How does "patience" work in golf? You have to wait to take your turn. I am curious.
List of personal rules for trading that makes U successful
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How does "patience" work in golf? You have to wait to take your turn. I am curious.
Here is my few words,
after a few years, trading should be like walking to you. You walk but you do pay attention to your walking, your brain has a set of rules which takes care of your walking. Shall any obstacle arise in front of you, first your brain automatically orders to hesitate or stop the previous state of walking. Then you immediately need to consider and evaluate the new situation and decide if you need to change your route, completely stop or go to the reverse gear.
In the other hand, if you are ill and cant walk, if the doctors have told you to sit in the will chair, then you MUST do that, otherwise any attempt to get on your feet will most likely result more injury to your body.
---- ALWAYS : Find your rules to be PATIENT AND DISCIPLINED, glue them to you forehead and you shall be profitable ---------
after a few years, trading should be like walking to you. You walk but you do pay attention to your walking, your brain has a set of rules which takes care of your walking. Shall any obstacle arise in front of you, first your brain automatically orders to hesitate or stop the previous state of walking. Then you immediately need to consider and evaluate the new situation and decide if you need to change your route, completely stop or go to the reverse gear.
In the other hand, if you are ill and cant walk, if the doctors have told you to sit in the will chair, then you MUST do that, otherwise any attempt to get on your feet will most likely result more injury to your body.
---- ALWAYS : Find your rules to be PATIENT AND DISCIPLINED, glue them to you forehead and you shall be profitable ---------
This person does not appear to know enough. He is not convincing. And trading for a fund or large fund may be different from trading as an individual.
He says diversify and he mentions Apple Computers and crude oil. If you are going to win in oil you need a single focus on oil as your only market and daytrade it. To have experience, focus and familiarity with a good market takes time and devotion to the particular market you choose. It can reward you accordingly better than any diversification. And you must choose a market which offers good maximum points per day (eg NG, CL).
He says don't trade small moves; only trade big moves. If you have a reliable daytrading system (buying the upmoves and selling the downmoves, sequentially, as they follow each other, open to close) then you are trading the smaller moves and moves which become big moves. You don't have to decide beforehand this is a small or big move.
Looks like a recruiting video for a cult, but the guy makes some good points, couldnt have said it better myself:
http://www.youtube.com/watch?v=HOaE-d3mkDQ
http://www.youtube.com/watch?v=HOaE-d3mkDQ
I'm not a day trader like a lot of people here are. So my rules may be colored by that somewhat.
Find three or more very simple, uncorrelated systems. Test them until you are confident that they will work for you under whatever conditions you are planning to trade them in. (Some of your rules might entail under what market conditions you will trade which systems.) Paper trade them a bit if you want, then start very small. Build up a little each month. Risk the same amount on every trade. Follow all your rules, no matter how you feel about carrying them out at the time. Remember that your trades are not you. Losses are just a cost of doing business. Keep track of every trade. Keep going. Don't quit, don't give up. Go back on the weekend and dissect everything, so you can learn from it and refine your systems and your rule-following behaviors as necessary.
The main thing is just to have precise rules in which you are confident and to follow them, keeping all trades approximately the same size. This is really no harder than making cookies--it is like following a recipe. I have no idea why people find following rules so hard. I am grateful for my rules. (Then again, I notice a lot of people are terrible cooks.)
There are successful traders who use their emotions or intuition to trade sometimes. I personally don't know how to do that. I'm too concrete and I am wrong too often to use a method like that.
Find three or more very simple, uncorrelated systems. Test them until you are confident that they will work for you under whatever conditions you are planning to trade them in. (Some of your rules might entail under what market conditions you will trade which systems.) Paper trade them a bit if you want, then start very small. Build up a little each month. Risk the same amount on every trade. Follow all your rules, no matter how you feel about carrying them out at the time. Remember that your trades are not you. Losses are just a cost of doing business. Keep track of every trade. Keep going. Don't quit, don't give up. Go back on the weekend and dissect everything, so you can learn from it and refine your systems and your rule-following behaviors as necessary.
The main thing is just to have precise rules in which you are confident and to follow them, keeping all trades approximately the same size. This is really no harder than making cookies--it is like following a recipe. I have no idea why people find following rules so hard. I am grateful for my rules. (Then again, I notice a lot of people are terrible cooks.)
There are successful traders who use their emotions or intuition to trade sometimes. I personally don't know how to do that. I'm too concrete and I am wrong too often to use a method like that.