This week's TOTW poses the question, 'If you could go back in time, what trading advice would you give yourself?'
Step out of your TARDIS or DeLorean (take your pick!), and come face to face with you former self; from the knowledge and experiences you've gained over the years, what trading advice you would give yourself?
ps. Let's assume you don't have a copy of the trading equivalent to Grays Sports Almanac :cheesy:
So,, whaddaya think?
Id take myself to the pub.
Youre probably not gonna like this, but trust me, I am you, theres noone on the planet whos a keener interest in your best interests.
What youve been rewarded for in school / life so far wont help you much in the market. Just take my word on that.
The journey will be easiest if you get a good understanding of psychology first. This is 90% of it. Having the tools to manage your head, from here it will be easier to accept that the market is:- Ever changing / uncertain/ it can truly do anything, at any time.
You will also be mentally free to explore the methods that 90% of the participants would walk by, deem untradeable / impossible. The damage that the market can do to you pails in insignificance in comparison with the emotional damage, conjured up by you, for you. Trading can be stressless, its a choice, your choice.
With regards to method. Ignore like the f**king plague mainstream thinking regarding method! Aim to make it flexible and focus on what you can know.
You can know:
The trend
The extension from average price
Your size (risk)
You cannot know:
The top / bottom
What the market will do next
Its easiest to align yourself with the big picture. Within that framework, aim your efforts at the absolute extremes, to operate at prices that are in your favor, be it entering, exiting, at loss or profit. Always consider seriously your role in the market at that moment. (Id detail a simple method and outline the import parts of psych)
So,, whaddaya think? Actually, one sec,,, im gonna get that drink!
I would tell myself the same thing I tell myself every day before I turn on my system:
You can do this. You have made profitable trades and you will make profitable trades today by being disciplined, focused and confident in your system.
I've read here about the impossibility of success as a retail trader. I refuse to believe it. I've read about how indicators are junk but I use 2 in tandem and they work very well for me. It's not the indicator that fails, it's the trader who doesn't use it correctly. Every losing trade I've ever made has been due to MY failure to SEE what is happening and interpret what I see without emotion and speculation.
I would forgive myself for making many newbie mistakes that came from thinking there must be a magic formula to beat the market. I would tell myself the answer is in my own hard work and dedication to learning and practicing.
But again and above all, I would tell myself that making a comfortable living as a full time trader is possible. Sure, perhaps only 5% or 10% actually succeed - then do what it takes to be in that group.
I made the decision years ago to go full time, with not enough money and enough raw fear of failure and desire for freedom to work at it relentlessly. I did tell myself I could and would succeed and never looked back. It was that or end up broke, hungry and homeless. It can be done and I start each day with that belief and the goal to prove it true once again - one win at a time.
I would tell myself the same thing I tell myself every day before I turn on my system:
You can do this. You have made profitable trades and you will make profitable trades today by being disciplined, focused and confident in your system.
I've read here about the impossibility of success as a retail trader. I refuse to believe it. I've read about how indicators are junk but I use 2 in tandem and they work very well for me. It's not the indicator that fails, it's the trader who doesn't use it correctly. Every losing trade I've ever made has been due to MY failure to SEE what is happening and interpret what I see without emotion and speculation.
I would forgive myself for making many newbie mistakes that came from thinking there must be a magic formula to beat the market. I would tell myself the answer is in my own hard work and dedication to learning and practicing.
But again and above all, I would tell myself that making a comfortable living as a full time trader is possible. Sure, perhaps only 5% or 10% actually succeed - then do what it takes to be in that group.
I made the decision years ago to go full time, with not enough money and enough raw fear of failure and desire for freedom to work at it relentlessly. I did tell myself I could and would succeed and never looked back. It was that or end up broke, hungry and homeless. It can be done and I start each day with that belief and the goal to prove it true once again - one win at a time.
I did tell myself I could and would succeed and never looked back. It was that or end up broke, hungry and homeless. It can be done and I start each day with that belief and the goal to prove it true once again - one win at a time.
That is a GREAT post !!!
Very inspirational.
It's absolutely all between the ears.
Stay off the trading forums.
B.
"What you believe is going to happen happens".
So if I believe the Dow will go up 500 points today it will happen?
Do I need to believe really hard, or do I need a special gemstone, or just a pen and paper for 'cosmic ordering' ?
I believe your going to respond saying that I have opened your eyes and that phrase "What you believe is going to happen happens" is pure nonsense.