What are your Trading Breakthroughs?

bdixon619 · Dec 6, 2003

Several years ago a friend was having trouble explaining to me what her stochastic indicator was doing on her charts (we were using different software). So, I downloaded a copy of her manual and programmed stochastics into my software using her parameters and the original formula created by George Lane. I have used this version of stochastics ever since and it has been the inspiration for and one of the bases of my trading system.

formikatrading · Dec 6, 2003

Dude! That's awesome! Thanks for sharing that!

Quote from AMT4SWA:

I was as scared as Bambi during hunting season, trading 1 lots in the ES. This fear really started to piss me off because I could feel how it was FILTERING my judgement. Every damn little tick against me had me trying to re-evaluate the whole reasoning for my trade entry...this went on for MONTHS. Then one morning just after the market open, thinking of all the fear I had from previous trade days, I said F@%& THIS! I then entered a 10 lot ES position (I had never done more then 1 lot before), set my target at 1.5 pts and a stop at 1.5 pts. I said to myself, "are you scared now...you better be!", and I forced myself to sit on my hands and let the trade play out one way or the other...I literally stood back from my PC so I could not mess with the keyboard and I forced myself to overcome the fear. I did this all day and I made +2.75 pts for 10 ES for the day after commissions. I was so amazed at the end of the day, but I was totally mentally wiped out. The PROCESS to manage my fears started that day, and I will always see that day as a major turning point in my trading. FEAR kills in trading, and you will NEVER become profitable without some way of removing your fears from your reasoned thoughts during trading activities. The best way I can describe what happens when FEAR rules your trading, is to think of your "reasoned thoughts" on one side of a long row of constantino wire. A pile of money is sitting on the other side of that constantino wire...FEAR is the constantino wire, and to get to the money your "reasoned thoughts" get ripped to shreds in their attempt. You must remove the FEAR (constantino wire) from your pathway to the MONEY, so that your "reasoned thoughts" have a chance.

Good Fortunes!

Chris

BTW, there are two ways to remove your FEAR in trading. You can do the daily snip-snip and remove small sections of that constantino wire until one day you have a clear path. The other way (the method I prefer), is to slide a "Bangalore" under the constantino wire (FEAR) and blow the $hit out of it.....your choice!

CharlesXT · Dec 6, 2003

I had not traded for quite a few years. I was evaluating my old trading and getting myself up to date on the latest trading ideas and theories. One day I did a search on Google for "trend following" and a link came up....

http://www.elitetrader.com/vb/showthread.php?threadid=9828

This is when I first learned of Elite Trader and of a fellow named "acrary". My life has not been the same since.

I would say that finding this site and the posts on here and all the great talent has been my biggest breakthrough. There are many examples of knowledge on here that can not be found in any book.

This thread is another example of why this site is so good. Thanks to all of you for sharing and making this site such a great place.

ElectricSavant · Dec 6, 2003

I second that......

Michael B.

Quote from CharlesXT:

I had not traded for quite a few years. I was evaluating my old trading and getting myself up to date on the latest trading ideas and theories. One day I did a search on Google for "trend following" and a link came up....

http://www.elitetrader.com/vb/showthread.php?threadid=9828

This is when I first learned of Elite Trader and of a fellow named "acrary". My life has not been the same since.

I would say that finding this site and the posts on here and all the great talent has been my biggest breakthrough. There are many examples of knowledge on here that can not be found in any book.

This thread is another example of why this site is so good. Thanks to all of you for sharing and making this site such a great place.

Cutten · Dec 6, 2003

For me, it was realising that when you are sitting on a position that is working really well, with the market acting just right, then you should stay in that position for as long as humanly possible, and not exit until the market gives unavoidable indications that the move is completely at an end.

A good position can run very far, if you let it.

normand · Dec 6, 2003

Quote from dbphoenix:

There have been a number of "ah-ha" moments, but if I had to choose a "breakthrough", I suppose it would be reaching an understanding of the nature of probability as it relates to trading, and the role it plays in entering and managing the trade.

Once I understood this, everything fell into place, and any other issues regarding discipline and patience and consistency and so on became secondary.

I had the same experience. I have to say that discipline isn't that easy. Still working on it...

mmm · Dec 6, 2003

Another breakthrough that comes to mind is the acceptance that the outcome of any trade I take is totally random.

It might work, or it might not.

All I can do is control my risk, and take profits, if any.

This mindset greatly reduced (but not entirely eliminated) the emotional element to my trading.

-- M

nononsense · Dec 6, 2003

Quote from mmm:

Another breakthrough that comes to mind is the acceptance that the outcome of any trade I take is totally random.

It might work, or it might not.

All I can do is control my risk, and take profits, if any.

This mindset greatly reduced (but not entirely eliminated) the emotional element to my trading.

-- M

LongShot · Dec 6, 2003

Quote from nononsense:

nkhoi · Dec 6, 2003

Quote from lojze:

Breaktrough was, when I realized, how important is psychology in trading.

Lojze

Quote from hypostomus:

...occurred when I realized that beyond a certain point I would have to teach myself.

Quote from formikatrading:

1. I had to believe that my analysis was as good as anyone else's (including any well-regarded guru) and that I would be better off without others' opinions and advisory services...

Quote from CharlesXT:

II would say that finding this site and the posts on here and all the great talent has been my biggest breakthrough. There are many examples of knowledge on here that can not be found in any book.

This thread is another example of why this site is so good. Thanks to all of you for sharing and making this site such a great place.

what they said, can't even have an original break thru with ET crowd.