Is it Worth It!!! | Traders Hideout


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Is it Worth It!!!

  #82 (permalink)

Legendary Elite_Member
Wiltshire, United Kingdom
 
Trading Experience: Beginner
Platform: Jigsaw daytradr
Favorite Futures: US Equity Index Futures
 
matthew28's Avatar
 
Posts: 737 since Sep 2013
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But..... you can VERY quickly have too much information and start drowning with this type of approach.

To me you seem very open to learning which is just fantastic for this business. But the risk is going out in too many directions at once and lacking focus. With all these great platforms, tools in them or added to them and data feeds available to us one of my (and many others) challenges is info risk vs. price risk. Basically wanting more info (amounts to in part hesitation) to confirm a trade increasing one $risk. ..............

Just what I was thinking reading through the past few pages.

The danger is that there is so much information it stops you ever starting. It is important to try things at the beginning to see whether you like fast/thin or slow/thick markets, see how they trade differently depending on the time of day, find a couple of tools that make sense to you etc. and then stick to them and only change things a little at a time if you think it really matters and makes sense.

I remember an FT71 webinar where he mentioned that when he was backing traders he only took people who had never traded before so they had no bad habit to hinder them that required unlearning. (He also said he liked people who had an elite or professional sports background because of their understanding of the importance of coaching and self analysis and living in the moment, not dwelling on the past. In that regard I have just re-read a book, I am almost embarrassed to mention it because it is such a trading cliché, and because of that most of the people who have read it are unlikely to be trading successfully, but Trading in the Zone by Mark Douglas really is very good and well worth reading to help give you an understand of the potential pitfalls that can make trading so hard).

John Grady at NoBS said something in a similar vein. When he started at a prop shop it specialised in the Treasuries. If you liked thick markets you chose the Ten Year Note, thin markets the Thirty Year Bond. Then you sat down in front of the Depth of Market (DOM) and worked it out.

Forums are great for asking good questions, like yours which has attracted a lot of useful replies, but be careful, especially if things aren’t going well; of adopting lots of new techniques continuously that you pick up from the webinars or reading journals of whoever happens to be doing well this month. In effect every time you significantly change something your learning goes back to the beginning.

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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