The NO. 1 Secret Of Success In Trading

samuel11 · Mar 17, 2018

jinxu said:
He's 47 and works in IT? I'd say he needs a lot more then 2000 to catch a babe. IT isn't that sexy of a field.

Did you just assume his sexual orientation?

TreeFrogTrader · Mar 17, 2018

Starspa said:
I built a "kick ass" computer because of the large amount of data that is streaming in real time onto the 4K monitors. I do understand that trading other instruments, such as futures, does not require the system that trading equities does in order to have an edge.

If you don't make it at trading, you can always rent out your trade desk set-up as a tanning booth.

Starspa · Mar 17, 2018

TreeFrogTrader said:
If you don't make it at trading, you can always rent out your trade desk set-up as a tanning booth.

LOL, I don't need to make it as a trader; I don't think I need the rent money. I have already made it probably many times what you could ever dream of. This is a hobby to keep my mind sharp through retirement. You haven't obviously attained a sharp mind so not to worry about your retirement!

Starspa · Mar 17, 2018

TreeFrogTrader said:
If you don't make it at trading, you can always rent out your trade desk set-up as a tanning booth.

So many jerks! Is your life so bad that all you can do to please yourself, is to spread your negative ilk?

lostman007 · Mar 21, 2018

MarketAddict said:
Sorry to break it to you, but there's no one thing that's going to make you successful in trading.. Matter of fact not just trading but in life.. It's a combination of different things that will make you successful.. I'm not going to list all here because this is not school and I'm not the teacher.. But I will say this. You will need a detail plan that works (write your plan out).. When to get in, when to not get in, how to exit, and risk management. And you will have to work on your emotions too, but I don't think trading is 95% mental like most people think.. But you will screw up if your emotions aren't in tack. What will help with your emotions somewhat is having a good a plan that works, because a working plan will help you build confidence.. So the next question is, where do you even find a good plan/strategy that works?

Well that's when your 10,000 hours come in.. Sorry folks.. I'm not here to water things down and have you thinking you can start trading tomorrow and make thousands next week.. I want to give you the hard cold truth.. It took me 10 freaking years to be able to trade full time and I'm still learning new things every month.. Are you willing to sacrifice 10 years? If not, stick to your 9-5.. I'm not saying it will take you 10 years to become profitable, but it's a possibility..

So how do I trade? I look for certain levels, wait for a certain pattern and then I pull the trigger (pic below). Do I lose? Yup! How many trades do I lose in a row? Everyday is different.. Some days I don't lose at all.. Some days I lose 2 in a row, some days 3 or 4.. I had days where I lost 6-7 times in a row and still made a profit or break even, but I don't trade that reckless no more lol.. You will have to prepare your mind to lose 10 times in a row and be ok with it.. If you are new to trading you should have a daily loss limit.. So if you lose 3-4 times in a row then you should stop trading for the day and start over tomorrow..

One of the main reasons people can't make it in trading is because they can't get used to losing.. They have been brain washed by society that losing is bad.. But in trading, In order to become successful you will have to lose.. You will have to lose to win.. With trading you can be right 40-50% of the time and still make money..

So the next thing I will say is when you are making your trading plan make sure it involves your winners being bigger than your losers.. I'm not going to lie, it's easier said than done, but that's where your 10,000 hours come in play.. I'm addictive to manual back testing.. That's how I come up with all my strategies.. I study the chart 7 days a week.. Are you willing to put in that much work? Anyway, when it comes to taking profits, I will take profits much quicker when the market is ranging, and when the market is trending I will let that bad boy run.. So you will have to know how to identify a trend and a range in real time. Again that's part of your 10,000 hours...

So the next question is, how bad do you want it?

lostman007 · Mar 21, 2018

vincentnyc said:
damn, not gonna lie. if it took u 10 years to become profitable, you have nothing to offer me. it only took me 6 months to become profitable. last friday, i did 7 trades. 6 winners and 1 loser. made over $550 for the day. peace.

LOL you sound like a true FOOL, soon and very soon it will only take you one trade to blow out your account. O yes I hear you saying NOT YOU, keep saying it until you truly believe it then put more money in your trading account :-)

vincentnyc · Mar 21, 2018

lostman007 said:
LOL you sound like a true FOOL, soon and very soon it will only take you one trade to blow out your account. O yes I hear you saying NOT YOU, keep saying it until you truly believe it then put more money in your trading account

you think trading is all about buying and selling? you don't think i learn about risk management and position sizing and putting stop loss on every trade that I do? trading you have to learn how to be a good loser meaning take your lost quick and admit you are wrong when the trade goes against you. It is more about preserving your capital and not about making money. All I got to say is this, if all it takes is one trade to blow up your account, then you really don't know how to trade then, do you? Come back for another lesson grasshopper.

volpri · Mar 21, 2018

vincentnyc said:
you think trading is all about buying and selling? you don't think i learn about risk management and position sizing and putting stop loss on every trade that I do? trading you have to learn how to be a good loser meaning take your lost quick and admit you are wrong when the trade goes against you. It is more about preserving your capital and not about making money. All I got to say is this, if all it takes is one trade to blow up your account, then you really don't know how to trade then, do you? Come back for another lesson grasshopper.

ROFLMAO there you told him vicente. Lostman is well....lost, apparently.

qxr1011 · Mar 21, 2018

to the point:

https://www.elitetrader.com/et/threads/does-this-count-as-trading.291972/page-2#post-4130912

SimpleMeLike · Mar 22, 2018

MarketAddict said:
Sorry to break it to you, but there's no one thing that's going to make you successful in trading.. Matter of fact not just trading but in life.. It's a combination of different things that will make you successful.. I'm not going to list all here because this is not school and I'm not the teacher.. But I will say this. You will need a detail plan that works (write your plan out).. When to get in, when to not get in, how to exit, and risk management. And you will have to work on your emotions too, but I don't think trading is 95% mental like most people think.. But you will screw up if your emotions aren't in tack. What will help with your emotions somewhat is having a good a plan that works, because a working plan will help you build confidence.. So the next question is, where do you even find a good plan/strategy that works?

Well that's when your 10,000 hours come in.. Sorry folks.. I'm not here to water things down and have you thinking you can start trading tomorrow and make thousands next week.. I want to give you the hard cold truth.. It took me 10 freaking years to be able to trade full time and I'm still learning new things every month.. Are you willing to sacrifice 10 years? If not, stick to your 9-5.. I'm not saying it will take you 10 years to become profitable, but it's a possibility..

So how do I trade? I look for certain levels, wait for a certain pattern and then I pull the trigger (pic below). Do I lose? Yup! How many trades do I lose in a row? Everyday is different.. Some days I don't lose at all.. Some days I lose 2 in a row, some days 3 or 4.. I had days where I lost 6-7 times in a row and still made a profit or break even, but I don't trade that reckless no more lol.. You will have to prepare your mind to lose 10 times in a row and be ok with it.. If you are new to trading you should have a daily loss limit.. So if you lose 3-4 times in a row then you should stop trading for the day and start over tomorrow..

One of the main reasons people can't make it in trading is because they can't get used to losing.. They have been brain washed by society that losing is bad.. But in trading, In order to become successful you will have to lose.. You will have to lose to win.. With trading you can be right 40-50% of the time and still make money..

So the next thing I will say is when you are making your trading plan make sure it involves your winners being bigger than your losers.. I'm not going to lie, it's easier said than done, but that's where your 10,000 hours come in play.. I'm addictive to manual back testing.. That's how I come up with all my strategies.. I study the chart 7 days a week.. Are you willing to put in that much work? Anyway, when it comes to taking profits, I will take profits much quicker when the market is ranging, and when the market is trending I will let that bad boy run.. So you will have to know how to identify a trend and a range in real time. Again that's part of your 10,000 hours...

So the next question is, how bad do you want it?

Hello MarketAddict,

Thank you for sharing your advice and experience. Your story is me right now and I am just grinding, learning, and make a trade daily. Your post gives me inspiration and lets me know I am on the right track. I advise all newbies to make money paper trading before risking real capital.

Nice post