Learn to wait
- Thread starter trader1974
- Start date
The best traders that I've seen are more like ambush predators.
And ambush predators like to wait.
In fact, one of the most successful animals to inhabit earth has done so for 240 million years. It wastes very little energy when not feeding, and it's success comes from biding it's time and being very opportunistic:
And ambush predators like to wait.
In fact, one of the most successful animals to inhabit earth has done so for 240 million years. It wastes very little energy when not feeding, and it's success comes from biding it's time and being very opportunistic:
trader1974,
I can 100% agree with that. And my biggest problem is learning to wait for more data (price structure) and take high probability trades. I find my self getting trapped trading in the noise (the back and forward), rather then waiting for price to break away from the noise, and then execute in the direction of the winner of the bulls and bears fighting in the noise.
But yes, patience and daily practice is key. No time off.
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trader1974,
I tell you what else I am seeing too as I read the chart daily. trading with that damn trend and taking a fixed amount of profits per trade sure makes alot of damn sense.
That worked for me until I tried playing chess with myself, solo. What a mindfuck.
Yess.. thankfully i’m out of that impatient phase now and now its all good. Now I realize how many unnecessary and wrong trades I had placed in my past just because of impatience.
Where to obtain edge from? That's definitely a loaded question. For me, it all starts with an obsessive analytical mind that won't turn off. So, I always try to have an open mind that there's possible insight into something just around the corner. Also, after doing this for a long time (1993), I can't help but anticipate how the market will change conditions in the future and impact my methodologies. I've developed a sense over the years how volatility being ramped up or down or how the degree of institutional involvement will probably affect my results...so I prepare or at least be aware. Having traded in many fast moving bear crashes and slow moving bull runs will do that to you. I'm not having issues with the algo's either...maybe in the beginning I did, though.
I also believe finding the right instrument for your particular personality is essential. Only experience will do that for you. I predominantly trade gold futures these days. I love the emotional reactions of the players participating...greed to fear and back again roller coaster (Nat Gas as well), but I also have a plan for when these markets go more stagnant. A trader must have faith in the outcome of their actions. They must have 'staying power' to win at this game.
My edge has come from experience...trial and error. A never give up mentality and a belief that "edges" are everywhere in life are also huge. I look at trading the same way I look at sports. I've been involved in sports my entire life and had to overcome the adversity of losing and having an opponent trying to take you down. In sports, it's not just trying to acquire an edge over your opponent, it's also trying to not to beat yourself...just like trading. And what about those personal edges that one finds through experience. I'm sure you were single at one time, what helped you charm the ladies the most, what was your best persona to do that? That being said, introspection and a desire for self improvement have been essential as well.
If you're looking for a more technical answer to getting an edge...obviously I'm not willing to spill the goods on precisely what that is in my case, but I will end this post with this: I honestly believe the price action of the markets (at least what I trade) have a logical order to them. The problem is the "order" will change frequently. One better know when and how to adapt or at least shut down current operations temporarily. Sorry this is so long, but good luck with your long term S&P 500 accumulation method.
Used to play a lot, eventually got bored. It would by , much more interesting, if the traditional board would be 4 or 9 times larger.
Also an extra player or two could join the game, figure movent should be limited tho,e.g to 8 squares for tower.
There could be some terrain as well, like mountains, depending on board, so the player could move forward, with his whole army like in the real battle, to take an advantage of strategic location.
Much more creativity and options.
Recently i found this , e-sports channel, where prizes reach up to $200k and it's sort of futuristic chess :
To OP, absolutely :
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