What lessons did you learn in 2017 that improved your trading?

I learned the importance of the following:

1) writing out and reviewing my trading plan.

2) developing a daily routine and proper preparation for each trading day.

3) having a proper mindset.

4) trading with the trend unless there is a clear loss of momentum; recognizing that strong trends persist longer than I expect.

5) recording all my trades and journaling (I use Edgewonk and Evernote).

6) evaluating my trading based on the process (and following / executing the process) and not the results.

7) understanding that discipline in trading is related to discipline in all other aspects of my life.

8) letting go of the need to be right, perfect and comfortable.

9) recognizing decision fatigue and structuring my day to avoid it.

10) reducing screen time and printing out charts to do much of my analysis.

11) focusing on end-of-day set-ups as swing trading is a better fit for me and also protects me from some of my weaknesses which are exposed more when I trade intraday.

12) calming the mind through yoga and meditation; staying hydrated and eating healthy.

13) visualizing who I want to be as a trader and visualizing that I'm making trades for someone I admire -- asking myself whether that person would invest in me given my process and how I'm executing my trades.

14) being aware and fully present when making trading decisions -- avoid default / autopilot behaviors.

15) doing what I know I should do even when it's uncomfortable.

16) trusting my indicators.

17) recognizing that the higher (longer) time frames trump the lower (shorter) time frames when looking at charts.

18) understanding that those who are incredibly successful have incredible habits. Just because my habits were better than 95% of folks wouldn't make me great. My habits have to be exceptional and put me in the 1%. However, I don't need to compare myself to others -- my goal is to become the best version of me.

19) understanding that I am 100% responsible for my results, regardless of my challenges and perceived limitations.

20) acknowledging that I can't change the past but I can learn from it.

21) recognizing that I need to enjoy the process / journey and HAVE FUN!
 
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Pyramiding is not dangerous at all. As long as you wait for the trade to become a winner and for the unrealised profit to reach the equivalent of your risk before you pyramid. That way, your capital risk is never increased but the profit potential grows parabolically as you add positions.

As for cutting losers, I always set a stop. Suppose the stop is £300 away from entry.As soon as price takes me to an unrealised loss of -£150, I cut 75% of the position. the remaining 25% rides on to either the same SL or into profit (rarely). Again, my capital risk is not increased, it is actually cut.

I wonder if you're actually trading or just theorising?
 
1. Learning some more advanced programming will benefit you immensely if you want to do anything more complex than just point and click. It will also save you time and time is invaluable.

2. Just because you're good at one strategy doesn't mean you've become a "trading god" and can adapt to trading anything with easily obtainable success. Might seem obvious but it's a very easy trap to fall into.

3. Better to be conservative and think thrice before jumping into any new strategies.

4. Low probability setups are best to be ignored even at the expense of profit. Slippage models can be inaccurate and low profit factors can then go below one.
 
d08 said:
1. Learning some more advanced programming will benefit you immensely if you want to do anything more complex than just point and click. It will also save you time and time is invaluable.

2. Just because you're good at one strategy doesn't mean you've become a "trading god" and can adapt to trading anything with easily obtainable success. Might seem obvious but it's a very easy trap to fall into.
More...

Most, if not all, programming automated systems are lucky or rare if they can even match the S&P 500 benchmark, let alone beat it consistently.

#2 definitely agree with. All the great traders in history have mastered only one discipline of the trading world. Every meteoric trader has one claim to fame/expertise.

It's always prudent to be conservative with anything new -- because most people will fail flat on their face, or seriously hurt themselves most likely...instead of progress.

Low probability events or once in a blue moon events are ill-advised too. Things like quarterlies maybe as well.
Most people should trade things that have much higher revolutions. You can gain/compound more, more opportunities for gain...less for permanent hurt.
 
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A common theme to my prior post in this thread is the realization that trading is a like a performance sport, and to be successful, I need to approach it like one. Connor McGregor and Floyd Mayweather just don't show up in the ring and fight. But for some reason, many traders think they can wake up each day, turn on their computer and trade consistently. The real work is done before the market is open and after it is closed.
 
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