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Which level of trader are YOU?
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Which level of trader are YOU?

  #1 (permalink)
Elite Member
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Which level of trader are YOU?

Ok, you have to read the attached, and it is something I have had in my position for about 1.5 years and really enjoy reading it every once in a while.

I find it a bit inspirational.

Which level of trader are you?

I believe I am probably in the 3.3 - 3.7 range with the occasional relapse to 1.1!

Good reading!

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  #3 (permalink)
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bluemele View Post
Ok, you have to read the attached, and it is something I have had in my position for about 1.5 years and really enjoy reading it every once in a while.

I find it a bit inspirational.

Which level of trader are you?

I believe I am probably in the 3.3 - 3.7 range with the occasional relapse to 1.1!

Good reading!

Excellent read and very true. We all can relapse, but we already have the tools to pull ourselves back into the saddle. I can't quite say I'm bored at this point...

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  #4 (permalink)
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tradetree View Post
Excellent read and very true. We all can relapse, but we already have the tools to pull ourselves back into the saddle. I can't quite say I'm bored at this point...

@tradetree

So, I am guessing you would put yourself into the 5 category?

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"This eureka moment causes a new connection to be made in your brain. You
suddenly realise that neither you, nor anyone else can accurately predict what the
market will do in the next ten seconds, never mind the next 20 mins."

"You start to take every trade that your 'edge' shows has a good probability of
winning with. When the trade turns bad you don't get angry or even because you
know in your head that as you couldn't possibly predict it it isn't your fault - as soon
as you realise that the trade is bad you close it . The next trade or the one after it or
the one after that will have higher odds of success because you know your system
works."

Thank you for this exelent post. I sure will print and laminate a copy.

"The only thing to do when a man is wrong is to be right by ceasing to be wrong." - Edwin Lefevre -
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Nice reading Bluemele!

I guess since I finally accepted ( by feel, not by mind ) all patterns work sometimes, and the real job of the trader is to investigate the " sometimes" (offcourse apart from getting used to risking real money, which is also a step) , I must be somewhere in 3, but with an occasional stepback to 2 which I still have to fight my way out of it.

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  #7 (permalink)
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I spent a lot longer time than I expected on level 1, saved a lot of time by mostly skipping level 2, and like to think I'm currently at 3.1.

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  #8 (permalink)
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Zwaen View Post
Nice reading Bluemele!

I guess since I finally accepted ( by feel, not by mind ) all patterns work sometimes, and the real job of the trader is to investigate the " sometimes" (offcourse apart from getting used to risking real money, which is also a step) , I must be somewhere in 3, but with an occasional stepback to 2 which I still have to fight my way out of it.

I think I am in your boat. haha...

Yes, for me it isn't about 'edge' and 'system' as they all break at some point, but more about 'feel' and money management.

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bluemele View Post
@tradetree

So, I am guessing you would put yourself into the 5 category?

I do not enjoy discretionary trading, in the sense of deciding on rules or how I will apply rules as I trade. In fact, if I trade this way I move way down in the range. With my algorithmic trading I am in the 5 category. I watch my own system and keep myself from touching it; I know it will do better than I can on my own.

It is kind of strange, because I created the system. But it is the psychology that is at work here. In the discretionary case if I see a position up $1000 and then start giving it back, I just can't leave it. If my system has a position up $1000, it may give half back, but then it goes up to $2000. So my understanding of the probabilities has not changed, just my emotional reaction.

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One point that stands out for me is taking it slow.

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