If you had to do it all over again.......

[da11]

If my sorry butt had to do it all over…., again

aaaaaarrrrrrrrrrGGGGGGGGG!!!!! – at the thought of that prospect- LOL



Anywho…, and in no particular order


Accept no one knows

Yet also accept – nothing that happens in the mkt is random…, or without cause (cause is not reason – seldom…, if ever do we know the reason) – shth events notwithstanding

SHTF events do occur – as do black swan events

Sit my ass down in front of a live chart – on sim – and learn the language – and remain on sim till I’ve learnt it

Accept every trade is a 50/50 proposition

Accept losing is as much a part of trading…, as is winning

We can do everything correctly – and lose (the trade breaks down)

We can do every conceivable thing wrong – and win (the trade works out)

(what a f'd up deal that is!!!!! - LOL)


Routine…, context…, patience…, open mindedness…, flexibility…, understanding and accepting the associated risk…, not hesitating…, remaining centered…, unbiased…, unaffected…, being and remaining a wiling loser…, humbleness…, concerted focus – are all vital skills necessary to be a successful trader

Either one innately possesses these…, or damn will better develop them (to the Nth degree)

Uncertainty - become an intimate friend with it

More ways to make money trading and I care to count – pick one.., own it

Keep losses small…, set stops where the trade breaks down

Context – any / all TA – is not a forecaster – it’s a quantifier – to then be used as a gauge against what is presently occurring


Timeframe(s) – price is contiguous (not to be confused with continuous) – pick what floats yer boat…, then own them

And use more than one – for various views = to get/ keep oriented – surprises suck

KISS

We make a PnL…, and that is all we make

Whale / elephant meat is delicious – and provides bountiful feasts


Gamesmanship is a part of this gig – identify who’s present (and conversely absent) – know their game – play their game better

It only about making money – by protecting capital first

There will be off days…, and fuck ups – roll with em

Take time off and detox

Stress will make one do stupid shit…, really stupid shit – repeatedly

We trade against the best in the world – screw em and feed em fish heads


No…, the mkt isn’t out to get us…., it doesn't even know we exist…, nor does it care

Our opinion…, our desires…, everything that makes us who we uniquely are – when trading – isn’t worth a cup of warm spit


Trading is strictly a performance based occupation…, and we gat paid strictly on our performance

Mkt will test us in ways we can't even begin to fathom - till it happens



==================

In short OP,

Become self reliant

Cut through the bullshit..., minimize self...., focus on the chart..., learn the language..., accept whether an individual trade is profitable..., or breaks down - is of no consequence / means nothing

With regard to trading - risk is ever present

It all about routine and repeat-ability

Shit happens

F em and feed em fish heads

On to the next one


==========================

Sure there's more - but it the weekend and my brain is out to lunch



Successful Journey to You Sir

RN

Great reply RN! I appreciate the honesty and think you hit the nail on the head.

Acceptance of failure and of things out of our control is such a tough prospect for me. From 2006 to 2008 I lost close to $2 million between the real estate I owned and a managed broker account with a "professional" money manager. That's the main reason I want to trade my own money. I'll never invest with a big bank /broker again!

Anyways, that loss was tough and I'm just now recovering, not only financially, but most importantly psychologically. I think that experience will be invaluable as a trader.

Thanks for that realization RN!

 

[Redneck]

da11

You're Very Welcome Sir

managed broker account with a "professional" money manager.

This very same impetus propelled me into trading..., and why I hold contempt for this industry

Not actual traders..., just the industry and bullshitters




Much Success

RN

 

[Yukoner]

Successful futures traders/vets......What would you different knowing what you know now if anything at all?

I've owned a business for the past 16 years and it's been a lot like my trading experience....full of ups and downs with sporadic consistency.

However, with that experience I've gained a tremendous amount of knowledge along the way and if I had to do it all over again I would definitely do things different.

The reason I ask is because I'd like to gain some confidence by learning more about trading the ES and NQ and trade more on a regular basis.....I've been cherry picking around fed announcements for the past 5 years.

I like being in and out of the market each day.....I'm from Vegas so a little monetary risk is in the blood nothing like hitting a 5 teamer parlay

In my research I've narrowed down some things I'd like to study and practice first:

1. Price action
2. Depth of market/order flow analysis

Any thoughts on this or additions to the list?



P.S. I've tried a few paid indicators and courses....please refrain from answering this post if you are a vendor. I mean no disrespect, I'm sure there are some legitimate programs and will gladly take recommendations from vets or mods. Thanks in advance!

Here is what I would do different:

1) I would work on being incredibly humble. Recognizing that everything, other than discipline, that I bring in from my previous successes most likely will be a detriment to successful trading.

2) I would revise my definition of discipline to be so strict that if I broke only one rule, it means I am completely undisciplined and now unqualified to trade for a set amount of time.

3) All trading systems I considered would first need to be logical and robust (IF this, THEN that) so that they will show the same thing in any market and any time frame, and can be successfully traded in all markets past, present, and future.

4) When receiving ANY advice from other traders, I would tattoo on my brain the following words - "Trust, but verify!"

5) I would embrace the following fact, What worked for others may not necessarily work for me.

6) I wouldn't start this journey for the potential money, because for the same amount of work there are many other disciplines were you can make good money even with average to above average performance. Not so in trading.

7) I would trade small amounts of money until I was consistently profitable AND consistently ALWAYS following my trading plan over a period of at least 6 months. Small amount of money could be 1 weeks wages for example.

8) With measurable metrics, if something wasn't working for me (even if it worked for others just fine) I would cut it quickly and try something else. You can get stuck in stupid rabbit holes because you are trying to be something you aren't meant to me. You aren't that type of person.

9) Understand that the system that makes you successful and makes you money in the markets will only last so long... then the markets change, and quite possibly your system may not work any more. (ie. pit traders to electronic... scalpers to HFT's)

10) Journal every single trading day. Describe what happened, how you felt, what you could do better, what you learned.