"Eureka" Moment

The road to consistent profitability is a long and winding one for most, if not all traders. Indeed, I'm still on it! But along the way, we all have the occasional 'eureka moment' and the fire of self belief burns brightly once more. Often as not, said eureka moment turns out to be little more than a red herring, a cul-de-sac or a mirage in the desert. This thread is prompted by Arbitrageur who posted this on the 'Have You Ever Paid ' thread: . . . "But there was definitely a "eureka" moment where I finally "saw the light" and found something that really worked for me."

This thread is for anyone who wishes to volunteer their 'eureka moment' (or moments plural). Not the red herrings, cul-de-sacs or a mirages in the desert - but the real deal. What was it that really took your trading to the next level, fueled your desire and gave you the belief that you really could make it in this business? It could be as simple as a single sentence in a post right here on T2W, a seminar, a book, discovering an indicator or discovering that you didn't need the ones you already had. Whatever your 'eureka moment' is, this is the place to share it . . .
Tim.

I quickly clicked this post as I thought you had just had one ... no, not a pip bitch but a eureka moment

Having started the thread and, in response to Don's reply, I'll offer my own 'eureka moment'. For a long time, I thought that there was a right and a wrong way to trade the markets; the filthy rich did it right and the losers did it wrong. Whilst this is, self evidently, more or less true - the eureka moment for me was the realization that there are lots of 'right' ways and, importantly, that the right way for me probably isn't exactly the same as the right way for you or for him or for her. For a long time, I couldn't figure out why the traders on T2W who I believed to be the most experienced and successful often bitterly disagreed with one another. After all, if you got a room full of carpenters together, I'm sure that broadly speaking, they'll all agree on basic techniques for sawing a piece of wood or banging in a nail. Whilst it's true to say that most traders agree on some of the basic principles, thereafter, it's 'horses for courses' and each to his/her own. Level II is either 'brilliant' or a 'useless waste of time'. Indicators are either 'brilliant' or a 'useless waste of time' etc., etc. The eureka moment was the realization that indicators are both 'brilliant' AND a 'useless waste of time'. By the same token, the opposing views that are to be found on these boards every day, confused me for a long time. Now, I find them liberating.
Tim.

timsk said:

The road to consistent profitability is a long and winding one for most, if not all traders. Indeed, I'm still on it! But along the way, we all have the occasional 'eureka moment' and the fire of self belief burns brightly once more. Often as not, said eureka moment turns out to be little more than a red herring, a cul-de-sac or a mirage in the desert. This thread is prompted by Arbitrageur who posted this on the 'Have You Ever Paid ' thread: . . . "But there was definitely a "eureka" moment where I finally "saw the light" and found something that really worked for me."

This thread is for anyone who wishes to volunteer their 'eureka moment' (or moments plural). Not the red herrings, cul-de-sacs or a mirages in the desert - but the real deal. What was it that really took your trading to the next level, fueled your desire and gave you the belief that you really could make it in this business? It could be as simple as a single sentence in a post right here on T2W, a seminar, a book, discovering an indicator or discovering that you didn't need the ones you already had. Whatever your 'eureka moment' is, this is the place to share it . . .
Tim.

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Hi tim

get out of it man your way better than that you must be consistant tim

Get your head together = sort it out NOW man

mine or shoud say 1st was

Just realised you did not need to now what happens next.

Not aware of trading in the zone book at the time I should add, fw gave me a bit of it, so I now it was not an original thought by me just felt like it at the time.

Sort of occured to me. Had trouble executing trades when I had experienced a few losers on the bounce in the early days and would end up watching and looking and not actually doing anything at all

got fed up.....................

Decided to just buy and sell the hr bars back and to for small stakes just to get trading with one rule only

is that it, laughed my box off when I saw Rumpleones thread I can tell you.


The 2nd and always will be my favorite

Split posted at me when own method pretty automatic, taking and posting a trade based on simple swing on 4 hr bar at noon, not a bad trade but contra entry

total stranger posts under my trade call post ............

Trend lines, to me, are drawn arbitrarily. I just use them as a sort of "comfort line". If I am on the right side of it I feel fine and have no worries. The rule that they must be drawn across the tops or bottom is, more or less, telling the market what to do. How can you expect that of a price? When the price cuts the trend I look to see if a pattern is forming. If the pattern is continuous, I revert to a trend line, again, almost certainly, the momentum will have changed but if I keep to the right of it in a bear and to the left of it in a bull then I am OK- Whenever it crosses, it is a warning to pay attention to the trade, nothing more.

There is nothing to be learned from trend lines, IMO anyway, except to help keep the ship on course. Go inside it and you are entering into shallow water.

Watch the trend line but remember that deep sea men don't like shallow water. Neither do coastal men like deep water.

BY

Split



:-0 :idea:

Ye my trade was good and it made 15 pts I think but I was made really aware


I was upside down regards trend in higher timeframe and shown my error in the most meaningful way possible = Live at the very moment by a total stranger.

the last sentence was not posted that day but later when something else was amiss :whistling

ever grateful Split you :smart: assssssssssss

thanks and good luck :clover: always

a few more but someone elses go

Andy

Nice one tim

my eureka moment came @ xmas, real long holiday this year, so had plenty of time to survey all the info I had gathered, books, net and of course here at good ol' t2w.

Anyone who reads my posts here must know beyond all doubt that I love the good old moving average and the result of last xmas in an understanding from observations and testing from the last year is in my "keys" thread,

from this basic "eureka" strategy I now have many spin offs to work with, its great as a basic starting point in building up from

Hoorah for xmas 2007, boo to going back to work in the new year



does Bart bug or what!

" Eureka Moment " - !!


When i learnt about trendlines
When i learnt about Moving Averages
When i learnt about Candle sticks
When i learnt about stopping losses
When i learnt about Dow Theory


and when i learned with STUDY and PRACTICE - as long as the markets exist - i would never have to have a " Boss " - EVER...... !! Best feeling in the World ... !!

(this has the makings of a great thread)

I seem to be learning fewer new things now since I settled down to my current system, so I apologise for re-hashing something I have already posted.

My Eureka moment was Multi-Colinearity.
It is basically when we use multiple indicators to analyse, but which in fact merely show the same raw data in a different format, giving rise to false confidence from indicators.

Understanding M-C helped me to confidently strip away redundant indicators, and learn that just one or two are needed, if at all.
It helped to clarify the chart, and I started to understand chart-patterns and price-action, rather than getting caught up in too many indicators.
Still use them, but down to 3 simple ones. The rest is down to experience.

EDIT: link added: (its on my bookmarks for easy access!)
Multicollinearity - StockCharts.com

timsk said:

was the realization that there are lots of 'right' ways and, importantly, that the right way for me probably isn't exactly the same as the right way for you or for him or for her...The eureka moment was the realization that indicators are both 'brilliant' AND a 'useless waste of time'. By the same token, the opposing views that are to be found on these boards every day, confused me for a long time. Now, I find them liberating.
Tim.

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So true...


Eureka moment for me, the day I called and spoke to extended friends/family members about closing out of their stocks holdings based on my hobby at the time.

And when I ran into the extended family at the next get together and I asked "were you able to close out of your positions" they said, "my broker said it's not best to trade off of every family members stock tips."

Looking back on it some lost 30%+ (2000- 2003). And even though it was personally a sad story it gave me the push and validation I needed to begin trading FT. IN my mind, right then I knew if this Broker clown could make money selling and telling people about investments. I was going to do just fine being honest and just trading!

My Eureka moment...

Father (or give birth to, as appropriate) a child, wait until they reach the age of four or five and then show them some daily closing-price line charts. Ask them to draw where they "think the line will go".

They almost always just continue the line in the same direction, :idea:, and more than half of the time they are right. My 'crayon signal' trading system is available for just $10,000

RGB.

Eureka is when you realise where the market HAS to go, and figure out what is attracting it to the levels and off the levels. The market moves by momentom and repeats it's self in certain patterns and once you master that the worlds is yours. and it is possible

White collar crime pays really well and its socially acceptable. Just a sport.

RedGreenBen said:

My 'crayon signal' trading system is available for just $10,000

RGB.

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Is lunch included?

Even though events have conspired to slow down my developing a trading plan & system in the last couple of years, in all honesty this site has given me several Eureka moments - realisations and insights. I still need to put things into practice and it may be a bumpy road, but I feel like I'm on a good path thanks to many excellent threads and all-round good eggs who post here. I just wish I was making faster progress down the road Good thread, Tim.