What Have You Learned?

[GlassOnion 12]

Tell me what you've learnt in your trading experience

 

I'm talking about everything BUT the entry and strategy side of things

 

Yes patience and all that... give me something new.

 

What I learned is:

 

1) The market doesn't give a $hit about me or anyone of us.

 

2) Must stay nimble. If your position isn't going your way, kill it. Exit. Take the loss and move on.

 

3) Always protect yourself. Always use a Stop.

 

4) The market at times seems erratic, there is logic in its pricing movement. We may not see it because of our particular strategy.

 

5) Its ok to go off strategy. See an entry that does not conform to your strategy, take it anyway. You never know where it might take you. That's how we learn.

 

6) Don't be afraid of timeframes. If your favorite timeframe isn't giving you the entry/exits you're looking for, move to another timeframe. Don't lock yourself in any one particular timeframe.

 

7) Every position needs a target. Those with the "let it ride" strategies won't work. You get an entry, place a stop, and place a profit target. Whether its 20 pips away or 500 pips away, you're trades need a goal. (something to aim for).

[ForexTraderX 10]

1. I've learned it really is totally possible to make buckets of cash watching red and green bars go by on a screen.

 

2. I've learned that a significant portion of people who try are actually not wired in the way necessary to make buckets of cash. However, I've also learned that most people who want it bad enough, can find a way to make a profit. Maybe not even great living... but a profit, yes.

 

3. I've learned that some simply are ill suited for this line of work.

 

4. I've learned that it really is about finding what works for you.

 

5. i've learned that without confidence, success is impossible.

 

6. I've learned that with too much confidence, success is impossible.

 

7. I've learned it's completely possible to beat the living snot out of the markets, year in, year out.

 

8. I've learned that you can only have what the market will give you, if your completely prepared and skilled enough to receive what is given.

 

9. I've learned that all the discipline and patience in the world is a piss poor substitute for an actual understanding of market forces and the drivers of supply and demand imbalances.

 

10. I've learned that this business requires a great deal of experience to reach a break even point. Profit requires even more experience. What's a great deal you ask? Years.

Literally. Years.

 

11. I've learned that most people try to trade based on a shadow image or distorted understanding of how markets work.

 

12. I've learned that most people who trade, lose.

 

13. I've learned that the "secret formula" to trading is much like the "secret formula" to getting laid. Every time you go out with the goal in mind of meeting someone and having sex, it's basically just like the last 50 times you did it. But, it's also going to be completely different than every other time you did it too. Trading is the same way. Possibly unless your quant trading, but to that I couldn't say.

 

14. That not a soul on this planet has ever found a way to use a MACD on an intraday chart to make a good living for a period of 3 years or more. And i'm being really generous here with this one.

 

15. And finally, I've learned that if I had to trade for the rest of my life, and could never have another career doing anything else... that I would die a happier man than anyone I know of.

[Obsidian 10]

...

6) Don't be afraid of timeframes. If your favorite timeframe isn't giving you the entry/exits you're looking for, move to another timeframe. Don't lock yourself in any one particular timeframe.

 

7) Every position needs a target. Those with the "let it ride" strategies won't work. You get an entry, place a stop, and place a profit target. Whether its 20 pips away or 500 pips away, you're trades need a goal. (something to aim for).

 

-You can always have sub accounts to trade on different time frames, that way you won't get confused as well..

 

-I have to say that I dont agree on this...I was able to ride in big waves as I kept a small portion of position open..both in stock and forex market...