But then again, back then who knows what I would have done with that info. Trading is something where I feel you need to make all the mistakes you can to carve yourself into the trader that you are meant to be.
The following 3 users say Thank You to jmezz for this post:
This is a great topic - and while I'm sorry to hear you've had to hang up the trading boots I think you are an example of someone with the right mindset to find success.
I like most others have been through a variety of trading methods and am only now at a stage where I think I'm understanding that I don't need more knowledge, I need practice and the ability to build confidence in my own way of doing things.
Thanks for taking the time to make this thread - it's a testament to your character that you can share your experiences to help others despite them at present not being the desired result.
When I read the journals here and see where most of the posters are struggling - then your post
"Have the patience to let the market do its thing
Most large intraday swings take between 3-5 hours to complete. Somehow someway if those are the kinds of moves you are wishing to capture you have to have the ability to be patient enough to let the market do its thing: whether that is finding a part time job, some sort of hobby or something to let you do a secondary thing while still feeling productive with your time. Go download rosetta stone and learn mandarin or something."
is absolutely right!
A longer time frame than most of the traders are looking for is needed to get positive longtime results.
Article especially dedicated to @ratfink who knows about but can not leave this rat cave easily.
To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.
Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!
The following 7 users say Thank You to GFIs1 for this post:
if you think of the time and money Mike has save trader from buying b.s from dishonest vendors ...it is in the millions ..it is no wonder why he gets fire, he hits them in the pocket book...and they do not like it..