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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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  #31 (permalink)
Hartford, Connecticut
 
 
Posts: 5 since Aug 2013
Thanks: 1 given, 8 received

I know I can't be the only one, but I'm definitely one of those guys that went through the vast majority of indicators out there.

Started out with the rsi/macd/stochastic combo. Moved to bollinger bands. Moved to moving averages. Moved to ichimoku. I think you can see a trend here... lol

Basically hopping from one system to the next breaking every rule in the book.

If I could go back in time I would tell myself to study s/r, money management, and strictly price action. No indicators whatsoever.

But then again, back then who knows what I would have done with that info. Trading is something where I feel you need to make all the mistakes you can to carve yourself into the trader that you are meant to be.

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  #32 (permalink)
Glasgow, Lanarkshire Scotland
 
Experience: Intermediate
Platform: Jigsaw Daytradr
Broker: Working my way around them all
Trading: ZN, ES
 
Posts: 56 since Apr 2016
Thanks: 59 given, 46 received

This is a great topic - and while I'm sorry to hear you've had to hang up the trading boots I think you are an example of someone with the right mindset to find success.

I like most others have been through a variety of trading methods and am only now at a stage where I think I'm understanding that I don't need more knowledge, I need practice and the ability to build confidence in my own way of doing things.

Thanks for taking the time to make this thread - it's a testament to your character that you can share your experiences to help others despite them at present not being the desired result.

Cheers.

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  #33 (permalink)
Pretoria Gauteng
 
Experience: Intermediate
Platform: Sierra Charts
Trading: NQ
 
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Posts: 248 since May 2016
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Wow! Thank you very much for sharing so openly @DeadCatBounced, it must take lots of courage. I have read through your original post probably three times now and learn something new every time I do.

All the best in your new endeavors and let us know how it is going. With an attitude like yours I have no doubt that you will eventually come back to trading in a big and very successful way!

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  #34 (permalink)
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,216 since Feb 2012
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Thanks @DeadCatBounced

When I read the journals here and see where most of the posters are struggling - then your post

"Have the patience to let the market do its thing
Most large intraday swings take between 3-5 hours to complete. Somehow someway if those are the kinds of moves you are wishing to capture you have to have the ability to be patient enough to let the market do its thing: whether that is finding a part time job, some sort of hobby or something to let you do a secondary thing while still feeling productive with your time. Go download rosetta stone and learn mandarin or something.
"

is absolutely right!
A longer time frame than most of the traders are looking for is needed to get positive longtime results.
Article especially dedicated to @ratfink who knows about but can not leave this rat cave easily.

To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.

Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!

GFIs1

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  #35 (permalink)
Berlin
 
Experience: Advanced
Platform: TS
Broker: TS
Trading: Stocks, ES
 
Posts: 23 since Aug 2016
Thanks: 5 given, 28 received

Thanks for starting this thread OP.

I just turned 31, recently married and have just started my trading endeavor/journey a few months ago.

I had been lurking for a few weeks and after reading this thread decided to join and look forward to becoming a more regular poster.

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  #36 (permalink)
Madrid
 
 
Posts: 12 since Sep 2016
Thanks: 7 given, 2 received

I wish I had read more about brokers and about how to trade without losing all your money!!!

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  #37 (permalink)
Market Wizard
Fletcher NC
 
Experience: Intermediate
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if you think of the time and money Mike has save trader from buying b.s from dishonest vendors ...it is in the millions ..it is no wonder why he gets fire, he hits them in the pocket book...and they do not like it..

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  #38 (permalink)
Los Angeles
 
 
Posts: 3 since Mar 2017
Thanks: 2 given, 1 received


To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.

Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!


This is important. As a new trader this has been drilled into me by those who I look up to. Be patient, have faith in the market, that you read it correctly, and don't check your P/L every 5 minutes.. Staying in trades and collection 20-30 ticks gives you great confidence in how you read markets.

I also rarely set stops and use the market going against me to my advantage by averaging out losses - anyone have thoughts on this?

Thanks,

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  #39 (permalink)
Glasgow, Lanarkshire Scotland
 
Experience: Intermediate
Platform: Jigsaw Daytradr
Broker: Working my way around them all
Trading: ZN, ES
 
Posts: 56 since Apr 2016
Thanks: 59 given, 46 received


singer399 View Post

To encourage traders with 2 important points - not already mentioned in this thread:
1) TURN OFF your P&L while trading: it makes you crazy with non realized wins or losses
2) Let the market play it out: "Set and forget"-trades are the best of all! You don't need to stare at the screen - changing
eventually preset decisions. When entering a trade you should believe in your decisions and your stop loss settings.

Finally - the hint to learn a new language in your spare time while trading is great! Which trader is speaking more
than one language? Being capable of speaking several languages does wonders to your trading - PROMISED!


This is important. As a new trader this has been drilled into me by those who I look up to. Be patient, have faith in the market, that you read it correctly, and don't check your P/L every 5 minutes.. Staying in trades and collection 20-30 ticks gives you great confidence in how you read markets.

I also rarely set stops and use the market going against me to my advantage by averaging out losses - anyone have thoughts on this?

Thanks,

Thanks for this - just out interest where have you seen benefits from speaking a second language? I'd love to do it but haven't heard it recommended as a tool to trading before.

Kind regards,
Trambo

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  #40 (permalink)
Los Angeles
 
 
Posts: 3 since Mar 2017
Thanks: 2 given, 1 received



Trambo View Post
Thanks for this - just out interest where have you seen benefits from speaking a second language? I'd love to do it but haven't heard it recommended as a tool to trading before.

Kind regards,
Trambo

Meant to edit that out - while I am learning another language in the downtime through the day, its purely for personal reasons.. don't see how learning Armenian could help with reading the market..

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