A New Traders Journey to Success - Page 3

08-21-2006, 03:53 PM

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A New Traders Journey to Success

In this thread I am going to take you through the different development stages of a new trader. Most of this comes from my own experience. Like any other profession,...

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#20 (permalink)

By moreliver on 03-16-2008, 05:13 PM

Re: A New Traders Journey to Success

Excellent post and thread! I rate myself as a 3rd level trader, still a long way to go but knuckling down. Hope to join the Jedi one day.

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#21 (permalink)

By gcgecko on 05-15-2008, 10:11 AM

Re: A New Traders Journey to Success

I have been watching the emini russell for quite some time and paper trading. But I am still having a problem to come up with a day trading methodology to use on a consistent basis. The market seems to move all over the place and everyone keeps saying indicators are useless. Are there a few forums here where people have laid out in detail their trading methodologies of entering and exiting tdes? I would love to read through and study what other traders are using successfully. I know it might not be successful for me, but it would be a learning experience. This forum is so big it is hard to read everything or find things. I know there are probably many great traders here who have probably shared what they do on a daily basis. Thank You!

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#22 (permalink)

By forsearch on 05-15-2008, 11:42 AM

Re: A New Traders Journey to Success

I guess the question is...

Why would a successful trader want to give up their edge for everyone else (like you and me) to copy?

-fs

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#23 (permalink)

By brownsfan019 on 05-15-2008, 04:55 PM

Re: A New Traders Journey to Success

	Quote:	forsearch
	I guess the question is... Why would a successful trader want to give up their edge for everyone else (like you and me) to copy? -fs

Wow, we finally agree on something FS.

You have to find what works for you to the above poster. There is a TON of info right here on TL. Now what YOU have to do is spend time reading and studying. In other words, THIS JOB REQUIRES TIME AND EFFORT ON YOUR END FOR IT TO WORK.

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#24 (permalink)

By torero on 05-16-2008, 02:47 PM

Re: A New Traders Journey to Success

	Quote:	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

Wow! This is usually a newbie habit, trying to save what's already lost to save face or pride. Try that and the market will make you even more foolish then you already are. Better to be solvent fool than a dumb, insolvent fool.

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#25 (permalink)

By Hlm on 05-16-2008, 04:28 PM

Re: A New Traders Journey to Success

	Quote:	forsearch
	...Why would a successful trader want to give up their edge for everyone else (like you and me) to copy?

Well, there are different degrees of information you can give away. Would I just give away the software and exact formulas that have taken a large amount of blood, sweat, and tears to create...absolutely not. However, in many cases I am willing to discuss much of the information I have learned over the years that were used in creating me, as a trader. In order to survive as a trader you must go through certain learning stages just as a baby/child does. However, this doesn't mean you can't be helped and coached along the way. Also, I have found that while helping a newer trader with certain steps, I sometimes learn something new about myself as a trader.

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#26 (permalink)

By forsearch on 05-16-2008, 06:29 PM

Re: A New Traders Journey to Success

	Quote:	Hlm
	Would I just give away the software and exact formulas that have taken a large amount of blood, sweat, and tears to create...absolutely not.

Without disclosing trade secrets, what is so special about your software and formulae that can't be discovered independently by other traders?

Or rather, if you began to sell - or otherwise publicly reveal - your particular system and methodology, would that lessen your edge in the market to the point of unprofitability?

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#27 (permalink)

By Hlm on 05-16-2008, 09:30 PM

Re: A New Traders Journey to Success

	Quote:	forsearch
	...what is so special about your software and formulae that can't be discovered independently by other traders?

Absolutely nothing. It's not the information itself but how one analyzes and weights the probabilities to reach their goals. My system aims to simplify this process across multiple time frames and different instruments. The concepts I use are no secret. What motivation does one have to just giving away everything?

	Quote:	forsearch
	...if you began to sell - or otherwise publicly reveal - your particular system and methodology, would that lessen your edge in the market to the point of unprofitability?

I had originally written a long explanation to answer this question, but it started to sound like some kind of cheap advertisement (I am not selling anything). Put simply, it's a tool to simplify and easily quantitate methods many are already using (TPO and Volume MP). My guess is that it isn't extremely unique to what some funds may use. I am pretty sure it would not decrease my edge any. Unless a working system is fully automatic and can't be messed with, you could give it to retail traders and the majority of them will still find a way to lose money.

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#28 (permalink)

By forsearch on 05-16-2008, 10:43 PM

Re: A New Traders Journey to Success

	Quote:	Hlm
	What motivation does one have to just giving away everything?

What gaineth a man who is given the fish versus one who is taught how to catch the fish himself? =)

	Quote:	Hlm
	I am pretty sure it would not decrease my edge any ... you could give it to retail traders and the majority of them will still find a way to lose money.

Unfortunately that's why 95% are said to be losers. They want the lazy man's way to riches.

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#29 (permalink)

By mister ed on 05-17-2008, 01:57 AM

Re: A New Traders Journey to Success

	Quote:	gcgecko
	I know there are probably many great traders here who have probably shared what they do on a daily basis. Thank You!

gekko - what brownsfan, Hlm, forsearch and Torero have written above is food for thought, you really have to do the work yourself.

I have a suggestion that may speed the process, may be worth a try. There is a chat room here on TL and through the US trading day a lot of the traders on the site chat about trades they have just put on. Maybe it could be worthwhile following along in the chat room, taking note of what they are doing then matching up the entries and exits to their posts on the concepts they use to trade - it might help bring the posts to life and accelerate the learning process.

I haven't been in the chat room for a while (I have only been in there 3 times, I must admit I find the chat room distracts me too much from my own trading so I dont attend). From my 3 times in there I must point the finger at Hlm and walterw who were very active and forthcoming with what they were doing.

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