Your most valuable lesson

Discovering that it is "how I want to trade" Vs. finding the "Holy Grail".

I have had many friends on ET actually share with me how they trade and they trade rather profitably may I say. It just was not my style. I have been trusted over the years with several specific trading systems but I have learned to ask myself "Can I do this"?

Its kinda ironic...I trade to make money but its not only the money that I seek.

ES
 
Meditation has to be mine.

I never saw the evil come out of myself like when I lost money. It manifested into me become a more calm and understanding person though. It's almost like losing some money was the best thing that ever happened to me.

Having sound practices with trading is all good and well but if your mind isn't right then good luck navigating the chaos.

Great question I have enjoyed reading all of the responses
 
jinxu said:
My most valuable lesson? Stop listening to what other people say and listen to yourself.

I used to listen to advice.Then the realization came that 95% of traders are loser therefore assume that 95% of advice out there are bad advice. The truth is most people just do not know what they are talking about. Best to take every thing you hear with a grain of salt.

My best advice given when I was young?
Talk less and listen more when you're under 30 years old.
And don't ever take career advice from someone over 40 years old.

Hehe
More...
Honest question. Does talking more ever benefit you? I feel like you should always be listening. Talking strokes our egos and makes us irrational.
 
Robert Morse said:
  • Only allocate funds toward strategies that make money and avoid those that do not.
  • Size your trades to the size of your account and your risk tolerance.
  • Avoid quick rich strategies that have more hope than edge.
  • Never do a trade to make back money lost.
  • Never do a trade with "house money", all money is yours.
  • Never trade under funded. Your stops will be too low.
  • Take losses when necessary and move on.
  • Take winners when necessary and move on.
I know, not one, These are all I can think of at 5am. I like to focus more on the money making side of the problem than the limit loss side as I'm naturally risk averse and have no problem taking losses.
More...

This can be split between mental and applied.

Mental:
  • Avoid quick rich strategies that have more hope than edge.
  • Never do a trade to make back money lost.
  • Never do a trade with "house money", all money is yours.
  • Never trade under funded. Your stops will be too low.
  • Take losses when necessary and move on.
  • Take winners when necessary and move on.
Applied:
  • Only allocate funds toward strategies that make money and avoid those that do not.
  • Size your trades to the size of your account and your risk tolerance.
These are the two points that require work and dedication. If you're sound with your strategy and the principles that go along with it then all the mental points should be calmed.
 
rybe said:
Honest question. Does talking more ever benefit you? I feel like you should always be listening. Talking strokes our egos and makes us irrational.
More...
Don't think so. The more I talk the more dumb I sound most times. My brain doesn't multitask well. I cannot think and talk at the same time. A lot of people like to talk. But I doubt they are doing some hard core thinking at the same time.

Furthermore. Reading a book has a higher data transfer rate then talking when measuring in number of words you can read per minute vs say per minute.

Furthermore. I've found people on the internet forum have always given much better advice then people I know in real life. Trick it to figure out who to listen to and who to ignore.
 
rybe said:
Honest question. Does talking more ever benefit you? I feel like you should always be listening. Talking strokes our egos and makes us irrational.
More...
I think listening to others is a must, however I think talking is also a must, just imagine if no-one on ET wanted to talk.
Many many times I've posted on ET and kind of cringed at my own comments, but such is life, we need to explore with our comments, talking brings feed back and a sharing of experiences.
 
You must log in or register to reply here.
Back
Top