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What are you best at as a trader?
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What are you best at as a trader?

  #1 (permalink)
Site Administrator
Manta, Ecuador
 
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Big Mike's Avatar
 
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What are you best at as a trader?

Hi guys,

New poll contributed by @Zachary Standley, please vote & discuss:

What are you best at as a trader?

 


Mike

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  #2 (permalink)
Quick Summary
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,779 since Jun 2009
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I took the options straight from Zach more or less. But, I would personally add something like "Research and Performance Reports" because I feel it is one of the most critical areas of trading. I have mountains of databases and spreadsheets that help me track these areas, and it is super important to me.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member (see why)

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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 47,779 since Jun 2009
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OK, I added that...

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member (see why)

Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
 
  #5 (permalink)
Super Moderator
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bobwest's Avatar
 
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@Big Mike, good poll.

It doesn't have a button to "Discuss" and go to the thread. Need that, I think.

Bob.

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-- Cervantes, Don Quixote
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  #6 (permalink)
Super Moderator
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I selected Selection and Context and Cutting losers. I'm OK there most of the time.

I'm lousy at the rest of trade management and frankly, all the others.... Would be a minus number if we were rating them.

Goals for improvement.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #7 (permalink)
Site Administrator
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Posts: 47,779 since Jun 2009
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bobwest View Post
@Big Mike, good poll.

It doesn't have a button to "Discuss" and go to the thread. Need that, I think.

Bob.

Good catch, thank you. Will update in about 30 minutes.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member (see why)

Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
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  #8 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
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Far and away...

I am the best at knowing I'm not the best at anything...meaning that every area of my business can be improved upon at all times. That will stop being true when I have all the money in the world...lol. Seriously though, if I start to accept proficiency in any area I stop developing, learning and getting better in that area.

If I break it down in to little increments it is amazing how much and how fast I can advance. The trick sometimes is balance. For example, is it ridiculous to think I can get 1% better each day? Say that 1% is make one more tick than the previous day. If that "goal" represented the cumulative improvement across those numbered choices, how would my life be different a year from now?

-Dan

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  #9 (permalink)
Somewhere, Delawhere, USA
 
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I chose Execution as my strongest trading attribute. Just setting an automated strategy and letting run and not interfering... that is tough to do, though I find it easier than manual entries. I rarely will hit a discretionary trade, and I'm not too good at executing those.

Like @wldman, I don't consider myself the best at anything in the trading arena. I know where I am strong and weak, and I am always learning or relearning. Learning is where I am strongest, which is not the same as research to me. Every day I am finding more and more how much I don't know.

Thanks @Zachary Standley for the great poll idea!

~vmodus

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  #10 (permalink)
Market Wizard
Columbus OHIO
 
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MiniP's Avatar
 
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I selected the other options

I for one don't think I am the best at any of those options and honestly I don't want to be the best at a single one. I try to be good at all of those.

I try to improve each day and some days I do focus a little more on one area then another but I think it is better to focus on one area at a time and then put it all together. EX: I am currently working on closing trades by hand and more pre market research. Since the new year has started I now do about an hour of pre market prep before I would do about 10-15 mins, this prep has helped a lot so far.

Second is the closing trades by hand, this is something I have always struggled with as I have a hard time determining when I need to let the winners run and when to cut the losers. Like today I cut a winner 20 ticks short of my T/P level because it failed to break the level for the third time and it was a major res level... know what happened next? It shot up hit my would be t/p then completely reversed, so I look at it as a win. ( now its trading under my entry)

When it comes to trading I would rather be pretty good at a basket of items then be AMAZING at one and suck at the rest. Trading is like a multi pronged attack, if one of the attackers fails then it all falls apart no matter how good the "last" guy is.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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