If I knew then what (I think) I know now...

Black Swan

Legendary member
5,613 833
Thought I'd throw this up as a discussion point and stick it for a while; for me the biggest ammendment I'd make retrospectively would be patience...I don't mean the patience to wait for my indicators to trigger so I can play my edge (that goes without saying) I mean patience in realising, at the very start of my fledgling trading career, that the journey has to be a slow one. Knowing that and consequently slowing yourself down would/could be a big advantage...it could 'protect' your psyche and your trading balance, for sure it would help prevent any blow ups.

If you're starting out perhaps it's worth taking on board that it will take approx. a year to become in any way highly proficent at trading so why not give yourself the comfort of that timescale? That doesn't necessarily mean profitable. Proficient with all the terminology; TFs, indicators, price action, platforms... Proficient with money management, discipline, executing your trading plan (over and over again) once you're absolutely sure (as sure as you can be) that you've found one to fit...

The patience phenomena I'd extend one stage further; I'd have only traded one security for enough time it took to be proficient. For example, if trading Forex I'd have chosen cable. It roughly oscillates on average 200 pips a day ('off' a 1 hour TF) I'd have attempted to find an edge/stick to a plan that returned me twenty pips every 24 hrs and then used that as a platform to build from...

Any feedback guys...? What would you have done differently?
 
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No one Knows

Member
68 9
Im always surprised at how so many traders always talk about pips when talking about their profit or system and not Risk to make those pips. How many pips made today/Pips profit this week or month? It's no good talking about making 20 pips per day when no mention of risk is being stated. 20pips with a 100pip stop is not the same as 20pips with a 10 pip stop. One is making 0.20R profit, the other is 2R profit a factor of 10 difference.

Concentrate on one market at first until you are consistent. Make as many mistakes as possible when it only costs you penny's not Pounds that's my advice.

Mark
 
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The Artist

Active member
186 21
Difficult question. Because ultimately any success now can only be measured against the failures of the past. So to an extent Im grateful for all the mistakes Ive made because the effort I have put in (and continue to put in) to correct them is what makes me a better trader today. As long as those weaknesses, whether they are technical or behavioral, are addressed and not dismissed, then the odds of success just increase.
To answer the question though I would say that I wish I knew how poorly knowledgeable I was then, eventhough I probably thought I knew it all!!! (and Im long the thought that I will be saying the same thing 10yrs from now about today lol)
:)
 

shaymoran

Newbie
1 0
Hello all, first time here. Anyone out there into spread betting? If so, I am interested in sharing what works for me with you and visa versa. Shay
 

tomorton

Legendary member
7,279 972
Patience. After a few dozen trades I thought I knew how to trade. After a few hundred I thought I was a trader. Now, after a few thousand trades, I know what I must still learn in order to one day be a trader.
 
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maiden22

Established member
675 91
Thought I'd throw this up as a discussion point and stick it for a while; for me the biggest ammendment I'd make retrospectively would be patience...I don't mean the patience to wait for my indicators to trigger so I can play my edge (that goes without saying) I mean patience in realising, at the very start of my fledgling trading career, that the journey has to be a slow one. Knowing that and consequently slowing yourself down would/could be a big advantage...it could 'protect' your psyche and your trading balance, for sure it would help prevent any blow ups.
Yes, yes and yes.

I would add that one has to discover one's own way of trading - there is no point in attempting to copy somebody else. Especially if the way you intend to do so is by buying a system from them.

This sounds impossible (and pointless) to a person who is just starting out, but in my opinion the sooner this realisation dawns, the sooner one can make real progress.
 

trader_dante

Veteren member
4,535 1,476
If I knew at the beginning that this business was going to cause me to make a decision between money and everything else that is important in life, I would have pursued my career in the arts.
 

CJIA

Active member
202 15
If I knew then what (I think) I know now...
I would have stayed away from trading like the plauge.
What i know now is,that it's not about money and all about making good trades.
Trade what you see and not what you think,took some time to understand this.
:whistling
 

Black Swan

Legendary member
5,613 833
If I knew at the beginning that this business was going to cause me to make a decision between money and everything else that is important in life, I would have pursued my career in the arts.
Cheers Tom, you thread killer...:D Good point though, don't wanna put words in your mouth, but are you suggesting that most folk have no fookin idea as to the level of commitment required, (at the potential expense of eveything else), trading takes in order to make it work?
 
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Prawnsandwich

Well-known member
339 30
As much as I hate to admit it, I started off in complete ignorance risking real money and inevitably losing .....

The road to profitability could have been a lot quicker, and less costly if I had assumed from the outset that I knew nothing and was prepared to put in the time to do proper research, including paper trading only at first and then only committing real money when profitable for two to three months...
 

trader_dante

Veteren member
4,535 1,476
Cheers Tom, you thread killer...:D Good point though, don't wanna put words in your mouth, but are you suggesting that most folk have no fookin idea as to the level of commitment required, (at the potential expense of eveything else), trading takes in order to make it work?
You always hear people say if you have determination and perserverance and you are commited you can make it.

That's a pipe dream.

None of those factors alone will make you succesful.

I know many people that have studied the markets ten hours per day for several years with all the help, advice and tools to succeed at their disposal and still are not profitable.

You will need to find the right path for you out of the almost infinite number of possibilities. There is an element of luck in this.

And once you have found the path you have to stay on it. There is a whole lot of skill involved in this.
 

bbmac

Veteren member
3,584 787
I suppose it would include, although not exclusively...

a. Technically speaking, price action provides the biggest clues if you can learn to read it.
b. You really don't have to know what will happen next to make money...it really is a question of playing your trading edge, whatsoever that is.
c. Having, understanding and playing your edge require sometimes different skill sets....some have without understanding, some think they understand without actually having, ...the profitable traders are those that have, understand and play it.
d. It turns out that it's a marathan not a sprint although we all start out hoping it's a sprint.
e. Conistency is key to survival and this relates to a skill set (mostly psychological) of actually making your trading edge, that you fully understand, work for you.

Trading doesn't have to take over yoyr life although to get to the stage of being a consistently profitable trader it probably will at some point. This stage reached may allow you to get the other parts of your life back that you sacrificed getting there, or discover new life enhancing things that befit you as an older changed person. Time is something that you cannot get back.

I concur with other comments on this thread so far.

G/L
 
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maiden22

Established member
675 91
One thing I did know at the start, that absolutely saved me, was to demo or at most stick to the pennies-per-pip IG stuff.

I realised that learning how to trade should be free or at least very inexpensive. Black Swan commented on another thread (about someone who paid some conman £2,500 for tuition) that you can trade for a very long time with a small amount of capital. In that time, you can learn a great deal at little cost.

For a long time it's just a question of staying in the game - but new traders are too worried about getting banned by their brokers for winning too much to realise.
 
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Prawnsandwich

Well-known member
339 30
I have to say that any newbie starting off, and using these boards as a starting point and in particular some of the best threads such as Make Money Trading would be at a serious advantage....
 

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