what happens when you had it, but now its gone....

Sifting through forums across all trading websites, im am continually amazed by the sheer number of wannabe traders, (no offence intended), i was wondering if any of them had even considered this. what happens to those who've had it, but now lost it. that elusive thing, continuous trading success, 6 figures+, year after year, then....bump. whoops. it stopped.

you spend all your time searching for the secrets (there arent any, hard work + hard work + hard work, throw in some more....hard work, x that by a lot) but even if you find a gem, a pattern, an edge.... it doesnt last for ever, things change. One of the most important ingredients to being a consistent winner is your ability to adapt and change, often in a very short time frame.....and then change back...

so, im sure there are plenty of stories out there, determination, followed by success, followed by struggle. When your winning, trading is the best 'job' in the world....when your losing....its the worst. So for those of you looking to trading as a way out, a passage to a life of riches and freedom, be aware. Not all that glitters is gold.

still, best of luck!!!

davedavethetrader said:

Sifting through forums across all trading websites, im am continually amazed by the sheer number of wannabe traders, (no offence intended), i was wondering if any of them had even considered this. what happens to those who've had it, but now lost it. that elusive thing, continuous trading success, 6 figures+, year after year, then....bump. whoops. it stopped.

you spend all your time searching for the secrets (there arent any, hard work + hard work + hard work, throw in some more....hard work, x that by a lot) but even if you find a gem, a pattern, an edge.... it doesnt last for ever, things change. One of the most important ingredients to being a consistent winner is your ability to adapt and change, often in a very short time frame.....and then change back...

so, im sure there are plenty of stories out there, determination, followed by success, followed by struggle. When your winning, trading is the best 'job' in the world....when your losing....its the worst. So for those of you looking to trading as a way out, a passage to a life of riches and freedom, be aware. Not all that glitters is gold.

still, best of luck!!!

Click to expand...

Good one

From what I read, some of them decide to write a book :smart:

Yep! I learnt quickly that you need to adapt or die. (Namely, your account dies if you don't adapt quickly enough.)

Had a method that worked well until the sub-prime chaos kicked in.

shadowninja said:

Yep! I learnt quickly that you need to adapt or die. (Namely, your account dies if you don't adapt quickly enough.)

Had a method that worked well until the sub-prime chaos kicked in.

Click to expand...

What was that? Get a mortgage, change your identity, and move out of town?

lol, no, it was selling morgages.....

sub prime....what happens when the prime goes bad?

bet that hurt to even think about. didnt it. "qucikly, brain, move on..... "

aahhh, capitalism, i remember it well....

Oh, I was playing with gold and silver binaries. Both commodities were relatively steady prior to the problems surfacing. Then suddenly they were very volatile which killed my system.

But you ain't seen me, roight?

ever thought about justing fading your system???

genius

I trade a series of set ups with specific triggers for entry and exit.
The range of set ups covers all market types and those market types themselves create the set ups.
This means they are completely in synch and variable with the market; whatever the market is doing different set ups occur. I then only trade if the trigger follows. Of course there is an element of both discretion and experience, there is no "automatic" system which works for long without a modicum of judgment and adaptability.
I don't need to worry about anything not "working" any longer. The methodology is flexible and changes with the market.
It's worked for me as a full time trader since 1999.
So, I've got it and it doesn't go
Richard

davedavethetrader said:

genius

Click to expand...

Sounds a bit like having split personalities - which one do you fade?

davedavethetrader said:

ever thought about justing fading your system???

Click to expand...

Not sure what you mean.

tis a lovely place mr charts. a lovely place.....

i believe that nearly all enventualities can be premodeled (is that a word?) but what im not so sure about is a traders ability to perform, continually, in the required time frame.

I think 'new traders' cant begin to imagine the mental pitfulls that will line up in front of them. Trading is sport, only slighlty less sweaty. (except for just before nfp....

dave,

Interesting. I've traded pretty much the same basic set-up for over thirty years, but I've never had to do it for a living so when the bump, whoops hit (as it has many times ) I could just walk away for a time. Mind you, 6figures+ has never entered the equation

About ten years ago, with more time on my hands, I sort of started again from scratch. Tested more or less the same set-up but with every associated condition I could think of (about 20). On the test only three of those conditions proved to have significant relevance and they became "rules" for about eighteen monthsworth of trading that followed. Then bump, whoops . Fortunately, I still had the full conditions data from the original test so I replayed them all through my live trading to find that one of the significant conditions had become insignificant whilst two of the insignificant had become significant. Changed the rules and off went the car again. Those rules have changed another three times since.

I agree absolutely that adaptability is an essential ingredient, but the point of relating my experience is that you may not have to buy a different car - some re-tuning of the engine, a change in tyre pressure or a softer suspension may do the trick

good trading

jon

heres a great tip, look for what doesnt work, do that.....

if only the human mind would work in such a way..... wheres the fun in making money by getting it wrong, all the time. i bet some subconcious filter would make you give it all back....!

I think you need to have built in adaptability both in methodology and mental approach.
Stagnate and die.

Trading is war for cowards.

The last line sounds good, but is nonsense
Richard

davedavethetrader said:

Sifting through forums across all trading websites, im am continually amazed by the sheer number of wannabe traders, (no offence intended), i was wondering if any of them had even considered this. what happens to those who've had it, but now lost it. that elusive thing, continuous trading success, 6 figures+, year after year, then....bump. whoops. it stopped.

you spend all your time searching for the secrets (there arent any, hard work + hard work + hard work, throw in some more....hard work, x that by a lot) but even if you find a gem, a pattern, an edge.... it doesnt last for ever, things change. One of the most important ingredients to being a consistent winner is your ability to adapt and change, often in a very short time frame.....and then change back...

so, im sure there are plenty of stories out there, determination, followed by success, followed by struggle. When your winning, trading is the best 'job' in the world....when your losing....its the worst. So for those of you looking to trading as a way out, a passage to a life of riches and freedom, be aware. Not all that glitters is gold.

still, best of luck!!!

Click to expand...

I think your right.. trading is not a way out... its a lifestyle choice... (perhaps a bit like these Muscle guys -- they live it.... they are tuned in to it all the time - and most people dont understand it)

I would trade anything... stocks / houses / cars / money.. but I draw the line with the wife

My take on this is that operating under uncertainty is the skill to master... it does not bother me to lose money continually for long periods of time... I have not been profitable for about 4 months... but I am not bothered in the slightest because I can manage my emotions..

I also work very hard... thats why I am still working now at 10:30 in the evening whilst most people are in bed or watching telly..

Trading is a disproportionate life... consistency is the enemy...

Mmmm.....the ability to be completely self controlled, ignore your emotions and to change your view on the evidence in front of your eyes and not follow your opinion........these are essential.
For a losing trader to do the opposite to what he has been doing will lead to failure.
If you lose 80% of the time and start doing the opposite you will still lose only just under 80% of the time. Volatility and a failure to understand what is going on will guarantee that.
Richard

yes, although just doing the opposite sounds easy, whos going to fill u? now YOUR not buying the high and selling the low!

"""""Mmmm.....the ability to be completely self controlled, ignore your emotions and to change your view on the evidence in front of your eyes and not follow your opinion........these are essential.""""

think anyone starting out should print that off an put it on their monitor. infact, anyone whos trades full stop.

trading is a lifestyle. trading is life.

how many other people in this world are working at 11 at night and are genuinely excited by the prospect of being at their desk at 7 in the morning for another wonderful 12 hours of learning.... before home for dinner, quick chat with the wife, then more 'searching' for yet unknown questions...

shadowninja,

was messing about, if your system wasnt working, ie losing money, was tongue in cheek suggesting that you fade it. ie go short instead of long etc...

easy money....

i love the idea of trading stratergys being like a car, needing servicing, cleaning, refueling and every x years a new model!!

brilliant.