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Achieving Consistency - the turning point?
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Achieving Consistency - the turning point?

  #1 (permalink)
Elite Member
Feldkirch, Austria
 
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Achieving Consistency - the turning point?

Hello everyone,

I am writing this as a trader very much in the beginning stages of the journey to the more experienced traders who have developed themselves to a point where they can pay the bills and live off trading.
Like probably all of you, I have read books, watched copious amounts of material and spending hours in front of charts everyday, however through the multitude of information I get pulled in so many directions that it is sometimes difficult to tell if I am on the right path.

I would like to know from those of you that are able to make a living from trading, what was the turning point for you? Was it grinding away at a program/system till you made one that worked, was it practicing a discretionary method until you got it? was it researching and trying until you found something that worked? was it a particular course or booked that changed things instantly? or simply hours upon hours of screen time?

I guess basically I just want to know what you did most of that helped you become successful, or more or less that my efforts are not in vein

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  #2 (permalink)
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  #3 (permalink)
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DK86 View Post
Hello everyone,

I am writing this as a trader very much in the beginning stages of the journey to the more experienced traders who have developed themselves to a point where they can pay the bills and live off trading.
Like probably all of you, I have read books, watched copious amounts of material and spending hours in front of charts everyday, however through the multitude of information I get pulled in so many directions that it is sometimes difficult to tell if I am on the right path.

I would like to know from those of you that are able to make a living from trading, what was the turning point for you? Was it grinding away at a program/system till you made one that worked, was it practicing a discretionary method until you got it? was it researching and trying until you found something that worked? was it a particular course or booked that changed things instantly? or simply hours upon hours of screen time?

I guess basically I just want to know what you did most of that helped you become successful, or more or less that my efforts are not in vein

I think you are going to find your answer faster if you search for it yourself. It could be a lot of extra work to describe it all to you here and many (including myself but I'm not consistently profitable just yet, took a year off from placing orders to work on myself but never left the screen but back in the next few weeks trading) won't do it.

I recommend becoming an Elite member and when you are you will have access to trading journals of the traders you want to have explain how they made the turn. Then you can read and find the answers you are seeking. Post in their journals and they will post back, ask some questions etc. Elite membership here is the Biggest No Brainer in this industry when looking at it from a value point of view. Watch along in popular threads as these traders post their trades ask questions etc etc.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #4 (permalink)
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i think very few traders pay attention to volume. Volume for many are Volume Profiles or and VWAPs. However I could not relate to either but have used them in the past. For me Volume at NOW is what dictates.

However Markets will always move....BIG/Small or Swing due to Volume & presence of Limits/Market Orders. Know this and you in front of the 90%. Well no recos in this thread. It's just what I now firmly believe in.

I got this info from my mentor. Am sure he would not mind passing this info. Its not a easy road...but it's not tough either. However clarity is needed in markets.

Master the Trade Tom Williams is a book which fascinated me after being referred to me by my mentor who said check it out. I have a library of Trading books" countless".some just turned a few pages and kept for anyone who wishes to take them. But my bible is this book.

cheers n goodluck

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  #5 (permalink)
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Thanks for your replies will check Tom williams out.
Maybe it came across wrong, but I am not really asking anyone for a strategy or system, but rather generic things someone should be doing more of in order to become a skilled trader

If the answer is simply keep reading/grinding/trading till you find what works for you, so be it. Just curious if anyone had any advice to use the time more efficiently.

It seems everyday I discover a new indicator, different strategies and don't get me wrong it is all interesting, but there are only so many hours in a dayand I find myself getting pulled in so many directions and don't feel any development as a trader. Think I am just going to pick what resonates with me (VP) and practice, practice, practice

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  #6 (permalink)
Market Wizard
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DK86 View Post
It seems everyday I discover a new indicator, different strategies and don't get me wrong it is all interesting, but there are only so many hours in a dayand I find myself getting pulled in so many directions and don't feel any development as a trader. Think I am just going to pick what resonates with me (VP) and practice, practice, practice

Good idea. Indicators, strategies and techniques will not do it, at least by themselves. When you can get something to click for you -- that is, when you have mastered it yourself, in your own way -- then it will.


Blash View Post
I think you are going to find your answer faster if you search for it yourself.
...

I recommend becoming an Elite member and when you are you will have access to trading journals of the traders you want to have explain how they made the turn. Then you can read and find the answers you are seeking. Post in their journals and they will post back, ask some questions etc. Elite membership here is the Biggest No Brainer in this industry when looking at it from a value point of view. Watch along in popular threads as these traders post their trades ask questions etc etc.

Ron

Also a very good idea. It is possible to use the resources of this forum, which are very wide and deep, to help you gain perspective -- the thing that really matters. A few bucks for the one-time Elite membership fee will give you access to the most active threads, ideas and experience. Then, of course, it is still up to you what you do with it.

Good luck.

Bob.

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  #7 (permalink)
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DK86 View Post
Thanks for your replies will check Tom williams out.

Maybe it came across wrong, but I am not really asking anyone for a strategy or system, but rather generic things someone should be doing more of in order to become a skilled trader



If the answer is simply keep reading/grinding/trading till you find what works for you, so be it. Just curious if anyone had any advice to use the time more efficiently.



It seems everyday I discover a new indicator, different strategies and don't get me wrong it is all interesting, but there are only so many hours in a dayand I find myself getting pulled in so many directions and don't feel any development as a trader. Think I am just going to pick what resonates with me (VP) and practice, practice, practice



I feel you need to focus all your energies at the beginning on finding a tradable edge for your business. Something that has a high probability of happening. It all depends on what timeframe you use. But the shorter the timeframe the less reliable the events are or occurrence is.

We are so lucky in trading as opposed to brick and mortar business that need a location edge like a restaurant or dry cleaners etc that might be a great business with a poor location and just beat by a "ok" business with Rock'n location. In trading we can pick "Trade Location" however we want, test for it and change easily if it's not working.

I'll assume you are day trading and your info says ES. Try running the numbers on the likelihood of ES tagging the Over Night High (ONH) and ONL over at least five years. There are many other stats to use and mined for like yesterday's high or low etc. I'm not familiar with Sierra Chart but I understand it is spreadsheet based. Should be a way to crank out probabilities with it. IMHO this is the real work of a trader. Then trading it is just the routine part.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; May 20th, 2016 at 10:19 AM. Reason: grammer
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  #8 (permalink)
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Personally, a few things : - Understanding on what happened behind the charts, - knowing market expectations for certain events, - anything on my charts only serve to gauge my trade risk, not to determine my trade direction, - if I get the direction right, any form of entry technique will works. Good Luck.

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Thxo View Post
Personally, a few things : - Understanding on what happened behind the charts, - knowing market expectations for certain events, - anything on my charts only serve to gauge my trade risk, not to determine my trade direction, - if I get the direction right, any form of entry technique will works. Good Luck.

Hi Thxo - I highlighted a passage in your quote - would you be able to elaborate on that? Thanks.

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  #10 (permalink)
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xplorer View Post
Hi Thxo - I highlighted a passage in your quote - would you be able to elaborate on that? Thanks.

That's just my personal experience, it will differ from person to person.

I realize for my own good its better to not complicating my entry routines, since the stats (win/loss) can change in merely days (due to randomness factor), better to focusing on direction which is what my trade is all about (i trade expectations).
If i get the direction right, even with simple MA cross entry the trade will work just fine, no need for me to complicated things.

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