"TURNING POINT" in your trading and you have gained control what do you wish someone had told you?

ElectricSavant said:
Forum,

When you are at a "TURNING POINT" in your trading and you have gained control what do you wish someone had told you?

ES
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Nothing....you have gained control on your own... can't be better. "You" then will be able to modify & kept control when necessary & it will happen.
 
Agree, when you stop being so levered you make better decisions and can ride out the voluminous crap the market throws at you at every opportunity. I've taken so many losses where I was right, but I had to exit because of leverage.
 
Buy 10 things that look like they are going up and Sell 10 things that look like they are going down. Rebalance periodically using risk management. Let the winners ride.
 
"TURNING POINT" in my trading and I have gained control what I wish someone had not taught me.


Basically, after I have deleted, unlearned, destroyed what I had learnt from those hopeless useless trading coaches who were themselves unsuccessful traders, I started to make progress.

 
I've been day trading for a few years. Have been through the following phases:

-beginner's luck (6 months)
-consistently losing (1.5 years)
-consistently breakeven (6 months)
-varying between profitable and breakeven (5 of last 6 months have been profitable)

I guess April of this year could be considered another "turning point".

Though looking back, I came into the game thinking it would only take a couple months to learn how to trade. If I could go back a few years and advise myself, I would emphasize the countless hours of hard work ahead. I'd point out some words from Emerson: "That which we persist in doing becomes easier for us to do—not that the nature of the thing is changed, but that our power to do is increased."

I would also plead with myself to ignore all impulses to take "setups" that "look good" or "obvious", but that are really just random trades that fall outside the scope of clearly defined signals. Heeding that advice would have saved me from losing a LOT of money and sleep.

Sometimes I think being a great trader is nothing more than being a disciplined "button pusher". Given that one has a clear plan for precisely when to push the button.
 
imjohn said:
I've been day trading for a few years. Have been through the following phases:

-beginner's luck (6 months)
-consistently losing (1.5 years)
-consistently breakeven (6 months)
-varying between profitable and breakeven (5 of last 6 months have been profitable)

I guess April of this year could be considered another "turning point".

Though looking back, I came into the game thinking it would only take a couple months to learn how to trade. If I could go back a few years and advise myself, I would emphasize the countless hours of hard work ahead. I'd point out some words from Emerson: "That which we persist in doing becomes easier for us to do—not that the nature of the thing is changed, but that our power to do is increased."

I would also plead with myself to ignore all impulses to take "setups" that "look good" or "obvious", but that are really just random trades that fall outside the scope of clearly defined signals. Heeding that advice would have saved me from losing a LOT of money and sleep.

Sometimes I think being a great trader is nothing more than being a disciplined "button pusher". Given that one has a clear plan for precisely when to push the button.
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