TOTW If you could go back in time, what trading advice would you give yourself?
Wicked_Daddy
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Thanks for the positive comments.
Please don't think that I'm saying as long as you work hard you can trump anyone who doesn't. To date, my most lucrative trades ever were when I had no idea what I was truly doing. Proof that any idiot can click the mouse and watch in arrogant amazement as the stock they just bought takes off like a rocket in mere minutes. As you could imagine, I thought I was a rock star and made over 1000% in my account that month. I couldn't lose. The following month I donated it to many other traders and institutions, much to my dismay. My rock star persona became a one hit wonder who almost ended up on a street corner with a cardboard sign...
So yes, I am pragmatic. Experience is the best teacher of pragmatism. From a purely pragmatic point of view, this profession takes an incredible amount of dedication and commitment to consistently perform well. Perhaps calling that "hard work" is incorrect. Personally, I don't consider it hard. Playing corporate politics, dealing with a-hole bosses, clients, and employees... now that's stressful.
But as was said; You have to have a firm belief in your ability. Or at least resolve, even if pragmatic. If you don't believe you can be a profitable trader, there is no sense putting in any effort to learn and become proficient.
Please don't think that I'm saying as long as you work hard you can trump anyone who doesn't. To date, my most lucrative trades ever were when I had no idea what I was truly doing. Proof that any idiot can click the mouse and watch in arrogant amazement as the stock they just bought takes off like a rocket in mere minutes. As you could imagine, I thought I was a rock star and made over 1000% in my account that month. I couldn't lose. The following month I donated it to many other traders and institutions, much to my dismay. My rock star persona became a one hit wonder who almost ended up on a street corner with a cardboard sign...
So yes, I am pragmatic. Experience is the best teacher of pragmatism. From a purely pragmatic point of view, this profession takes an incredible amount of dedication and commitment to consistently perform well. Perhaps calling that "hard work" is incorrect. Personally, I don't consider it hard. Playing corporate politics, dealing with a-hole bosses, clients, and employees... now that's stressful.
But as was said; You have to have a firm belief in your ability. Or at least resolve, even if pragmatic. If you don't believe you can be a profitable trader, there is no sense putting in any effort to learn and become proficient.
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terriegym
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Or coaching a bunch of flat footed, dont know their left from their right, no sense of dance, not listening gymnasts for 3 hours !!!!!
oh wheres my lager!
evertontrader
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Wicked... my post wasn't aimed specifically at you lol, I can see how it looks that way though, apologies. It was aimed at the "retail trader" marketing myths in general.
Learn TA technique then unlearn it all and trade the traders and their emotions not the chart, bring your primordial instincts into play and learn to trust them.
Objectivity and its method do not work in trading, subjectivity does, we cannot define the market,is an emotional lady, fluid and always changing, we need to be nimble and be able to dance with her, she (the market) loves the one that are able to dance and she will give it to you if you can.
The structure of the market can be defined ( which is also subjective)and that will be our dance flood.
Treat this as a real business, be aware that this business can be highly addictive and work on it so it will not be.
Ego will come to play more than any other job and you need to deal with it, otherwise it always come to play and make it difficult to you at any chances he has got.
Be humble but also aim for greatness.
Objectivity and its method do not work in trading, subjectivity does, we cannot define the market,is an emotional lady, fluid and always changing, we need to be nimble and be able to dance with her, she (the market) loves the one that are able to dance and she will give it to you if you can.
The structure of the market can be defined ( which is also subjective)and that will be our dance flood.
Treat this as a real business, be aware that this business can be highly addictive and work on it so it will not be.
Ego will come to play more than any other job and you need to deal with it, otherwise it always come to play and make it difficult to you at any chances he has got.
Be humble but also aim for greatness.
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M
malaguti
enlighten us please and tell us how you trade traders and their emotions
how do you know what emotion anybody has at any point in time if you don't look at a chart? Say there is just one trader tomorrow, that trader is me.
so its you on one side, me on the other. what state am I in? what emotions am i going through? how will you take advaantage of something you cannot possibly know? is this in a chart somewhere? no,
am i going to tell you what emotion i'm in? no
now lets take this one step further, I'll even tell you what emotions i'm going to have right this moment and don't think for one moment i'm an amoeba with such limited emotions of fear and greed as they're not the emotions a typical human being would go through..humans being quite complex
here goes..recently had a baby daughter, so in the morning i'm cranky and really tired, sad and also overwhelmed sometimes.
in the afternoon as she sleeps I think she's the most beautiful thing in the world so im high, happy, loving
so come on then, you and one other trader, and i've even told you who it is and the persons emotions
now how in f*** name are you ever going to get that had i not told you let alone the other millions out there? how can trade emotions, is there a open, high, low, close, volume "and emotions" information that everybody sends in
enlighten us please
lol, daughters are not only beautiful when they sleep......but I agree with you they can be also be a pain especially in their teens........ anyway not need for a f@ck word.....
lets say there is break of a major support line, do not view it just as a break out of any pattern, view it as traders making decisions, traders making decision move the market, decisions are mostly based on emotions (greed,fear....) : bulls got trapped thinking the support would hold, they saw a bull bar at support and they went long, some of the stop loss was placed just below the support, other bulls did not think was a good idea and did not join in, not follow up, bears stepped in and pushed further and broke, there is pain there, the bulls that went long need to cover and become bears, others bears join in seeing the pain, went down quickly 15 pips. Smart traders have traded the traders, they have traded the cause not the effect...
There is a PB: bulls think is too low and get in, bears are covering or taking partial profits, sideliner bulls will also enter a bit up the ladder, they thinks is going to go to the previous swing high before the BO, bears that missed the first move are a bit pissed off about that and looking for a second chance, the bulls that did not have a tight SL below the support line are still in the trade, they are in pain, they hope prices gets back to the previous support line and if that is the case they will cover @ BE, prices does get there and stalls...the bulls in PAIN before the BO start to cover at BE, the bears that were PISSED off because they missed the first move jump in, some HAPPY bears that covered at the recent low are joining again, the smart HAPPY bulls that bought the bottom will start to take profits and becoming bears, the one that bought on the top of the ladder of the PB starting to FREAK OUT and are covering becoming bears, prices moves down, ......I see PAIN all over the chart and I jump in just before or at the move......
I have not just traded a "break out pull back" I have traded traders EMOTIONS.
If you start to view it this way, which is what really happens....it will all become much easier, you will be engaged without having a trade.....a trade will be just a consequence of you reading properly.......for me it is....
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malaguti
what you've just described to me is price action, nothing more
you mentioned a major support line, how did you come up with that line without the chart?
you mention bulls doing this, bulls doing that..thats not trading emotions, its fitting a description to the price action on the chart. You still don't know what their emotions are and never will. You are attempting to read price action
I learnt that some time ago, i don't ever have to know who the other traders are and what their emotions might be. all you have done is tried to rationalise the ebb and flow of the market. thats not reading emotions.
and why the f****is my baby daughter still screaming..there's always room for an expletive thats what the other traders are doing remember!
Fair enough. That is your view and it is your prerogative, this is mine:"by washing the donkey's head you just waist water and shampoo"
by the way: If you could go back in time, what trading advice would you give yourself? do you have any input on that or trolling (second attempt on me) is your main purpose?
Now I understand why that poor baby is crying all the time, feel sorry for her, beside constantly using the f@ck word to express yourself show much about you and using it beside your baby it is such a bad taste.
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Wicked_Daddy
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No worries! I read over my post again and saw that I may not have been clear enough as well. Your post helped me recognize that.
Reported.
I doubt you will make money with that list, just shows your narrow mind and your inability to trade with flair, you are more than a control freak than anything else which is not a good prerogative in trading, you are a loser and you know it as your daughter does, that's why you are constantly trolling and unable to respect other people perceptions, your envy is palpable, you know you cannot make it, you are too tight, even your baby's crying does bring you close to madness instead to bring you joy.....
I have a suggestion for you, recognise that you are nothing and you may start from there, that is your only chance.....
I do not like sharing my time with nonsense, so if you do not mind try to find somebody else to express yourself because I am not interested, thank you.
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Did you listen to people too much? Did you take their word too seriously? Hasn't it worked out well?
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