as long as it did not infringe on other people's freedoms and rights.
Quote from R. Raskolnikov:
Give examples of "trading theory"? Is a trend trading a trading theory? Because I find trends across many time frames and only trade them when they appear. They appear a couple to many times a day, depending on the action.
I think you have to be careful about using blanket statements combined with all CAPS
I had a feeling someone would ask me what I meant by theory.
I was being more philosophical than direct with my statement. An example of a theory would be reflexivity. Trend trading is more of a strategy rather than a theory.
The general idea I was trying to convey, was that if you don't use proper management of your money, your account will eventually blow up, wiping out all profits and cash. (Which was my problem when I began trading, over leveraging).
You missed the point of what I was saying.
Also please don't respond back on your opinion on what you think are strategies and theories, because I really don't care.
Nice. I agree. The "gurus" can't make money trading or investing, which is why they are asking for yours.
This is an interesting one. I really do believe this is why a lot of people become frustrated and give up.