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The 38 Steps of Trading
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The 38 Steps of Trading

  #31 (permalink)
Trading for Fun
New Zealand
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ZB
 
Posts: 92 since Jun 2013
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Is there a way to skip to #39?

I don't think it is as linear as this. Everyones path is different but nonetheless, an interesting rough step by step process is outlined here.

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  #32 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Thank you for this

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  #33 (permalink)
Elite Member
Wodonga Australia
 
Futures Experience: Intermediate
Platform: NT, MT4
Broker/Data: tba
Favorite Futures: tba
 
Linds's Avatar
 
Posts: 303 since Jul 2010
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very good list - can recognise myself in there at various stages

I get depressed by how easily people are satisfied, with so little argument.

C Hitchens
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  #34 (permalink)
Membership Temporarily Revoked
Bangkok
 
Futures Experience: Advanced
Platform: nt
Favorite Futures: crude
 
Posts: 64 since Sep 2016
Thanks: 35 given, 5 received

Even with the 10 Items Commandments, humans fail miserably!


shodson View Post
I think I'm on step 29..

1. We accumulate information--buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realize we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to 'outside news' & other traders.
9. We go back into the market and continue to donate.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and continue to donate.
13. We get 'overconfident' & market humbles us.
14. We start to understand that trading success fully is going to take more time and more knowledge then we anticipated.

Most People Will Give up at this Point as they Realize Work is Involved

15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realize that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We go back into the market and continue to donate.We go back into the market and continue to donate.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rips and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and trading rules.
33. We begin to consistently make money. We begin to consistently make money.
34. We get a little overconfident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
37. We are making more money then we ever dreamed to be possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of


@shodson

Thx for the well wishing listing for newbies.

But with only the 10 Commandments, people like us find it tough to remember them
and diligently follow. So very pitiful indeed, isn't it?

Is it possible to abbreviate it down to bite size for most of us, like....?

1. We accumulate information--buying books, going to seminars and researching.
8. We start but fail and start to listen to 'outside news' & other traders.
13. Now get 'overconfident' & market humbles us.
14. We start to understand that trading profitably is going to take more time and more knowledge then we anticipated.

Most People Will Give up at this Point as they Realize Work is Involved

15. We get serious and start concentrating on learning a 'real' holy grail.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow them.
30. We begin to see that our lack of success is within us
(a lack of discipline in following the rules because of some kind of fear) and
we begin to work on knowing ourselves better.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful)

NOW for better or for worse, there are now only 9 very general trading behaviors
for those wishing to be more consistently profitable to eschew.

More profitable trading experiences everyone. Thx Shodson.

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  #35 (permalink)
Elite Member
Western Slope+Colorado/USA
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: NinaTrader Brokerage, Interactive Brokers
Favorite Futures: Coffee
 
DropD's Avatar
 
Posts: 22 since Aug 2012
Thanks: 37 given, 22 received


deaddog View Post
I looked for a mentor when I first started. All I found were people wanting to sell me systems. I had one guy who was only going to charge me a daily rate. Set me up with software so he could direct me in real time how to trade ES. Day one we broke even and when I asked how much he made trading he said he didn’t trade. End of relationship.

You shouldn’t expect a mentor to show you a method. You should expect a mentor to guide you through the process of finding and developing a system that suites you. Too many people are looking to copy a method that may not be appropriate for them.

I love this!!! You would not believe how many "mentors" actually do not trade! They sell the fantasy of being able to successfully earn a living from the markets, but in actuality do not do it themselves!

...................your story sounds about like the road I went down

“Success is a journey, not a destination. The doing is often more important than the outcome.”
-Arthur Ashe
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  #36 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
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Posts: 602 since May 2013
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DropD View Post

...................your story sounds about like the road I went down

Did you find a Mentor or did you finally figure it our for yourself?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #37 (permalink)
Elite Member
Western Slope+Colorado/USA
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: NinaTrader Brokerage, Interactive Brokers
Favorite Futures: Coffee
 
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Posts: 22 since Aug 2012
Thanks: 37 given, 22 received


deaddog View Post
Did you find a Mentor or did you finally figure it our for yourself?

I'm still on the journey.............I realized that a mentor really can't do much for me. I know I'll have to make it on my own. I am finding that Van Tharp's stuff is exceptional.

“Success is a journey, not a destination. The doing is often more important than the outcome.”
-Arthur Ashe
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  #38 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 602 since May 2013
Thanks: 97 given, 672 received


DropD View Post
I'm still on the journey.............I realized that a mentor really can't do much for me. I know I'll have to make it on my own. I am finding that Van Tharp's stuff is exceptional.

Take a look at Mark Douglas Books.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #39 (permalink)
Elite Member
Western Slope+Colorado/USA
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: NinaTrader Brokerage, Interactive Brokers
Favorite Futures: Coffee
 
DropD's Avatar
 
Posts: 22 since Aug 2012
Thanks: 37 given, 22 received


deaddog View Post
Take a look at Mark Douglas Books.

I'll check him out, thanks! What I'm really working on right now is my overall business plan for trading and my objectives going forward. I know that a trading system is just a small piece to the puzzle and the bigger picture is where my focus should currently be.

“Success is a journey, not a destination. The doing is often more important than the outcome.”
-Arthur Ashe
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