The NO. 1 Secret Of Success In Trading

[schweiz]

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

Do a few 1000 hours extra, maybe that can help.

 

[volpri]

As I am on my way to the store to buy a chocolate cake; I get the point of mind control. So what are they referring to with the 10,000 hour meter? It takes that long to learn how to deal with it?

It doesn’t have to take 10,000 hours if one learns the techniques from proper sources to deal with the psychological issues.

 

[jinxu]

well NOW...if he is making 2000 month trading with a high win rate that is probably better than most low rollers on ET and will buy him a new pair of boots...several happy meals...a few steaks...may even get a few dates with some pretty ladies...(as most all ladies like shopping LOL). I wouldn’t knock it too much ...at least he is winning and doing so after 6 months..way better than most traders....go vicente! I say go!

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.

 

[schweiz]

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...

No, not double your capital every week, double you INVESTED CAPITAL every week.

There is a huge difference between the two. Making 100% a week is not equal to doubling your capital, because that would be compounded investing. There exists also non compounding investments. At a 100% a week you don't need compounding to make good money.

 

[schweiz]

I can tell, if I plan on continuing to view this forum, I'm going to need taller boots; the........gets pretty deep in here!

Or maybe do 10,000 hours? Maybe one day you will understand where the 10,000 hours stand for.

 

[Antartica]

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?

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?

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 don't understand. What is this post for and how does the content relate to the title. Looks like a clickbait to me.

 

[Vindago]

No, not double your capital every week, double you INVESTED CAPITAL every week.

There is a huge difference between the two. Making 100% a week is not equal to doubling your capital, because that would be compounded investing. There exists also non compounding investments. At a 100% a week you don't need compounding to make good money.

not sure I understand, let me see if what I understand is correct: lets say I have 50K$ capital, but I trade only 10K$ at a time, so the 100% a week would be 10K$? if so that might work with Forex and Futures as those 10K$ would be leveraged several times over (and even here I wonder...), but with Stocks how can you make 10K$ a week with 2 contracts of a stock valued 50$?

am I getting it right?

 

[Starspa]

History is helpful,...
http://www.businessinsider.com/malcolm-gladwell-explains-the-10000-hour-rule-2014-6


http://www.businessinsider.com/new-study-destroys-malcolm-gladwells-10000-rule-2014-7

Thank you, that was an interesting read and attached to the article are many articles that totally debunk the 10,000 hour myth. Just as I previously stated, there are many other factors unique to each individual. It may be 10,000 hours for some and 500 hours for others; now that I have read plenty of what experts say in this regard; I have a stronger belief in my original opinion.

 

[jinxu]

Thank you, that was an interesting read and attached to the article are many articles that totally debunk the 10,000 hour myth. Just as I previously stated, there are many other factors unique to each individual. It may be 10,000 hours for some and 500 hours for others; now that I have read plenty of what experts say in this regard; I have a stronger belief in my original opinion.

From this post, I take you think 10,000 hours is a Max? What makes you think it couldn't be 100,000 hours for some others? This forum is fill with the vast deep graves of long past traders who never learned to swim (or quit posting).

The goal is to not be an optimist or pessimistic, but to look deep in to reality and be a pragmatic. "The road to hell is paved with good intentions."

 

[volpri]

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.

ROFLMAO