The real truth of Trading- Read it once, you will not be Disappointed.

Listen to him guys, this is invaluable information... Also, kudos to Scataphagos for persistently proclaiming the TRUTH!!!

Walt

Quote from TD80:

I have to agree with many here who initially commented on this thread.

This is a disaster of a set of advice. Not only is it incomplete but it is sufficiently dangerous in a black-swan sort of way should it be heeded by someone still lost in the trading sea.

If you sit back and think about it, this advice is the result of one and/or two scenarios:

1. This individual has a hot streak / lotto ticket run, and is now asserting this as a mandate based on his ephemeral success.

or

2. He is a savant who hasn't hit his inevitable abyss of a drawdown.

Those of us that have been around long enough know that even if those returns were accurate, his path will be either self-destruction, or style change (rare but it happens) before (and as such may avoid) said self-destruction.

A solid approach that keeps you going over the long haul is teachable and frankly rather trivial. However once you get to the point of success, you start to realize why it is unlikely you will have much company and why it is inadvisable (and perhaps dangerous for personal relationships) to try and mold/teach/build/create a trader in your image.

It is better for the few who will to figure it out on their own, with a little guidance and breadcrumbs from the old timers. If they last 10 years, it was meant to be.
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Does any of that software that generates buy and sell signals based on chart patterns work? It seems to me that the answer to that question should end this debate, no?
 
I had to read it twice, because the first time I was disappointed. However, the second time what I took away was that a trader can't myopically focus on one mediocre set-up, with the hopes that it will some day transform from mediocre to highly-successful, to the exclusion of actually watching the market and using those observations to develop thoughts about new set-ups. I think this is a valuable piece of advice.

On the other hand, I wonder if every successful trader in history hasn't had one "signature" set-up that only they've seen and then ridden it for all it's worth, in which case you'd want to eventually settle on trading one set-up over all others.

One of the odd things about trading is that, if you are successful, you'll never know if anyone else in the world is trading the same set-ups you are and, if you are successful, you won't exactly be broadcasting your methods to others just to see if they are using the same things.
 
Quote from Scataphagos:

You're right, "trading is not easy". It's intellectually easy and simple, but emotionally difficult.
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I would say trading is simple, yet not easy. Thats two different things in my book.
 
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