The 'Mother of All Advice' list!

learner2007 said:
The forums on ET are full of advice coming from all levels of traders. For the new trader, or even the 'Lost in the world of trading' trader, I thought if might be convenient for those traders to have a central list of advice to read through for their trading education.

To those who often provide advice in their threads, if you could just add a line or two that you feel might be enlightening to new or even older traders based on your experience, in total it could very well prove to be of significant educational value to some.Your pet piece of advice, something you just posted in another thread, or in a previous thread to someone seeking advice would be welcome.

True, if this thread works out (doubtful!), there will be both good, and maybe not so good advice(like mine!). We can just hope the reader can differentiate between the two. While there is advice on ET covering everything from trading to how to bake cookies , I guess it would be best to limit postings to advice on trading, TA, stocks, futures, forex, psychology. Please post anything, how to cure not pulling the trigger, a point in TA that you've found useful, a pitfall to avoid in trading futures, anything you would consider to be of value to others.

I'll start it off by copying some things I recently posted.

Thank you for any contributions you may make to the list in trying to help others.
More...
Mother of ALL Advice - Burn All Books.. Start Looking at Charts
 
  1. Park your ego at the door. (the larger the ego, the lesser the knowledge)
  2. Stay disciplined. (treat it like a business which it's fun and challenging, not the other way.)
  3. The best strategy and plan is the one that makes you profitable. (if you can't explain it simply, you can't implement or execute it successfully.)
  4. Market is like a woman, don't try to understand it, just treat it with the utmost respect and remember that they are both always right. (sorry for the lack of gender neutrality on this one, was passed on to me from an older generation)
 
Lot of mention has been made about studying charts religously.
Yes, this needs to be done during the learning curve times to understand the behaviour of price action, but there comes a time, studying charts becomes too time consuming. One cannot everyday be studying scores or hundreds of charts in order to make a decision. One will also fall into the trap of analysis paralysis.
Study charts to learn, but don't study charts to trade (so much).
One needs to revert to maths based, it is far easier and offers quicker wider ranging information than by studying individual charts.
 
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