Lessons For 2006

[Soultrader 12]

With 2006 almost coming to an end, what was the biggest trading lesson you learned this year?

 

For me, it was understanding that the market will do whatever it wants to do. It doesn't care about what I think it should do. Instead of having a bias, I learned to approach everyday with a flexible mind and plan out every scenario. It has helped me fight the overall direction of the market.

[TinGull 10]

I feel exactly the same for the big lesson I learned. I was taught by the market to just go with the flow for not only trading, but even more so in life.

[Bfbusa 10]

Lessons learned this year is to stay with your trading plan. Stay disciplined. Manage risk. Let profits run.

[Anna-Maria 10]

Funny, but it's nearly always the same lesson as last years:-

 

Always expect the unexpected!!

 

And never, ever dishonor your stops!

[torero 10]

I think we all relapse to same old mistakes and then we rediscover the same big lesson LOL! This year is definitely forex. I'm very excited about next year but I also know Nov/Dec in forex has more wider swings and bigger trends than rest of the year, so I'll take it with a grain of salt. But learning the session hours and 240-min timeframe were a great big leap for me. Thanks, tex.

[Anna-Maria 10]

But learning the session hours and 240-min timeframe were a great big leap for me. Thanks, tex.

 

No problem!

 

I'm pretty sure once you become accustomed to the price bahaviour on your preferred pair(s), the appropriate strategies will begin to gel.

 

Most of the hard graft revolves around familiarization.

[Bfbusa 10]

I think we all relapse to same old mistakes and then we rediscover the same big lesson LOL!

 

LOL..I think your right Torero. Probably one way to help remember ones own mistakes is to paste it on the wall or on you computer screen like I have my trading rules pasted. Maybe I should start a new thread on this.

[TinGull 10]

Another thing I thought of that I learned...is to have another hobby. For me, I need to have something else to take my mind off of trading sometimes. I have been so enveloped by this for the past year, that it's become my only thing in life. I've found that with having something else to occupy me, it leaves me refreshed.

[MrPaul 10]

Another thing I thought of that I learned...is to have another hobby. For me, I need to have something else to take my mind off of trading sometimes. I have been so enveloped by this for the past year, that it's become my only thing in life. I've found that with having something else to occupy me, it leaves me refreshed.

 

 

I totally agree! You have to have something as a hobby as a way to recharge. If I go and do some right brain activities I come back to trading more relaxed.

[TinGull 10]

Yup! Baking bread is my big thing. Been baking for years now, and today FINALLY had my very first nice loaf of true sourdough bake off perfectly. Took almost a week to make that one loaf...but it's so worth it

[MrPaul 10]

Yup! Baking bread is my big thing. Been baking for years now, and today FINALLY had my very first nice loaf of true sourdough bake off perfectly. Took almost a week to make that one loaf...but it's so worth it

 

lol I wondered what you meant when you mentioned in chat the you had some bread cookin'. I thought it was a metaphorical thing. Baking is a good one, the more non cognitive the better I say, let's the mind reorganize.

[TinGull 10]

HA! Yea, literally had bread in the making...

[enlightedtrader 10]

I realized that the best approach to trading is to go with the market flow. Don't fight. Don't prejudge. Just go with the flow. Then suddenly trading is become quite simple.

[MrPaul 10]

I realized that the best approach to trading is to go with the market flow. Don't fight. Don't prejudge. Just go with the flow. Then suddenly trading is become quite simple.

 

Thats a very enlightened view, enlightedtrader:cool:

[cowpip 10]

My big lesson is also an obvious one: Never let emotion rule. If you're wrong, accept it and move on. And never EVER give up profits on a hunch price may continue to move in your favor. The market is a ruthless beast with unstoppable momentum and without feeling for anyone. Get in it's way, and it'll chew you up so bad, your momma won't be able to ID you. These same malevolent forces can also be forces for good. Recognize price action's cues and act upon them without hesitation and you'll almost always be on the right side of the tracks.

[torero 10]

I still trade with emotions but I keep them in check constantly with self-talk and stay focused on charts and price action. It was the biggest hurdle but it's working. I try not to let the emotion to blind me from my objectives. Stops do a big part of that job, once it's set, the battle is half-done. Targets are a bit trickier because it depends on the price action as it develops.

[cowpip 10]

I still trade with emotions but I keep them in check constantly with self-talk and stay focused on charts and price action.

 

You're doing well then, in my opinion. You can't trade completely without emotion - that's not possible no matter who you are. It's when they begin to control your decisions that you end up with problems. And since we are beings of emotion, it will always be something we need to keep in check. You sound like you've got it together, Torero! Bravo!

[TinGull 10]

Yea, and as you said, torero, talking in the chat room during trading helps A LOT to keep your mind where it needs to be. I love being able to have amazing folks to talk with while in a trade. Helps me focus on things I might not otherwise see.

[matdog 10]

my biggest lesson is learned the basic of tape reading.