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Take the inexpensive route
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Take the inexpensive route

  #91 (permalink)
 Vendor: protradered.blogspot.com 
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Be qualified to trade

before you throw your money away.

If you do not have some kind of statistical performance level achieved in practice and trials first that says you have a good handle on the basics of price chart reading, inventory understanding, market structure, money management, risk management, and trade entry criteria, then you are not qualified to trade.
That's it. Either qualify for the job, or go do something else. I can not put it more simply than that.

Then, even though you may have qualified to trade live in the market, you still have another qualifying level to attain. That is self control. Only way to learn it is to trade it. So, don't go it alone if you can help it. Find yourself some good buddies who also trade and who have also been qualified, and use the association to help you get through the real hurdle of adjusting to cash loss.

Talking the walk is not the same as walking it.

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  #92 (permalink)
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Jaguar52 View Post
Quiting day trading means very little in the totality of your life.There was no guarantee that you would succeed in this business. The odds can be stacked in your favor, and just as in other businesses, stacking the odds in your favor in this business means finding your edge, and believing in it. But it was a venture capital activity, and you gave it your best shot.

Many traders come to the 4 or 5 year mark and realize that they are not as far along in their progress as they thought they would be. They face some hard facts about their performance to date, and all the money and time, not to mention efforts both emotionally and psychologically, that have been done in their desire to make their trading a viable source of sustainable income.

Many traders wanted to quit their day job, and trade for a living. In the beginning it started with the dream of big profits, and along the way changed to the struggle to just make few $100 a day, day after day.

When you quit you finally accept that you were never able to learn to trade like anyone else after all. You accept that you were never able to find a method or system that you believed in enough to trade consistently enough, let alone well. You accept that you left each method you learned when the draw down came, and most likely never returned to it. You considered it inferior because you had a month or two losses. You accept the fact that no mentor was able to help you fix your trading. You never discovered the magic indicator or system. All those secret methods you bought into were also sold to about 1000 other traders, and you spent the better part of a year fighting everyone trading that system for fills in the queue. You also accept that you are now unwilling to give it any more time or effort. You are now unwilling to spend another dime buying indicators, or trade room subscriptions, or other traders methods or systems. You also accept that the only way to proceed would be to strip down your charts, and start all over with the simplest most direct approach of trading price at location. It feels like you are still at the beginning or will have to return to the beginning again. If you are unwilling to accept these things, then you should quit. If you believe your inability to trade well was anyone else fault except your own, then you should definitely quit and try something else.

Well, I have some great news. You are right! You are right about everything. Quit, or don't quit does not matter. What does matter is taking all your experience - 5 years is a lot of experience - and just put the blinders on. Trade what you believe to be your understanding of all those things you now know to do. With this in mind, you may want to not do all those things you have already done. There will still be no guarantee of any future, and all the past is done with. This means your next step is probably going to seem very weird.

If there was one tool that would be the end all be all of all your efforts and the only helpful guide for you now, it would be the magic in your holy bible, often called your trading journal. If you have been keeping one, then all your answers are in there. If you have not been keeping one, then you have a very simple choice. Quit or start keeping one now if you intend to continue. It is kind of tough to repeat the same mistakes over again if you have been reading about them for the last 5 years. It is also tough to repeat great trading performance if you are unable to read about it over and over again.


Profound thoughts. My trading journal needs more love.

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  #93 (permalink)
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Learn chart speak


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Learn a language to describe to yourself what you see. Keep it simple, use precise terms that convey price identification and structural placement. The words should also convey a sequential expectation. The sentence should make sense to you and convey what actions may be taken, or not.
This takes screen time with careful observation and conclusions. Identifying everything as precisely and simply as possible with a few words. Then, trade what you see.

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  #94 (permalink)
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Hi Jag,

The terms you use is a bit different so need some time to get used to.

I hope you expand on the abbreviation of terms.

Love to see more chart on different market condition such as trending, sideways, false breakout/breakout.

Thanks.

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  #95 (permalink)
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Getting Started

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  #96 (permalink)
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Hindsight learning is backwards


torroray View Post
Hi Jag,

The terms you use is a bit different so need some time to get used to.

I hope you expand on the abbreviation of terms.

Love to see more chart on different market condition such as trending, sideways, false breakout/breakout.

Thanks.

The questions you ask say that there is a way to know when and in which direction the trend is, or when the market is sideways, or the difference between breakout and false breakout. All these things are hindsight views, and will not help you very much at the hard right edge where your decisions need to be made. So, concentrate on learning from right to left as each tick and each bar comes in. Add that bar to the left and then see if you can identify what you are looking at. We learn at the hard right edge, any other type of learning is ok for summary. But, anyone who says .. look you could have gone long here, or short here - or there was a trade here or here while looking more than one tick into the future on the chart has no clue. Those statements - here is a long or here is a short - are all relevant and useful on the very bar at the hard right edge. So, understand the left, but learn everything at the hard right edge where the decisions to go long or short, or not, needs to be made.

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  #97 (permalink)
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A good way to learn

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Here are some examples of learning to read price charts.
Learn while looking into the unknown and using the past as a reference for clues as to what you are watching develop in real time. Always know the long, short, and sideways. You do not have to trade any of it, but by keeping your view unbiased and up to date will allow you to pick your moment to risk a trade.

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  #98 (permalink)
 Vendor: protradered.blogspot.com 
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About Auto Traders and Robots

I do use auto traders. However, the best bot is the one that thinks just like me. So, since I do not use indicators for trading signals or decisions, there is nothing mechanical to program. There is no indicator rule based strategy. The best bot is the one that makes discretionary decisions based on how I read the market & price displayed on my chart.
If you are trading well, then get yourself a programmer to watch your trading and assign them to program your thought and decision making process. Then you will have a great trader working for you... yourself!

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  #99 (permalink)
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Lots of good advise

I really appreciate this huge collection of trading wisdom, I could have used this when I started 9 months ago, this will need to be read over at least twice! I am looking for a good traderoom, actually yours is on my list to evaluate, it is listed on the Tesseract Futures website, believe it or not. I don't quite get how they are listing other Trading rooms besides their own, but yours is listed as a top room.

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  #100 (permalink)
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Hi Jaguar52

Is it ok that once you see a couple tick of profit that you take it?

I know that this is not following the "Let your profit run" saying.

Thanks.

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