How have you changed since you started?

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Old Jan 14, 2009, 9:55am   #1
Joined Apr 2008
How have you changed since you started?

to those who have acheived a degree of success with their trading: can you tell me what has changed about your style since your first started? what are you doing differently now? what were you doing wrong when you began? is it largely down to discipline and hard work as Way of the Turtle might suggest? is it down to being able to read price action better? etc?

thanks in advance
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Old Jan 14, 2009, 10:04am   #2
 
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when i first started and knew nothing i was making good money then slowly i start reading things and adding indicators and then it all goes downhill. then after a while of being completely at emotional sea you begin to realise most of the stuff around trading is mainly bull poo and you start removing indicators and ignoring what people are saying and it all comes back.

so for me its like been a journey to mordor to throw the ring back into the fire and shout 'keep your bldy ring'. ie understanding the role emotions play in your life.
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Old Jan 14, 2009, 10:07am   #3
 
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Quote:
Originally Posted by oiltanker View Post
when i first started and knew nothing i was making good money then slowly i start reading things and adding indicators and then it all goes downhill. then after a while of being completely at emotional sea you begin to realise most of the stuff around trading is mainly bull poo and you start removing indicators and ignoring what people are saying and it all comes back.

so for me its like been a journey to mordor to throw the ring back into the fire and shout 'keep your bldy ring'. ie understanding the role emotions play in your life.
I agree, first month of trading on my own i made 75% profit in my account and then for then next 6 months broke even before now hopefully getting back to basics and continuing making profit again
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Old Jan 14, 2009, 10:14am   #4
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Bowball started this thread so when you started you just followed the prices, traded without a formalised strategy (i.e. you traded if it felt right), and made money?
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Old Jan 14, 2009, 10:19am   #5
 
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pretty much, cut the loser ran the winners.

Now trying to just keep it simple as well.

I try and traded stocks that are in a trend rather than a range, if it's going down and meets my criteria sell it, if it retraces too much cut it for a small loss.

No funny lines, RSI MFI EMI or MI5!
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Old Jan 14, 2009, 1:16pm   #6
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My major error in the early days was allowing myself to be influenced by what others were doing or talking about. Not that it cost me a lot of money or anything. It was just totally non-productive on my part. I learned long ago that I have to do my own analysis, generate my own trade ideas.
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Old Jan 14, 2009, 1:19pm   #7
 
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I say the main thing I changed/learnd since I started trading, that has lead to me being profitable ... is to understand the importance of Support and Resistance
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Old Jan 14, 2009, 2:41pm   #8
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Bowball started this thread do you guys do any backtesting?
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