Newbies listen ! My Story w/ lessons

The reason that most people fail at trading is because most people are trading in a fundamentally similar way.

The trick is not to do things in an opposite manner, but to do things differently.

These comments apply to all elements of the trading business plan.
 
Quote from candletrader:

The reason that most people fail at trading is because most people are trading in a fundamentally similar way.

The trick is not to do things in an opposite manner, but to do things differently.

These comments apply to all elements of the trading business plan.
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Well said and although generally stated...it's the reason why a trader will still lose when taking opposite trades of a losing trader. They don't realize that when doing the opposite or invert...they are still trading fundamentally the same.

The key is to trade differently than those trying to do the opposite of each other.

Mark
 
Quote from wiesman02:

2) Trading the ES is tempting, high leverage, low capital start-up, but it is indeed VERY hard to trade. Like i said, there's only a few times per week that there are high probability setups. (some posters will disagree with me, kudos to you if you have a system with more setups, i have not found one yet)
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... which begs the question: why just trade ES?

How about trading where the action is, something which changes all the time?
 
Quote from wiesman02:

When to stay out of the market. My biggest lesson I’ve learned in 2010. You do NOT need to trade every single pullback or reversal. The best traders know WHEN to stay out of the market. This forces patience upon a trader. Many traders complain about not having patience. In reality, they just DON’T know when to stay out of the market. Its as simple as that. Why enter a trade without a positive expectancy of profit ? Inexperience causes impatience. I’m not saying I’ve perfected this, but I’m doing 10x better than this time last year.
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I hope you enjoy a few of my favorites related to your point.

Quote from "All I Know About Trading (and Investing) I Learned in Flight School":

It's better to be down here wishing you were up there, than up there wishing you were down here.

There are three simple rules for making a smooth landing: Unfortunately, no one knows what they are.

Remember, you're always a student in an airplane.

The three most common expressions (or famous last words) in aviation are:
"Why is it doing that?"
"Where are we?"
"Oh Shit!"
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Get ready for the book, newsletter, or chat room website from the OP.

Or if we are truly lucky, a private message offering mentorship.

This happens time and time again on elite. Sometimes just more sophisticated and subtle than others.

The funniest thing is the same people fall for it again and again. Same people who spend 10000s on lessons and gurus. Face it, you want to lose
 
Quote from wiesman02:



The only thing I struggle with still is when I'm up during the day, I'll still have that occasional day where I'll blow up and lose a weeks chunk of profits, but they don't happen NEARLY as much as they used to.

Still trading ONLY the ES, and still average between 1-4 trades per day max. This year, my winners to losers ratio is about 70%, which is damn good. This has helped my confidence immensely.

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BEING UP ON THE DAY MAY BE A MENTAL REASON TO TAKE A TRADE, BUT IT HAS NOTHING TO DO WITH THE SETUPS IN FRONT OF YOU, TRADE THE SETUPS,THE MARKET, NEVER YOUR ACCT....if you only have 1 setup, wait for it,if it setup 3 times a month and you made 2 or 3 k on those 3 days ,you would be doing great for a journeyman,trading all the other maybe's is what costs a fortune, anyone can make money ,its when you learn not to give it back,,or hang on to it, that it starts piling up....this is always a gamble, but with high and low probabilities
 
Quote from candletrader:

... which begs the question: why just trade ES?

How about trading where the action is, something which changes all the time?
More...

If you read my post for 2010 is says I'm trading forex and ES now

Quote from ammo:

BEING UP ON THE DAY MAY BE A MENTAL REASON TO TAKE A TRADE, BUT IT HAS NOTHING TO DO WITH THE SETUPS IN FRONT OF YOU, TRADE THE SETUPS,THE MARKET, NEVER YOUR ACCT....if you only have 1 setup, wait for it,if it setup 3 times a month and you made 2 or 3 k on those 3 days ,you would be doing great for a journeyman,trading all the other maybe's is what costs a fortune, anyone can make money ,its when you learn not to give it back,,or hang on to it, that it starts piling up....this is always a gamble, but with high and low probabilities
More...

This post is in 2009 and no longer applies.

Quote from jOllie:

Get ready for the book, newsletter, or chat room website from the OP.

Or if we are truly lucky, a private message offering mentorship.

This happens time and time again on elite. Sometimes just more sophisticated and subtle than others.

The funniest thing is the same people fall for it again and again. Same people who spend 10000s on lessons and gurus. Face it, you want to lose
More...

how could I possibly offer any of these things if this is my first year of being profitable. And I'm up less than $20k. Couldnt even support yourself there. if you read my latest post from 2010, I basically say its a way for me to look back on this and see my thought processes and how far I've come
 
Quote from PokerFXTrader:

Great post !

I went through almost the exact same process as you did.

It's been 6 years for me and I now mentor people myself.
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lol, let us know how many PM's you get :P

g
 
Quote from wiesman02:

If you read my post for 2010 is says I'm trading forex and ES now



This post is in 2009 and no longer applies.



how could I possibly offer any of these things if this is my first year of being profitable. And I'm up less than $20k. Couldnt even support yourself there. if you read my latest post from 2010, I basically say its a way for me to look back on this and see my thought processes and how far I've come
More...


Well, you are doing better than 99% of the readers on elite.

You'll soon learn that selling the dream is way smarter and lucrative if you don't already know
 
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