What was the last thing you had to master before becoming profitable?

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Old Oct 17, 2014, 3:53pm   #1
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What was the last thing you had to master before becoming profitable?

This week's TOTW is reserved for the small minority of traders who have broken through and achieved sustained profitability.

What was the last thing you had to master before becoming profitable?

Last week's TOTW: What have you learnt about yourself from trading?
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Old Oct 17, 2014, 4:20pm   #2
 
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I was profitable from the very beginning, but that was because,
a) I spent a long time figuring out the methods that were reliable and consistent with a high %age success rate based on my own analysis of charts and market/price behaviour and reading sentiment.
b) Then forward tested (live) all of them on hundreds of paper trades, eliminating those that did not have a high success rate (using tight stops)
c) Made sure I understood what worked well in different types of market environment
d) Thought long and hard about the probable emotional and psychological effects on myself of trading with money and realised I just had to ignore my feelings and trade on the facts, not what I felt.
e) Developed a trading plan with specific targets, starting with small numbers of shares, then worked up gradually.

So there wasn't really a last thing as such, it was more of a process.

Hope that helps someone think about what they need to do,
Richard
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Old Oct 17, 2014, 4:37pm   #3
Joined Apr 2013
The last thing I had to master was my own psychology.

The issue I had was like all humans having this inherent notion of wanting to tweak, fiddle, enhance or improve, to the point where I ended up so far away from the rules/entry&exit criteria that I was on a different planet.

So every morning I got up only to be battered by the markets psychologically, thus compounding the problem exponentially every day. Even on profitable days my subconscious knew there was a problem, and these days were just as traumatic.

Luckily for me a member of this forum got in touch with me via PM, who had gone through the same issue, and helped me no end. He set out a plan of action for me, and we spoke every day analysing the results, and week by week until I identified the issue. I am eternally grateful to this member, and what did he ask for in return for his help, absolutely nothing.

Even small changes like instead of trading in t shirt, and shorts from a laptop to dressing smarter(red braces, and single breasted grey suits shall wait till next year ), and having a home office have helped, to the point where now I am shortly moving into an external office for one.

Chaps like him really deserve awards for their unselfish goals of wanting others to succeed, without wanting anything in return.

Would I say that now I am a psychological Zen master with no issues at all, absolutely not. I've just learnt better coping methods, and learnt to stick with the K.I.S.S. principal in regards to my strategy.

Nowadays if I feel like fiddle, I play with my fiddlestick, if I want to make money I adhere to the rules.

Best
John.
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Old Oct 17, 2014, 5:26pm   #4
Joined Sep 2010
I'll come back and answer this when I find out...
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Old Oct 17, 2014, 6:29pm   #5
Joined Apr 2013
Quote:
Originally Posted by brewski1984 View Post
I'll come back and answer this when I find out...
Good Evening @brewski1984

First of all, I hope you've had a profitable day trading.

Just remember that the majority of traders are made, not born, and it is something that we have to persevere at. Hard work, dedication, and self discipline will help you go a long way.

There is so much free, and more importantly valuable info across these forums, however you will need to do a little search for it. Then again some things are savoured more when they follow hard work.

I wish you all the best, and if there's anything I can help you with, then please don't hesitate in asking.

Best
John.
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Old Oct 17, 2014, 9:34pm   #6
Joined Oct 2014
Recently started trading only 3 days of actual trading. started with 500 and was up 250 within a day and obviously greed got me- lost all of it plus a further 100.
Now finally getting back into it. halfway through.
My rule is bet no more than £1/point- small trades, no more than 5 or 10 point profit and set on limit, taking out my greed completely.
definitely stop loss
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Old Oct 17, 2014, 11:55pm   #7
Joined Jul 2010
not quite broken through yet but now have a better appreciation for stops(or even something of the like soft stop/my 'stop point') will be my break through.
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Old Oct 18, 2014, 9:56am   #8
Joined Oct 2014
I'm using stop loss after lost a lot due to margin call. I was at that time trading 5-6 instruments at a time and unfortunately lost the lot.
So i'm now being cautious trade no more than 2 lines/instruments at a time with a stop loss.
also bet size only £1/point or even lower with limit at +10 and loss at -50.
trading only indices and fx.
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