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Common sense trading decisions
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Common sense trading decisions

  #71 (permalink)
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Big Mike View Post
I think there are successful traders that:

- Don't use indicators
- Do use tons of indicators
- Use astrology
- Use market profile
- Use order flow analysis
- Use traditional volume analysis
- Use spreads
- Risk 1% of their account
- Risk 10% of their account
- Scale in/scale out
- Trade all in/all out
- Buy weakness, Sell strength
- Buy strength, Sell weakness

In other words, I believe success is not dictated so much by an individual method you use to enter or exit, but rather the experience you have with the market in general, the experience you have with your method, and your ability to execute well on your feelings of how the market is moving.

I think my point is proven by how wildly varying successful traders "setups" and what is on there screen can be. Some traders may love Ichimoku, others may laugh at it. Some may swear by astrology, while others laugh. Some may swear by Elliott Wave, while others laugh. Some may swear by Fibonacci, while others laugh. But they can all be profitable, all independent of a particular method.

Bottom line: experience is what counts.

Mike


Well said. Thanks Mike!

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  #72 (permalink)
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Experience counts

I couldn't agree more with Buzzsaw. That being said. Anyone with experience has learned to be disciplinied, patient, maleable, and brutally honest with themselves. I am convinced successful trading is more about learning yourself than the market.

Confidence is the "feeling" you have before you understand the situation. I try to start every trading day, with being honest about myself and letting the market tell me where it's going. Humility is always a good thing.

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  #73 (permalink)
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Let The Market Guide You



Rob4profit View Post
I couldn't agree more with Buzzsaw. That being said. Anyone with experience has learned to be disciplinied, patient, maleable, and brutally honest with themselves. I am convinced successful trading is more about learning yourself than the market.

Confidence is the "feeling" you have before you understand the situation. I try to start every trading day, with being honest about myself and letting the market tell me where it's going. Humility is always a good thing.


I agree. I can't begin to tell you how many times I come in with an idea of what the market will (might) do and then it does something completely different...

Fortunately , I just go with it.. "maleable." The market speaks, I follow and execute my plan..

Like in the movie, "Forest Gump."

Trading is like a box of chocolates, you never know what you are going to get..."

Tom

Regards,

Tom

Nothing To It But To Do It
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  #74 (permalink)
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  #75 (permalink)
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Why we make bad decisions

Friend of mine sent me this video of Dan Gilbert talking about decision making. It is worth watching for all newbies in the game and reading this thread too.

“Life begins at the end of your comfort zone.”

― Neale Donald Walsch
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  #76 (permalink)
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Lejcus View Post
Friend of mine sent me this video of Dan Gilbert talking about decision making. It is worth watching for all newbies in the game and reading this thread too.

Good video (minute 11 Hawaiian vacation reminds me of the debate about mark to market and in general constantly comparing the little the market is prepared to deliver with my expectations) but tend to agree with some of the questioners about buddy's interpretation of what he calls the "Bernoulli equation" (the product of odds vs value). IMO some things in life are not strictly a matter of number comparisons.

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