The NO. 1 Secret Of Success In Trading

[Starspa]

Cool! I was also thinking about dropping 4k monitor(s) lower than keyboard to limit head/neck movement. I have 40" 4k monitors. I find text size minimal, anything smaller will be painful, I wish i went with 43". Let me know how 32" monitors workout at 4k resolution. Although, you may increase font size to reduce eye strain.

I have been using my set up for a couple months, I love it! I have increased text size, what I really like is that I have up to 18 charts on one screen, too often, when filtering software notifies you of a move, it's too late, having all of the stocks in play, up on the screen, allows you to see a pattern setting up so you can enter a position at a much better time.

 

[Vindago]

Nope. Not beginner. Been averaging 60+ trades/month for the last 6 months.

Sorry to disappoint you but that is the definition of a beginner.

many of us who have been around for some time initially have had good streaks with trading, inevitably followed by disaster once the market structure changed.

I hope for you you will be the exception but I doubt that and I think you are up for a very big reminder that consistent profitability takes time and experience, and humbleness...

good luck

 

[Vindago]

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?

I agree with most of what you say, though I think that the mental part is most definitely the hardest one to overcome, the chart reading is relatively easy after some time...

 

[Starspa]

Oh euphoria of the newbie . Having consistent profit for 3 yrs means you are a successful trader not 1 month of profits .

LOL, One thing I've noticed about many members of ET, is that they twist and fabricate what was said by the OP so that they can make a negative comment. When did I state or imply that I was a successful trader?

I am successful and I do not need to trade.

 

[schweiz]

Yes, the 10,000 hour line is bull crap. I didn't say that I know everything.

I know after trading more than 2 decades that the 10,000 hour as a saying, but no literally, is correct.
All depends of what you call "being profitable".

I will give two extreme examples:

• A is making 5% net a year.
• B is making 100% a week.

For A there is no need to do 10,000 hours.
For B on the contrary achieve the 100% a week will need 10,000 hours. And for almost everybody even 100,000 hours will not be enough as they will never achieve that.

 

[jinxu]

I have been using my set up for a couple months, I love it! I have increased text size, what I really like is that I have up to 18 charts on one screen, too often, when filtering software notifies you of a move, it's too late, having all of the stocks in play, up on the screen, allows you to see a pattern setting up so you can enter a position at a much better time.

Why did you spend $4k on a 4 monitors but went cheap on the desk and chair? It looks ugly.

 

[Vindago]

I know after trading more than 2 decades that the 10,000 hour as a saying, but no literally, is correct.
All depends of what you call "being profitable".

I will give two extreme examples:

• A is making 5% net a year.
• B is making 100% a week.

For A there is no need to do 10,000 hours.
For B on the contrary achieve the 100% a week will need 10,000 hours. And for almost everybody even 100,000 hours will not be enough as they will never achieve that.

well, while I agree with you in general, I wouldn't even bother learning to trade to become case A (5% a year), while I would be very surprised to achieve 100% a week, 10-20% would be more likely

 

[jinxu]

well, while I agree with you in general, I wouldn't even bother learning to trade to become case A (5% a year), while I would be very surprised to achieve 100% a week, 10-20% would be more likely

I've done it. Not that big a deal. The secret is to be very good at trading.

 

[Starspa]

Why did you spend $4k on a 4 monitors but went cheap on the desk and chair? It looks ugly.

LOL, I built the desk and I think it looks cool! Post a picture of your trading desk so that I can see what a good looking desk is supposed to look like. Those 4 monitors didn't cost close to $4K.

 

[Vindago]

I've done it. Not that big a deal. The secret is to be very good at trading.

double your capital each and every week? sorry I think not, it is simple math as to do so you would need to use leverage to very unsafe levels and be extremely good, too good...