Bestowing 1 piece of wisdom

[Nowler]

Hey folks,

For those of you trading 10 years or longer... If you could pass on 1 bit of wisdom which you wish you learned sooner, what would it be?

Only 1! 2 if someone already mentioned your first.

 

[Brumby]

Hey folks,

For those of you trading 10 years or longer... If you could pass on 1 bit of wisdom which you wish you learned sooner, what would it be?

Only 1! 2 if someone already mentioned your first.

Learn to accept losses as an inseparable partner, avoidance is not an option.

 

[barjon]

It’s exits that move your account.

 

[timsk]

There are precious few universal truths about trading: 95%+ of what's written about it is just someone's opinion - an opinion which may not be helpful to you at all.

Unless what you read, watch or listen to is a cast iron, water tight verifiable fact - then it's just another opinion for you to question and scrutinize. Don't embrace it unless and until you're completely satisfied that it complements your views and beliefs about the markets and how to trade them. This principle applies to everyone without exception, including trading pontiffs, gurus or other 'experts'. Novice traders routinely lap up their pronouncements on the grounds that they must know what they're talking about because they're rich, famous - or both. Remember, this is just their reality - your reality may be very different!

Understanding this and having the confidence to act on it at the start of one's trading journey is tough for obvious reasons. Nonetheless, had I had an awareness of it early on, it may have saved me countless months (years?) spent going on wild goose chases, red herrings and meandering down endless cul-de-sacs etc.
Tim.

 

[tar]

Deleverage as you can ...

 

[tomorton]

No stocks are worth holding when the stock market's in a downtrend.

 

[Nowler]

Thanks for the input folks!
Nothing there too technical to understand...maybe putting into practice might be a bit more difficult.

Keep them coming!
I'm going on the beer for the day that's in it, but looking forward to hopefully reading more later tonight when I get back.

Then again, I am already looking forward to smashing a load of turkey, stuffing and ham sammiches when I get back too

 

[brewski1984]

Don't listen to anyone, including me

 

[neil]

There are precious few universal truths about trading: 95%+ of what's written about it is just someone's opinion - an opinion which may not be helpful to you at all.

Unless what you read, watch or listen to is a cast iron, water tight verifiable fact - then it's just another opinion for you to question and scrutinize. Don't embrace it unless and until you're completely satisfied that it complements your views and beliefs about the markets and how to trade them. This principle applies to everyone without exception, including trading pontiffs, gurus or other 'experts'. Novice traders routinely lap up their pronouncements on the grounds that they must know what they're talking about because they're rich, famous - or both. Remember, this is just their reality - your reality may be very different!

Understanding this and having the confidence to act on it at the start of one's trading journey is tough for obvious reasons. Nonetheless, had I had an awareness of it early on, it may have saved me countless months (years?) spent going on wild goose chases, red herrings and meandering down endless cul-de-sacs etc.
Tim.

And "opinions" are like the anus - everyone has one !

 

[Quantt]

Hey folks,

For those of you trading 10 years or longer... If you could pass on 1 bit of wisdom which you wish you learned sooner, what would it be?

Only 1! 2 if someone already mentioned your first.

1. Back test your strategy for at lest one market cycle, the more you test the better you can judge the abilities of your system and more confidence you'll have in it.

2. Do not trust any trading coach, guru, educator, indicator seller, etc - they all have an agenda and it to separate you from your money...

 

[Traderjohnsblog]

Have an exit strategy. Preferably not one that requires guessing how far a trade will go. One based on actual price action.

 

[tomorton]

And "opinions" are like the anus - everyone has one !

But at least my opinion is well rounded.......