Secrets to success in trading

schweiz said:
If that is the rule, 9 out of 10 on ET should never trade.
It means run a 5K account up to 135K.
More...

Of course I did not start out this way, I preferred to go the other way of losing for seven years in futures, as brain said they were harder to trade then stocks. I have known a few that had done it of 5-135 and they never had to experience all the negative bs I had to discover about myself. And those who say that time period builds character are fools and never experienced the depth of failure staring in your face each day.

But those who want to trade are never going to listen, they will set up account and like a cry out of the darkness "free beer and lobster" they come running.
 
Handle123 said:
Of course I did not start out this way, I preferred to go the other way of losing for seven years in futures, as brain said they were harder to trade then stocks. I have known a few that had done it of 5-135 and they never had to experience all the negative bs I had to discover about myself. And those who say that time period builds character are fools and never experienced the depth of failure staring in your face each day.

But those who want to trade are never going to listen, they will set up account and like a cry out of the darkness "free beer and lobster" they come running.
More...


I call this behavior the "90% of drivers think they are in the top 10% of drivers".

Most people overestimate their abilities or underestimate the difficulty. In both cases they lose.

I also went the hard way like you...till I got wiped out and understood I had to change tactics.
 
Last edited:
As humans we don't perceive change very well. And we tend to become comfortable with the situation at hand, which is related but different. A trading system should help. If you follow it. See above.
 
Also, if you're a child you probably have a healthy imagination. Then they send you to school to wring it out of you. You have to have a good imagination to be a good Trader, Imo.
 
Cswim63 said:
"How can you know if it's obvious?" It's just a question I ask myself before I put on some trades. The answer is you can't for sure, just like everything else. It's just something I like to think about. Part of the creativity of trading. You might think of it as a market that is overextended and ripe for a pull back. Like housing in 2007. Or 2004. Hehe. Happens in all TF's though.
More...

Like I tell a friend who I am trying to teach how to trade, you have to use some common sense. Sometimes, you come into a trade right before you. Like a King Cobra about to strike you! You have two choices, take the trade then, watch the price action or pass on it! My friend has the tendency to find 100 reasons to get into a trade and I tell her, by the time you find your 100 reasons, the trade is long over and the position closed! So, you wasted enormous amounts of time for nothing! You got to pull the trigger if there is a confluence of factors favoring the trade. Could it fail, of course it could! It could also, work out as expected. You are not going to bat 100%. As long as you control your risk, your position should be like a casino with an edge. The longer the time period, your edge asserts itself and you make monies, lots of it!
 
Women tend to be too cautious. They are built in a fundamentally different way. Men are builders, designers. They have testosterone. On the other hand, you don't see women overtrading and blowing up accounts like men. Maybe something like spread trading where it's a little slower and you can see things develop would work. Utility stocks, bonds.
 
You must log in or register to reply here.
Back
Top