What I wish I would have known when I got started. - futures io
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What I wish I would have known when I got started.

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What I wish I would have known when I got started.

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  #91 (permalink)
London UK
Posts: 17 since Jan 2015
Thanks: 0 given, 5 received

Daily and weekly are equally important ... depending on style: mean reversion vs trend, depending on instrument, depending on how long do you plan to stay in a position, etc.

To my view, one should have a clear trade plan: before you enter you should know your exit (determined by a clear written down rule).

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  #92 (permalink)
New York City, USA
Experience: None
Platform: NinjaTrader
Trading: ES
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Posts: 61 since Aug 2017
Thanks: 9 given, 77 received

kazz View Post
Thanks yes I appreciate that, looking at monthly charts, fundamentals come into play.

How about with daily and weekly charts?

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The moment you decide to hold a trade overnight you are effectively at the mercy of fundamentals.

Sent from my SM-G930F using Tapatalk

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  #93 (permalink)
Posts: 5 since Sep 2011
Thanks: 3 given, 3 received

if i had better understood my self, trading would have been easier

yet, trading was the process that open the possibility to learn about my self

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  #94 (permalink)
Legendary Master Mistake Maker
Fairburn, Georgia
Experience: None
teamtc247's Avatar
Posts: 975 since Dec 2012
Thanks: 644 given, 1,095 received

1. There are many ways to trade.
2. That there would be extreme highs and extreme lows.
3. There would be more days that I would hate myself more than love myself.
4. The day you thinking you are getting it, you have a setback and lose all confidence in what you are/were doing.
5. For me specifically understanding the stress and emotional roller coast I would put myself through.
6. Understanding wave structure and all the rules behind it.
7. Really understanding probabilities and accepting risk.
8. In trading you're always learning, but really knowing at what point you should start trading live. (refer to number 4)
9. That making mistakes are okay.
10. That just because you fail, doesn't mean you are a failure.
11. That you are fully in control of all of your decisions.
12. Mindfulness
13. Just because you read a book or take a course doesnít mean you really know it or understand it.
14. To get better you have to practice, practice, and practice some more.
15. Be careful who you follow.
16. Don't set high expectations that you will be a millionaire in 30 days. Process over outcome.
17. It's okay to be sim until you have a good grasp.
18. The more you are involved with trading and a disciplined method the emotions become less intense.
19. Stop changing everything every two days.
20. This list is never ending.

Process oriented goals #1.
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  #95 (permalink)
Legendary Market Wizard
Experience: Beginner
Trading: YM, MYM
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Posts: 1,361 since Feb 2019
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1. SIM Trading performance will not directly translate to LIVE Trading performance.
2. Accumulating losses when you are starting out can lead to a conflation of problems that are difficult to sort out and identify.
3. Psychological issues like confidence will take work to fix after accumulating early losses.
4. Market context and awareness matters so much, and you can't learn it all in a month. You can only work on what you understand and study until you begin to pick up more pieces of the puzzle.
5. You can't see it now, but have faith that you will begin to understand how to select better setups that aren't just gut feel.
6. Be patient and trade within yourself, bigger gains will come later when you have the appropriate skill-set for those gains. Stringing together small wins will feel much better than you realize and is much more obtainable than stringing together big wins when starting out.
7. When starting out, do not try to "guess the bottome/top", don't be contrarian, and don't fade trends. Stick to simpler with-trend entries until you have the skill-set to be a contrarian.
8. Be open-minded to any and all styles but very selective of who you learn from.
9. Keep a journal, break the trading problem down into smaller pieces so you can better see what works and what doesn't.
10. Lighten up and have fun.

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  #96 (permalink)
Seattle, United States
Posts: 5 since Feb 2020
Thanks: 0 given, 5 received

1) Wish I would have learned price action before using indicators.

2) Wish I would have deposited less money on my starter account.

3) That it was going to take me this long to figure out what the hell was going on and I should find another hobby.

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  #97 (permalink)
Legendary 4LeafClover
Mumbai, India
Experience: Beginner
Platform: Own Customized
Trading: Crude, NIFTY, BANKNIFTY
LastDino's Avatar
Posts: 595 since Jan 2019
Thanks: 1,381 given, 1,428 received

In no particular order. Purpose is to track what I've learned in year or so from my last post here haha

1. Brokers are not your friends and they only care about you "taking a trade".

2. Teachers/Mentors/Courses are "mostly" scammers.

3. Its not a quick money, its a possibly bottomless pit to suck in money, till its not.

4. Learning coding in at least one language would be as important as learning basic patterns.

5. Trading is and should be treated as business venture, even if you are the only one trading from basement of your parents house.

6. Its not considered to be a legit profession till you have lot of money to show for it.

7. Day trading is not for noobs, new entrants should religiously stick to usually buy and hold over days.

8. Trading against the trend/correction trade needs a skill that requires time to accumulate. Just like how trading with the trend requires patience.

9. Options and futures are different ball games, options can be easiest way to kill retailers in market.

10. Psychology study is as important as studying price action if not more.

11. There are garden verity of traders in market, what works for one may not work for other. Even if there are only so many ways to successfully approach the market.

12. Social media traders are better at photoshop than trading.

13. You can't buy experience, maybe you can by paying to markets in small amounts but not by paying someone else.

14. Risk is both loss and profit, as long as you leave bet on table its possible to lose it.

15. You should not be afraid of leverage or volatility for that matter, but should be accommodating them in your strategies.

16. Probably more controversial, but sim/demo trading should be more used in fine tuning entry, exits and pyramiding in strategy along with back-testing bouts rather than running it after completing back test to see how you do. That can develop in habit and you lose touch with feeling real money on line.

17. You should only trade your own ideas and only your developed strategies.

18. Avoid trying to get into predicting game, its fine as long as its in appropriate area of the chart rather than exact tick price.

19. Last one would sound more like common sense, but its still important as many don't do it. "Read the fine print" and statistics are often used for the purpose of lying in hands of dubious people.

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  #98 (permalink)
london, UK
Posts: 5 since Apr 2020
Thanks: 7 given, 1 received

Michael Douglas

1. Anything can happen.

2. You donít need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of
variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.

5. Every moment in the market is unique.

Have a process to follow the above ... the $ will roll in over time

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  #99 (permalink)
San Francisco
Experience: Beginner
Platform: Thinkorswim
Trading: NQ
Nolaughingmatter's Avatar
Posts: 46 since Jun 2020
Thanks: 60 given, 77 received

In 2015 I blew 50% of my account. I quit. It wasn't until the recent quarantine that made me get into trading again.

I wish I didn't quit in 2015. Instead of moping and writing the markets off as some great evil, I wish I got a real trading education with SMB Capital, Jigsaw, or even Ameritrade Education Center.

I wonder where I would be today in 2020 with real trading skills and 5 years of experience. Maybe I would be a profitable trader, maybe not. But at least I would have had a real shot at trading with decent training and knowledge.

Then again, I wasn't ready to commit to such a challenging endeavor then.

I guess things unfold in their own time when we're ready. No use mulling over regrets. Just do our best moving forward.

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