Hi Rearden,
Thanks for this interesting and informative thread. I actually don't post on threads as I've never felt the need to. However with your thread I simply could not resist.
I have been trading the markets for a while now and have not had much success in the beginning. I think the lack of MM and a solid trading plan led to my downfall.
However I never lost interest and really have a passion for the markets. I am a chemical engineer by trade and have found this to be a huge problem with my trading in the beginning. Being good at maths and technical analysis, I thought I could make sense of the charts and really went overboard when it came to my analysis of the markets. This only complicated things more.
I have found over the years that no one knows what price will do next. Some indicators or fundamentals can assist in giving us a view of what to expect from the market. However nothing is cast in stone or 100% guaranteed. The only view that counts is yours. I now trade without the hundreds of signals on my charts and use much longer time frames to make sense of the charts. I trade price and not the signals. My biggest lesson was in MM and dealing with a trade that goes against you. I found that once I mastered these it all came good. I also don't set myself monthly or annual goals. I have accepted the fact that one can only take what the market offers. As soon as you want to take more you can end up loosing your shirt.
Like all traders I have my personal goals for my trading account. I don't want to be the next billionaire. Just a profitable account that can replace my need for 9-to-5 job. I keep it simple. If I make 100% this month. Good. And only 10% next month. Still good.
Happy trading all.
Thanks for this interesting and informative thread. I actually don't post on threads as I've never felt the need to. However with your thread I simply could not resist.
I have been trading the markets for a while now and have not had much success in the beginning. I think the lack of MM and a solid trading plan led to my downfall.
However I never lost interest and really have a passion for the markets. I am a chemical engineer by trade and have found this to be a huge problem with my trading in the beginning. Being good at maths and technical analysis, I thought I could make sense of the charts and really went overboard when it came to my analysis of the markets. This only complicated things more.
I have found over the years that no one knows what price will do next. Some indicators or fundamentals can assist in giving us a view of what to expect from the market. However nothing is cast in stone or 100% guaranteed. The only view that counts is yours. I now trade without the hundreds of signals on my charts and use much longer time frames to make sense of the charts. I trade price and not the signals. My biggest lesson was in MM and dealing with a trade that goes against you. I found that once I mastered these it all came good. I also don't set myself monthly or annual goals. I have accepted the fact that one can only take what the market offers. As soon as you want to take more you can end up loosing your shirt.
Like all traders I have my personal goals for my trading account. I don't want to be the next billionaire. Just a profitable account that can replace my need for 9-to-5 job. I keep it simple. If I make 100% this month. Good. And only 10% next month. Still good.
Happy trading all.