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No more BS - What have you learned?

  • #41
  • Sep 9, 2010 11:15am Sep 9, 2010 11:15am
Quoting Craig
3. Anybody that can't define a trading concept in a few sentences, or claims it cannot be defined, has no idea what they are talking about.
I couldn't agree more.

Buy a price area when it's being competed for. That means you won't get the price that you really want - because it's being scarfed up. That's buying when there is a visible demand brewing and there's a good possibility that a tide of orders will carry your tiny order along with it.

People talk about, and I've checked out, fading what I just described above. I can't see it as a small retail bug.

I hope I'm not off-topic.
I'm speaking in general terms - not really entry/exit.

I'll make a really general statement, just an case, related to my thoughts above:
Make sure that your view of the market that your trading is based in reality and not just upon your own "analysis".
  • #42
  • Sep 9, 2010 11:33am Sep 9, 2010 11:33am
Quoting Patience
That it's gambling but some people like to call themselves "traders".
Starting any sort of business is a gamble is it not?
Time hides Nothing
  • #43
  • Sep 9, 2010 11:53am Sep 9, 2010 11:53am
Quoting CindyXXXX
Starting any sort of business is a gamble is it not?
Absolutely. But people setting themselves up in business tend to look at the bigger picture. They don't bail 5 minutes later when it hits their 20 pip stop.
Nothing worth having is easy.
  • #44
  • Sep 9, 2010 11:54am Sep 9, 2010 11:54am
Quoting Patience
Absolutely. But people setting themselves up in business tend to look at the bigger picture. They don't bail 5 minutes later when it hits their 20 pip stop.
lol - ok Patience thanks
Time hides Nothing
  • #45
  • Sep 9, 2010 11:54am Sep 9, 2010 11:54am
Quoting Patience
Absolutely. But people setting themselves up in business tend to look at the bigger picture. They don't bail 5 minutes later when it hits their 20 pip stop.
Hahah, that's funny

Ironic that the harder something is to gain 'access' to, the less people will actually quit so easy
  • #46
  • Sep 9, 2010 2:44pm Sep 9, 2010 2:44pm
Time and direction. Put on a small position, sit back and wait.
  • #47
  • Sep 9, 2010 2:55pm Sep 9, 2010 2:55pm
Let your SL or TP take you out of a trade...Don't close a trade early.... Many times whilst learning i closed trades that were going the wrong way to save a couple of $'s only to see it then reverse back and go into profit!!

Make your trading decision, then sit back and watch.. Let the market decide!
  • #48
  • Sep 9, 2010 2:56pm Sep 9, 2010 2:56pm
Quoting Dopey
I've learned that trading is really learning about yourself. The things I've done over the years in pursuit of consistency would probably not have been done otherwise. I can honestly say I'm a better person because of trading.
Hear, hear!

If I never made a dime off trading and all my cumulative losses over the years were still on the books - I would be more than happy with my returns... those returns are me being a more evolved and conscious person.

In many respects the market acts as a spiritual teacher, or guide. It breaks down the illusions we have about who we think we are, and then shows us who we really are.

Once you can see who you really are, it becomes painfully obvious that change is a must... otherwise you are forced to live with the ugly truth of knowing that you are not the person you want to be.

EXAMPLE:

I always thought that I was a pretty sharp guy. Confidence always ran high, analytical skills were in tune, etc. Then the market exposed me for what I truly was... an undisciplined sloppy fuck up who couldn't say no to his inner demons.

Obviously, living out the rest of my life with the knowledge of being the above said description was hard accept. I changed myself (and still changing). It was the most difficult process I ever went through, but also the most significant one, as well.

Trading made me successful long before I ever turned a profit.
  • #49
  • Sep 9, 2010 4:34pm Sep 9, 2010 4:34pm
Quoting mr.marketz
... otherwise you are forced to live with the ugly truth of knowing that you are not the person you want to be.

EXAMPLE:

I always thought that I was a pretty sharp guy. Confidence always ran high, analytical skills were in tune, etc. Then the market exposed me for what I truly was... an undisciplined sloppy fuck up who couldn't say no to his inner demons.
This is where I am at right now. God do I hope I make it through. I could've gone my whole life, happily ignorant of who I really am.
  • #50
  • Sep 9, 2010 6:46pm Sep 9, 2010 6:46pm
Quoting mr.marketz
1. Technical analysis alone is nothing more than complicating a coin toss
........
5. The one most significant impact to your trading success is your ability to know when to get out (whether you are in a profitable or losing trade is not important)
If TA offers no better probability than 50/50, and your trade P/L has no bearing, then what is the basis for your exits?

(Hopefully that's a valid question; I'm not trying to be a smarta$$.)
  • #51
  • Sep 9, 2010 7:02pm Sep 9, 2010 7:02pm
Not Trading is Still Trading
Time hides Nothing
  • #52
  • Sep 9, 2010 7:03pm Sep 9, 2010 7:03pm
Quoting hanover
If TA offers no better probability than 50/50, and your trade P/L has no bearing, then what is the basis for your exits?

(Hopefully that's a valid question; I'm not trying to be a smarta$$.)
This is going to be funny...*opens popcorn*
The breaking of a wave cannot explain the whole sea.
  • #53
  • Sep 9, 2010 7:49pm Sep 9, 2010 7:49pm
  •  Czech
  • | Joined Feb 2010 | Status: You Don't Know What You Don't Know | 111 Posts
In lieu of mr.marketz rollin thru I'd like to throw out there that he could be taking long term trades based on macro economic factors. There's lots of other things too that i don't wish to discuss but I'll leave you with the one rational example so you guys can finish up your popcorn and get some sleep.
  • #54
  • Sep 9, 2010 7:58pm Sep 9, 2010 7:58pm
Quoting Czech
In lieu of mr.marketz rollin thru I'd like to throw out there that he could be taking long term trades based on macro economic factors. There's lots of other things too that i don't wish to discuss but I'll leave you with the one rational example so you guys can finish up your popcorn and get some sleep.
Czech why u always crashing my party? - even if he is, how is that any less 50/50 than "TA"?
Time hides Nothing
  • #55
  • Sep 9, 2010 8:18pm Sep 9, 2010 8:18pm
  •  Czech
  • | Joined Feb 2010 | Status: You Don't Know What You Don't Know | 111 Posts
Quoting CindyXXXX
Czech why u always crashing my party? - even if he is, how is that any less 50/50 than "TA"?
Hahah i DO enjoy crashing your parties, i'm sorry!

This will be easier for me to answer if you first tell me:

Why do YOU believe TA works?
  • #56
  • Sep 9, 2010 8:24pm Sep 9, 2010 8:24pm
Quoting Czech
Hahah i DO enjoy crashing your parties, i'm sorry!

This will be easier for me to answer if you first tell me:

Why do YOU believe TA works?
Very simple - I feel I understand it. Or understand it enough to know that its not a coin flip. and its not about patterns to me - I think theres a general misconception about a charts purpose in trading - If anything its a good visual on whats happening but its just pixles

When I hear someone say TA is a coin flip then I simply know that they dont "GET it" - I hate the word technical analysis anyway but I guess its what i do seeing as I dont rely on fundermentals
Time hides Nothing
  • #57
  • Sep 9, 2010 8:34pm Sep 9, 2010 8:34pm
IMO mr.marketz is right.

It's not TA what drives the market.

It's money that always search for liquidity.

But TA is all-around that most people think it's the only way to trade.
That's why they are mostly on the wrong site.
  • #58
  • Sep 9, 2010 8:37pm Sep 9, 2010 8:37pm
Quoting UnnamedPlayr
IMO mr.marketz is right.

It's not TA what drives the market.

It's money that always search for liquidity.

But TA is all-around that most people think it's the only way to trade.
That's why they are mostly on the wrong site.
Im with Craig on this one blah blah blah seriously whatever

what you described is TA anyway is it not? Order flow, market flow

whatever -
Time hides Nothing
  • #59
  • Sep 9, 2010 8:56pm Sep 9, 2010 8:56pm
Quoting CindyXXXX
Very simple - I feel I understand it. Or understand it enough to know that its not a coin flip. and its not about patterns to me - I think theres a general misconception about a charts purpose in trading - If anything its a good visual on whats happening but its just pixles

When I hear someone say TA is a coin flip then I simply know that they dont "GET it" - I hate the word technical analysis anyway but I guess its what i do seeing as I dont rely on fundermentals
It should be called 'people analysis'. Essentially i learned to anticipate people's entries and stop loss orders to set my exit for my trades ...hope that makes sense.
  • #60
  • Sep 9, 2010 10:13pm Sep 9, 2010 10:13pm
Quoting Dopey
I've learned that trading is really learning about yourself. The things I've done over the years in pursuit of consistency would probably not have been done otherwise. I can honestly say I'm a better person because of trading.
truly awesome point.
trading is a reflection of one's self.

Quoting mr.marketz
...
In many respects the market acts as a spiritual teacher, or guide. It breaks down the illusions we have about who we think we are, and then shows us who we really are.
Once you can see who you really are, it becomes painfully obvious that change is a must... otherwise you are forced to live with the ugly truth of knowing that you are not the person you want to be.
...
another awesome post!
1 of the main reasons i love trading is because of the psychology involved.

Quoting hilmy83
It should be called 'people analysis'...

in a way, it is. it has been.


Quoting Craig
This is going to be funny...*opens popcorn*
u are naughty
i dont think they'd go in that direction
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