Secrets to success in trading

tommcginnis said:
Ranks right there with one of my favs......


iu
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smallfil said:
What they are selling you are tidbits of information. Some good, some bad. It depends on the source. That is what makes trading hard. Getting correct information. Also, even if they know how to trade, they are not going to give you the secret sauce (edge) to their trading. Why would they because you would be competing against them once, you become a proficient trader?
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Why do you buy their sh!t? You know that was not the point of my post...
 
Handle123 said:
LOL, I have Bollinger bands on 8 of 14 systems on automation, what did you do for eight years?

I think people are confused about the "edge", it is not one idea but several and you have to piece them together. Except for those who only earnings are from trading, how many have checklists of what must not happen to the left of present as this will negate good signals? How many have done 3,000 min sample size of each signal and left of present to get the probabilities to be able to have some type of roadmap? How many know how long is at max of being in a trade where it going no where? How many know if your trying to get out at breakeven-when do you go for one tick or entry price? and this checklist is much longer. And it never ends as years goes by you add.

Those who can't trade, your own fault and it will continue till you are broke, you have to expand what you are doing by tenfold, when you can triple a demo account three times, then maybe you are ready to do real time, otherwise you are bait.

And develop a trading plan, well back tested.

And a good trader can make almost any chart or indicator to work, they have learned to piece it altogether. Figure out how to make it work.

I know a trader that does well on moving averages crossover, it is all he uses, but he does not wait for the crossover, that part has nothing to do with his system and yet I see so often questions does it work, make it work.
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Yet again you give a good description of why new folks are crazy to get involved in day trading when you do not need to do anywhere near that amount of work for longer timescales.

Takes many years to learn how to do very little.... decide which games you can win.
 
Jakobsberg said:
Yet again you give a good description of why new folks are crazy to get involved in day trading when you do not need to do anywhere near that amount of work for longer timescales.

Takes many years to learn how to do very little.... decide which games you can win.
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I totally agree with what you are posting, day trading/scalping, most have to do double of percents compared to long term trading because of all the commissions. To me it is the risk, actually have far greater risk in intraday trading than anything over 29 minutes cause I hedge. You have so much more you have to remember scalping to day trading, small errors you lose trades, whereas long term you have time.

Maybe it is the years that went by for me, but the scalping did made me a better long term trader, re-inforces concepts of whether I should be even taking some trades based on the past.
 
I don’t know that moving average crossovers “work” or not, but I do know when they happen to be crossed, I use a whole different set of rules.. not because they have crossed, but because they had to.
 
Handle123 said:
I totally agree with what you are posting, day trading/scalping, most have to do double of percents compared to long term trading because of all the commissions. To me it is the risk, actually have far greater risk in intraday trading than anything over 29 minutes cause I hedge. You have so much more you have to remember scalping to day trading, small errors you lose trades, whereas long term you have time.

Maybe it is the years that went by for me, but the scalping did made me a better long term trader, re-inforces concepts of whether I should be even taking some trades based on the past.
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I totally agree. With your year of experience I am sure you are very good on long therm. And the strong foundation of scalping allows you navigate free as a boat captain who started F as a mechanic. He will never find himself in hopeless situation. For me to discover scalping/daytday trading a givelation, I finally feel free to learn to flow with the markets! We, againe, our story is differant, I guess no one else experienced tbe start as kufs - decent seven numbers capital and Suisse banksters out if USA.
 
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themickey said:
The other half is you instructing yourself how to succeed.

There is no point looking outside yourself for all the answers, some may come from outside but the majority is from within, it's like you actually do lift yourself by your bootstraps.
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Agree. But to get teachers really give you shortcut of your learning curve. And to stay connected with other traders, I am so happy that after nine years of isolation we are on ET! Yesterday was one month and the level of self-confidence, the inner joy are totally differant now! Which for my view are essential components, together with devotion, focus and deep work on yourself.
 
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