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Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009
2nd byte at the apple round two:
second bit of advice:
hold everyone's feet to the fire, and then turn up the knobs on them (roast them), alive!
hold all paid services to the performance metrics (fire) and roast them (publically call them out on their performance)
hold all paid software to the fire of live trading conditions:
a) see if their key indicators repaint
b) see if their key indicators gave you a comfortable lead to enter the market (according to your comfort level)
c) have your contract in mind at all times and be willing to yank the cord and throw it out or cancel your membership, upon your second and third consecutive loss
d) show no mercy to the vendors, whether MDV's (market data vendors, as we call it professionally), or paid subscriber services, or paid trader conferences (live networked trading rooms, training rooms or methodologies)
after all, your precious capital, your grub stake, has you to thank for collecting it, and you to hold accountable for losing and not growing it...
pass the buck of responsibility,
smack them in the teeth
kick them in the shins
hold them accountable
proviso:
a) you will notice that every service contract has the mandatory regulatory wording, to the effect that past results are not indicative of future results..
b) bonkers,
c) you are paying to repeat past advertised results, to a reasonable extent,
hold them liable!
got it?
best second piece of advice I can ever share
Can you help answer these questions from other members on NexusFi?
As you're finding your style of trading and it has to be one you vibe with, just remember this:
- Just about every trading method has some validity WHEN MARKET CONDITIONS FAVOR THAT METHOD.
- Almost every derived level has validity AND THERE ARE ENOUGH WAYS TO DERIVE LEVELS TO HAVE THEM AT ALMOST EVERY PRICE ON YOUR SCREEN.
- Learn to assess the probabilities of your set ups as ultimately NOBODY knows where the market is going next. All we have is an educated guess.. A SET UP IS NOTHING MORE THAN A GUESS WITH AN EDGE..
The tyro knows nothing, and everybody, including himself,
knows it. But the next, or second, grade thinks he knows a great
deal and makes others feel that way too. He is the experienced
sucker, who has studied not the market itself but a few remarks
about the market made by a still higher grade of suckers. The
second-grade sucker knows how to keep from losing his money in
some of the ways that get the raw beginner. It is this
semisucker rather than the 100 per cent article who is the real
all-the-year-round support of the commission houses. He lasts
about three and a half years on an average, as compared with a
single season of from three to thirty weeks, which is the usual
Wall Street life of a first offender. It is naturally the
semisucker who is always quoting the famous trading aphorisms
and the various rules of the game. He knows all the don'ts that
ever fell from the oracular lips of the old stagers excepting
the principal one, which is: Don't be a sucker.
Probably most of the advice in this thread, possibly including this, falls in one of the sucker classes..
.
Given that the failure rate is in the upper 90's for those who attempt to tradel, maybe the best piece of advice should be, find another way to make a living.
When I read this first sentence I thought you were going to write about something different. I'll chime in with another piece of advice based on an alternate meaning - namely, when you get yourself into a winning trade you have got to hold the guys on the other side of your trade IN THE FIRE. Roast them - they want what you got because that's the only way they can stop losing money. When you have this going for you you've got to press it. Don't give it back to them until they are ROASTED. Don't give it back to them until they are screaming "get me out at any price!!".
This is the essence of maximizing your winners. As a practical example, let's say you bought a pullback in an up trend. The guys you bought from were probably thinking either the top was a long term top or they're thinking the pullback had to go farther, either way they are wrong. As the market starts moving against them (and with you), they will start to get nervous at different rates - some will admit their mistake and close quickly, some will hang on and stick to their trade premise. At any rate, as the market continues to move in your favor, the traders getting nervous are starting to sweat - KEEP THE PRESSURE ON. Don't close, fight that impulse and make sure the traders on the other side of your trade are screaming and tearing their hair out - once they lose all rationality and will buy their trade back from you "at any price", then let them out. The damage will be done and you can wait for the next opportunity.
Try to truly understand this dynamic and take this concept beyond everything you're indicators and fib extensions and moving averages tell you - this really is part of the essence of trading. If you master this (which requires that you first master yourself) then you will be well on your way.
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009
circular logic, meant to go round and round, until there is no more umphhh, drive, or effort.
one has to steer clear of quotes like that, because they paralize.
I had a few floor traders who showed me the ropes, and that was the electrocution rope they suggested I steer clear of,
simply put, trade what you understand, at a risk tolerance you can handle,
ignore all these other sophisticated methods and approaches until you grow and progress with success hopefully, and can appreciate those more sophisticated approaches...
now, that third piece of advice, doesn't sell books, but it preserves your precious capital, which is job #1 (that is lesson #4)
Learn how repair concrete and you can make 200+ an hour sometimes. Sucks!! Hard on the body but I only have to do it for 6 months. Kinda would rather click the mouse and make the 2 hundy though. You dig??
@PowerBroker, please use the Quote button when quoting a post. Otherwise it is extremely difficult/near impossible to know who you are quoting, or what post it came from!
, falls in one of the sucker classes..
