A New Traders Journey to Success

[gearys]

Excellent post. Can totally relate. I'm currently coming out of stage4 and trying to be stage 5. It's tough. Mentally more than anything. Has taken 5 years to get to the start of stage 5. But the key things I have learnt are:-
1) know thyself! Are you impatient? Quick tempered? complacent? Risk averse? Insecure? Lazy? If you don't know beforehand, you will certainly find out along the way.....
2) money & risk management,
3) find a setup/market that suits your personality (see 1)
4) focus only on the setups NOT the $
5) never, ever give up!

Nice one Soultrader - excellent summary.

[jmjatlanta]

Almost follows the pattern:

you don't know what you don't know

[angelaktariel]

Soultrader, this is awesome!! What a great way to describe the journey. I am very new, only have been at this for 3 months, but I went to stage three, as I didn't allow myself to make foolish mistakes. I knew enough, that what I don't know, I better not do, at least not too much to cost me too much.

I just joined this site and pretty glad I did.

Eva

[james_gsx]

It's interesting, I THOUGHT I had a well laid out trading plan. But the more real time experience I get, the more I find myself seeing better setups and ignoring the ones I put in my plan. My trading is getting better and more consistent, although I still find myself shooting from my hip and taking bad trades for no reason. When this happens I walk away for a while and get my mind off trading.

Now the hard part is writing down the trades I see setup in real time and putting them on paper for my trading plan.

[Phantom of the Pits]

Decades ago I watch a young man on a tower up about 10 feet dropping tools. I asked why he was dropping tools and he said "I must learn not to go after tools if they are dropped or I will go down with them. I must learn this before I can work on towers."

A bad trade is the same as a tool dropped from a 500 foot tower. Don't go after them just let them go or you'll go down with them. You must learn this before you trade!

Nice article...thanks for all!

Phantom of the Pits

[404]

great analogy phantom

[geeza]

I am just entering stage 1 but I am determined and I have some help from a friend wish me luck and any advise will help.( not to mention a hot tip now and again)

[BlowFish]

Hot Tip: Don't take hot tips

[geeza]

Good advice. any help is appreciated thx

[Sledge]

Soultrader-
Thanks for a great post. Stage 4 right now and the dream is to one day be able to go to my wife and say: "Honey Look- I can legitimately make more money by quitting my job and trading full time"

I have already and regularly make more money before 8:00 AM than I will working my day job- it feels good, yet frustrating at the same time- making a nice $400 score prior to going to work for 8 hours- to make 1/4 of that- makes you a bit frustrated.

But that is why we have dreams and to keep working towards them!
Sledge