Best Trading Advice EVER!
I was reading the Tao Te Ching by Lao Tzu and came across the following which speaks directly to the best way to approach trading. If you are new to trading it may not resonate, but if you've been at this game for a minute or two, I'm sure you'll agree with what this quotes is saying as it relates to trading:
Do you have the patience to wait until your mud settles and the water is clear?
Can you remain unmoving till the right action arises by itself?
very nice and absolutly true
very nice! I like the second sentence.
To me this means:
Wait for the setup to arise
Trigger the trade without hesitation.
Accept the risk; Set & Forget!
Cut your losses at the predefined S/L level.
Let Your Winners Run. Aim for bigger profits. Always MORE. but at the same time be realistic. IF market is trending let it run. IF it is in range get out at S/R levels.
This is the ONLY way.
Such a crock of shizen
It's a chicken and egg thing... If you "know" what you're doing there's no waiting there's no discipline or patience, there's just buying at the right time and selling at the right time. If you have to force yourself to wait for trade then you are just not ENOUGH AWARE from the beginning of what it is you are looking for in the first place.
Think about it
'In a simplistic example you're a rug specialist and you see a Persian rug for sale for $40. You KNOW it's worth $50 so you buy it. Simple. There was no discretionary patience or discipline involved, you simply knew when and what to buy. That's what trading is, like it or not.
All these trading mantras are just metal masturbation seriously. If anything they will simply motivate a trader to "keep on keeping on".
Just my opinion.
This speaks volumes to me with where I am at with my method and decision I have made to wait for the setup to arrive.
I don't understand Cindys point of if you know what you are doing, there is no waiting or discipline involved.
To me, they co-exist.
If you are not waiting with discipline and patience for your setup to arrive, then what ARE you doing?
Pulling the trigger each day and hoping for the best???
Its nice. I like it. Best trading advice is:
Do not greed
Must have good knowledge etc.
I think you are missing the point Cindy.
Advice like this is very useful for those who are still developing their patience and discipline, no?
People like me
Patience and discipline are always helpful here.
I think through certain phases you need these qualities to avoid blowing up your account before perhaps you get to the point where there is no mud or water, no more metaphors or motivational phrases, just you the market and your decision to click or not to click. The better you get I think the more this decision becomes obvious and therefore perhaps patience and discipline are simply a byproduct of capability, instead of the other way around.
Hopefully that makes more sense.
Cindy, I think we will have to just agree to disagree. There is always mud in the water. If you are exceptionally gifted, I will cede that you may be able to see your way in muddy water, but for the rest if us, it is best we wait until the mud has settled and the water is clear.
If you know dead-set what it is you are looking for to profit or potentially profit, likewise hopefully you know what to look for to tell you when perhaps things have turned against you and it's time to get out for loss or profit, then you know that anything less is the equivalent in the laws of longevity of walking out on the street in front of a mack truck.
How does one need discipline or patience to not get crushed like a can on the road. You just wouldn't step in front of a truck right? So if you do need to sit there on the side of the road whilst a truck is approaching telling yourself to be patient and disciplined then what sort of death wish must you have?
Or simply you must not be seeing the road clearly enough? hm no one agrees with this? Fair enough.
I don't want to seem like a sexist, but I think there me be some gender issues at play with this dialogue.
From my acknowledged limited knowledge of the opposite sex, the female persuasion as a whole, does not seek thrill just for the sake of thrill. Boys being boys will risk life and limb just because. So playing chicken on the freeway, running in front of mack trucks, was part of growing up for me. Therefore, having the inherent nature to risk it all on every throw of the dice requires discipline not to do so.
I can only speak for myself. I thought the Toa Ching would resonate with others, maybe it is only I who has these issues...
In any regard, I only wish you good trades.
Good trades to you also
An obvious comprehension gap is occurring here. Cindy seems to be a bit further up the ladder.
A time comes when the need for patience becomes obsolete in the trading process. You start sleepwalking through your decisions. This is what I believe he is referring to.
thread title is a bit bold, no?
Daytrading is no less demanding than being a fighter pilot, who's job is to make surgical strikes.
Yes I have spotted a "breakout" or a "pullback in a trend" or a "supply/demand zone" entry in a flash occasionally and acted on it, but most days I have to keep reminding myself to be patient and wait for the
Big Money to show their move.
You cut losses without waiting when your signal/setup busts, but for a low risk and high probability entry: waiting for the evidence of your prefered signal is the only way.
I am down with that.
thats very true, patience is one the most important aspects of trading, i've seen some impatient moves in trading business costing money and moreover loss of self confidence.
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