What makes Successful Traders?
- Thread starter Jamie J.
- Start date
So many complain about something the market is doing and they don't trade it, low/high volatility, big bars-small bars, extremes high/low, slippage, HFT, and on and on and on. Or I hear the market is making odd price action, that and HFT I just laugh when I read it.
Why not overcoming all your weaknesses, just like all have favorite signals, they didn't pop out flagging you down, you had or should have done much back testing to discover if the were good, same with areas you don't like.
Why not overcoming all your weaknesses, just like all have favorite signals, they didn't pop out flagging you down, you had or should have done much back testing to discover if the were good, same with areas you don't like.
Work hard.
Live below your means.
Save money.
Invest well.
Someday you will wake up rich.
The first millionaire I knew as a friend… when I met him his carpet had a 2 foot wide path worn through the carpet from the front door to the kitchen. You could see the cement floor under it. His wife would trim the edges with a scissors.
He was putting every penny in the market because he was multiplying them. When he had enough that he could put it mostly into municipalities… and live (relatively) risk free on the interest alone…. Which at that time required about 2 million dollars… he retired from investing and somewhere in there... at that time... had enough to replace his carpet with a new one. Those where his priorities and strategies. They worked for him.
“Live below your means…” He still inspires me to do a little better on that one!
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Finding the grail, understanding the grail, waiting for the grail, trading the grail.
Is there only ONE grail? How about finding a grail...understanding a grail............
"Father And Son"
It's not time to hurry
Just relax, take it easy
You're still young, that's your fault
There's so much you have to know
Find a grail, understanding the grail, waiting for the grail, trading the grail
If you want you can marry to the market
Look at Redneck, Handle123, ETcallHome, J_smith, they're old(?) but they're happy
They were once like you are now, and They know that it's not easy
To be calm when you've found something going on
But take your time, think a lot
Why, think of everything you've got
For you will still be here tomorrow, but your account may not
...
[Father]
It's not time to hurry
Just sit down, take it slowly
You're still young, that's your fault
There's so much you have to go through
Find a grail, understanding the grail, waiting for the grail, trading the grail
If you want you can marry to the market
Look at Redneck, Handle123, ETcallHome, J_smith, they're old(?) but they're happy
p.s.
Before I took the quantitative measure (e.g. regression of price return on volume etc), I wasnot able to anticipate the next bar pattern, all I relied on was price action which I learned from some books and ET threads. But after I got statistically significant results (at 1%) from my quantitative measure, my skill has improved, and I can now interpret the chart way better. I am intending to take further and deeper research whenever I have spare time. so the quantitative approach is definitely the one you want to look into.
It's not time to hurry
Just relax, take it easy
You're still young, that's your fault
There's so much you have to know
Find a grail, understanding the grail, waiting for the grail, trading the grail
If you want you can marry to the market
Look at Redneck, Handle123, ETcallHome, J_smith, they're old(?) but they're happy
They were once like you are now, and They know that it's not easy
To be calm when you've found something going on
But take your time, think a lot
Why, think of everything you've got
For you will still be here tomorrow, but your account may not
...
[Father]
It's not time to hurry
Just sit down, take it slowly
You're still young, that's your fault
There's so much you have to go through
Find a grail, understanding the grail, waiting for the grail, trading the grail
If you want you can marry to the market
Look at Redneck, Handle123, ETcallHome, J_smith, they're old(?) but they're happy
p.s.
Before I took the quantitative measure (e.g. regression of price return on volume etc), I wasnot able to anticipate the next bar pattern, all I relied on was price action which I learned from some books and ET threads. But after I got statistically significant results (at 1%) from my quantitative measure, my skill has improved, and I can now interpret the chart way better. I am intending to take further and deeper research whenever I have spare time. so the quantitative approach is definitely the one you want to look into.
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Its easy. Have a never-ending quest daily or weekly for a stock that has recently come into high volatility for whatever reason, has lots of buzz in social media, figure out how the masses are going to play it, and do the exact opposite.
"Near-term,.... stocks will always move in the general direction that make the most amount of traders lose the most amount of money". -vz
"Near-term,.... stocks will always move in the general direction that make the most amount of traders lose the most amount of money". -vz
This makes my day and has taken the words right out of my mouth. The only point I will add is to be flexible and have an edge,flexibility is sure a good trait for success. For novice traders please dont ignore Eskiller's post.