The ACD Method
- Thread starter sbrowne126
- Start date
I would say most traders blow up a few times before they become successful. So by default, all successful traders probably blew up as well. I think ego is a big problem with most traders. Learning to admit you are wrong and need to fix something. Ideally you want to be around other traders if you are going to do this for a living. Trading from home or from work is just not feasible. This doesn't mean you need to join a prop firm, but maybe rent a space and share with other traders. Most of the guys that blew up at my firm were remote traders trading from home by themselves.
And let me say this, intuitively you would think traders want to trade the most volatile product they can find, like Crude Oil. But my experience has been over the last 15 years, is that traders who focus on the most volatile products don't make it. The ones that trade the calmer stuff seem to have more longevity.
The stocks I use to trade back in the day where stocks most guys on here have never heard of, but I made money every day and took home paychecks. The guys that tried to trade all the high flying nasdaq stocks rarely took home a check. One of the biggest myths out there is that traders want to trade volatile stuff. I don't buy that for a second. At least my experience tells me not to.