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Best Trading Advice EVER!

  • #1
  • First Post: Feb 12, 2013 4:50pm Feb 12, 2013 4:50pm
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?

Lao Tzu

  • #2
  • Feb 13, 2013 2:44am Feb 13, 2013 2:44am
very nice and absolutly true
  • #3
  • Feb 13, 2013 4:18am Feb 13, 2013 4:18am
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.
Manage probability while following the TREND.
  • #4
  • Feb 13, 2013 4:31am Feb 13, 2013 4:31am
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.
Time hides Nothing
  • #5
  • Feb 13, 2013 5:06am Feb 13, 2013 5:06am
Quoting enochben
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?

Lao Tzu

Great post

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???
Come with me if you want to live....
  • #6
  • Feb 13, 2013 5:11am Feb 13, 2013 5:11am
Quoting khanderoo
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.
I agree, once conditions are primed for a trade, (like a $50 rug on offer for $40), you buy, no hesitation, set and forget, have an exit plan, rinse and repeat.
Come with me if you want to live....
  • #7
  • Feb 13, 2013 5:12am Feb 13, 2013 5:12am
Quoting Ill-b-back

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???
There's no discipline or Patience needed to know to not walk out in front of a mack truck.... Is all I'm saying.
Time hides Nothing
  • #8
  • Feb 13, 2013 5:22am Feb 13, 2013 5:22am
Its nice. I like it. Best trading advice is:
Have patience
Do not greed
Must have good knowledge etc.
  • #9
  • Feb 13, 2013 1:38pm Feb 13, 2013 1:38pm
Lol...

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
Come with me if you want to live....
  • #10
  • Feb 14, 2013 4:38am Feb 14, 2013 4:38am
Quoting CindyXXXX
There's no discipline or Patience needed to know to not walk out in front of a mack truck.... Is all I'm saying.
I just hope many traders don't think about it like this. If you don't like trading, just don't do that!
Patience and discipline are always helpful here.
  • #11
  • Feb 15, 2013 1:11am Feb 15, 2013 1:11am
Quoting Ill-b-back
Lol...

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
I guess so, I think I'm just coming from a certain perspective.

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.

Quoting meng88
I just hope many traders don't think about it like this. If you don't like trading, just don't do that!
Patience and discipline are always helpful here.
I love trading
Time hides Nothing
  • #12
  • Feb 15, 2013 2:11am Feb 15, 2013 2:11am
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.
  • #13
  • Feb 15, 2013 2:28am Feb 15, 2013 2:28am
Quoting enochben
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.
I get what you're saying and I usually have to wait a little while for "the mud to clear" myself but I think the notion that you NEED some special quality to do this is misleading.

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.
Time hides Nothing
  • #14
  • Feb 15, 2013 2:37am Feb 15, 2013 2:37am
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.
  • #15
  • Feb 15, 2013 2:39am Feb 15, 2013 2:39am
Quoting enochben
I don't want to seem like a sexist, but I think there me be some gender issues at play with this dialogue.
I really don't think that's the issue here

Good trades to you also
Time hides Nothing
  • #16
  • Edited 4:21pm Feb 15, 2013 8:14am | Edited 4:21pm
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.

p.s.
thread title is a bit bold, no?
  • #17
  • Feb 16, 2013 2:02am Feb 16, 2013 2:02am
Quoting mr.marketz
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.

p.s.
thread title is a bit bold, no?
I totally disagree. "start sleepwalking through your decisions" , wow.
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.
Never Trade without a defined risk, never, never, never.
  • #18
  • Feb 16, 2013 2:39am Feb 16, 2013 2:39am
Quoting FxGladiator
I totally disagree. "start sleepwalking through your decisions" , wow.
Perhaps I should clarify. By "sleepwalking through your decisions" I am referring to having more of an intrinsic approach to the market. Trading without all that heavy duty brain work. If you think about it, we're always faced with the same setups, same risks, etc. Nothing really changes in the market. You do it long enough and it's kind of like bike riding.

peace peeps
  • #19
  • Feb 16, 2013 5:01pm Feb 16, 2013 5:01pm
Quoting mr.marketz
Perhaps I should clarify. By "sleepwalking through your decisions" I am referring to having more of an intrinsic approach to the market. Trading without all that heavy duty brain work. If you think about it, we're always faced with the same setups, same risks, etc. Nothing really changes in the market. You do it long enough and it's kind of like bike riding.

peace peeps
Ok, I dig it. Being in the zone. In harmony with the the universe and the market.
Zen Trading.
I am down with that.
Never Trade without a defined risk, never, never, never.
  • #20
  • Last Post: Feb 17, 2013 9:38am Feb 17, 2013 9:38am
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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