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What I wish I would have known when I got started.
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What I wish I would have known when I got started.

  #91 (permalink)
London UK
 
 
Posts: 17 since Jan 2015
Thanks: 0 given, 5 received

Daily and weekly are equally important ... depending on style: mean reversion vs trend, depending on instrument, depending on how long do you plan to stay in a position, etc.

To my view, one should have a clear trade plan: before you enter you should know your exit (determined by a clear written down rule).

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  #92 (permalink)
New York City, USA
 
Trading Experience: None
Platform: NinjaTrader
Favorite Futures: ES
 
CarpetHooligan's Avatar
 
Posts: 61 since Aug 2017
Thanks: 9 given, 74 received


kazz View Post
Thanks yes I appreciate that, looking at monthly charts, fundamentals come into play.

How about with daily and weekly charts?

Sent using the futures.io mobile app

The moment you decide to hold a trade overnight you are effectively at the mercy of fundamentals.

Sent from my SM-G930F using Tapatalk

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  #93 (permalink)
singapore
 
 
Posts: 5 since Sep 2011
Thanks: 3 given, 3 received


if i had better understood my self, trading would have been easier

yet, trading was the process that open the possibility to learn about my self

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  #94 (permalink)
Market Wizard
San Jose, CA
 
Platform: NinjaTrader
Broker/Data: Dorman Trading, Kinetick
Favorite Futures: NQ/YM all day every day, maybe only one 1-3 times per day.
 
teamtc247's Avatar
 
Posts: 840 since Dec 2012
Thanks: 603 given, 931 received

1. There are many ways to trade.
2. That there would be extreme highs and extreme lows.
3. There would be more days that I would hate myself more than love myself.
4. The day you thinking you are getting it, you have a setback and lose all confidence in what you are/were doing.
5. For me specifically understanding the stress and emotional roller coast I would put myself through.
6. Understanding wave structure and all the rules behind it.
7. Really understanding probabilities and accepting risk.
8. In trading you're always learning, but really knowing at what point you should start trading live. (refer to number 4)
9. That making mistakes are okay.
10. That just because you fail, doesn't mean you are a failure.
11. That you are fully in control of all of your decisions.
12. Mindfulness
13. Just because you read a book or take a course doesn’t mean you really know it or understand it.
14. To get better you have to practice, practice, and practice some more.
15. Be careful who you follow.
16. Don't set high expectations that you will be a millionaire in 30 days. Process over outcome.
17. It's okay to be sim until you have a good grasp.
18. The more you are involved with trading and a disciplined method the emotions become less intense.
19. Stop changing everything every two days.
20. This list is never ending.

"Small disciplines repeated with consistency every day lead to great achievements gained slowly over time."
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  #95 (permalink)
Chicago
 
Trading Experience: Beginner
Favorite Futures: MES
 
snax's Avatar
 
Posts: 531 since Feb 2019
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1. SIM Trading performance will not directly translate to LIVE Trading performance.
2. Accumulating losses when you are starting out can lead to a conflation of problems that are difficult to sort out and identify.
3. Psychological issues like confidence will take work to fix after accumulating early losses.
4. Market context and awareness matters so much, and you can't learn it all in a month. You can only work on what you understand and study until you begin to pick up more pieces of the puzzle.
5. You can't see it now, but have faith that you will begin to understand how to select better setups that aren't just gut feel.
6. Be patient and trade within yourself, bigger gains will come later when you have the appropriate skill-set for those gains. Stringing together small wins will feel much better than you realize and is much more obtainable than stringing together big wins when starting out.
7. When starting out, do not try to "guess the bottome/top", don't be contrarian, and don't fade trends. Stick to simpler with-trend entries until you have the skill-set to be a contrarian.
8. Be open-minded to any and all styles but very selective of who you learn from.
9. Keep a journal, break the trading problem down into smaller pieces so you can better see what works and what doesn't.
10. Lighten up and have fun.

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