trader's step for winning

[50 cent]

In your mind, if you replace the word "rules" with the word "methods", you'll find it easier to follow those methods (to have discipline).

Because we all hate rules don't we? And we hate discipline too don't we? It's natural. However, we don't mind having a "method", some know-how that really works and gives us / saves us cash in the market.

It's easier for our deeper mind to follow a "method", rather than to obey "rules".

Makes the psychological struggle a bit easier.

 

[Virtuoso]

Quote from harrytrader:

The problem or error is to "have been struggling to be winner" instead of "have been struggling NOT to be a LOSER" which is completely different in term of risk approach.

So today's quote inspiration
http://www.elitetrader.com/vb/showthread.php?s=&postid=433789#post433789

Might be a matter of semantics here, but trying to avoid losers is comparable to constantly turning left inorder to avoid your right --all it manages to accomplish is a trader perpetually running aroung in a circle. I have personally become a consistant "winner" as a direct result of being a great loser. That's right boys and girls -- you want to know what its like to consistently pull money out of the markets -- start with learning how to lose properly. And if you don't think there is a right and wrong way to lose money in the markets then you simply haven't been in the game long enough...

PEACE and good-trading...

 

[Burtakus]

What is the right way to lose besides the obvious answer of lose less than you make?

From the first post I would say that I am between steps 24 and 25 after 2.5 years. I almost gave up at step 14 after my first 3 months and then took a 1 year hiatus where trading was a slim afterthought. I picked it up again just over a year ago and the experience has been totally different this time around. I would say that I am here to stay.

Moral of the story, if you want to trade don't let a failure right out of the gate stop you.

 

[Maharaja]

Has anyone ever started trading and made profits from day one and kept making profits consistently for over 5 years?

I doubt it...and if anyone claims to have done so, I doubt anyone would believe them...

Depending on the day I'd say I'm between
24- As we trade we still have a tendency to violate our rules and our results are erratic.
AND
28- Our trading results are getting better, but we are still hesitating in executing our rules.

 

[nononsense]

Quote from Maharaja:

Has anyone ever started trading and made profits from day one and kept making profits consistently for over 5 years?

I doubt it...and if anyone claims to have done so, I doubt anyone would believe them...

Depending on the day I'd say I'm between
24- As we trade we still have a tendency to violate our rules and our results are erratic.
AND
28- Our trading results are getting better, but we are still hesitating in executing our rules.

Hi Maharaja:

I got there consistently for over 5.1 years.
Watch out though for rule 69 coming up!

69- Making so much money we can no longer keep up with it.

 

[indahook]

Quote from Maharaja:

Has anyone ever started trading and made profits from day one and kept making profits consistently for over 5 years?

I doubt it...and if anyone claims to have done so, I doubt anyone would believe them...

I know one guy who started daytrading out of College in 1999. He made over 200k his first year and has never looked back.......believe it or not. Very talented equity scalper....I had the pleasure of sitting next to him for 8 months. He was helping me because I was a new trader...he would say something like "watch ABC there is a size buyer (step in NX the offer..offer it out a dime up..getlifted)...hey C did you catch that move?"..I would be like HUH...what symbol? He did that about 15-20 times a day..always in the same stocks.