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EOT trading room

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Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,583 since Jun 2009
Thanks: 29,673 given, 85,232 received

Spencer,

Ok so we were both wrong

No biggie. So "in closing" what I was trying to convey is a lot of traders expect an indicator or a strategy to make them profitable, and they spend all their time and energy working on an indicator or strategy. Then they move to another one, and another one, and another one.

I've found this process takes a year or two more before the trader starts to realize the indicators have very little to do with success or failure in trading. Then, for another year or so a battle ensues with the trader where is confused about everything, feels like he has no idea what to do. Then eventually he starts to see it's all about discipline, it's all about trade management, it's all about using discretion and interpreting your emotions about the market correctly, it's all about identifying your strengths and weaknesses and then making a trading plan that plays to them accordingly.

Another year goes by until you start to get really good at that, and then start to finally gain the self confidence needed to make money.



None of which has much of anything to do with EOT, naturally. But for new traders that are going to be searching for the holy grail no matter what I say, at least with EOT I don't feel it's a waste of money. They learn something and the room is geared towards newbies.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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