Article Trading on Borrowed Time – Part 2

T2W Bot

Staff member
1,461 60
This is the second part of Jea’s article entitled Trading on Borrowed Time. The first part is available here.
Most day traders are going to blow out their accounts, they just don’t know it yet. The same applies to almost every new trader entering the game. They are all on borrowed time, a disaster waiting to happen. It’s a gloomy picture, unless they take the right steps to prevent the impending disaster. The initial goal of trading is to diffuse the bomb before it explodes. It’s not about making money. This is what traders don’t realize until it’s too late.
The only way to diffuse the time bomb is by slowly building a foundation of knowledge and experience so that you will be properly equipped to handle all situations. I see newbie traders all the time that get lucky starting out in the game. They over leveraged and made some quick profits. Instead of using that money to properly buy time and set forth to learn the methods...
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new_trader

Legendary member
6,285 1,297
It’s not about making money. This is what traders don’t realize until it’s too late.

The only way to diffuse the time bomb is by slowly building a foundation of knowledge and experience so that you will be properly equipped to handle all situations.

Precisely, exactly.
 

prosearch

Newbie
4 0
Been trading for about a year and have recently formulated a high probability setup that has a good working ratio. The problem that has still plagued my trading is that I seem to always give back my wins. Over the past week I realised that I enter my setup, make profit , feel untouchable, so I don't realise that the setup is changing, it is no longer my set up but i'm still trading. This article has confirmed everything I was thinking and more. It's helped me realise that my high probability setup has to be enough. Theres no point in trading any other; e.g medium to high setup. If I want to trade more I have to discover another high prob. Setup!
 

PKFFW

Established member
535 140
Great couple of articles.

The only part I would disagree with is the idea of negative reinforcement. Personally that idea never works for me.

Cheers,
PKFFW
 

nine

Senior member
2,038 506
One of the best articles I've read here.
 

KOLKA

Junior member
38 1
Completely loved the article! I am a professional psychologist specialising in personality and motivation (apart from trader as well) and psychology I would say is the other half to successful trading (first half being a system). Your article focuses on this elegantly! Positivity and self-awareness are key to battling fear and greed which absolutely cripple many effective strategies, and unfortunately leave capable traders feeling and thinking they are completely hopeless loosers (when it is just 1 element of their personality they need to work on, in order to becoming successful). Excellent article! There should be more articles like this!
 

apo

Newbie
2 0
Thank you for this wonderful article. You have articulated many things that I have experienced but could not put into words. Focusing solely on the 'creme de la creme' trades ...not giving in to the boredom and taking 'by the seat of your pants' trades.
 

trader2011

Newbie
5 0
A great article! A must read for any trader who wants to make it and not blow out in the first few months of their trading career. Some sound advice ... we just need to remember to put it into practise.
 

trader547

Newbie
3 0
Thanks for sharing this very informational trading article especially recommended for trader who needs advices.
 

NVP

Legendary member
37,257 1,935
Been trading for about a year and have recently formulated a high probability setup that has a good working ratio. The problem that has still plagued my trading is that I seem to always give back my wins. Over the past week I realised that I enter my setup, make profit , feel untouchable, so I don't realise that the setup is changing, it is no longer my set up but i'm still trading. This article has confirmed everything I was thinking and more. It's helped me realise that my high probability setup has to be enough. Theres no point in trading any other; e.g medium to high setup. If I want to trade more I have to discover another high prob. Setup!
precisely ....its no where you start its where you finish ;)
 

regime3455

Newbie
2 0
I totally agree with that statement but i do believe anybody claiming 2 b
a succesful trader has to blow out a account or 2.Iv learned more from my failures than my success.I do believe your misjudgements and loss of capital makes u well in my case made me study candle stick patterns harder find more technical indicators that suited my style of trading and be a all round better trader.

ps. blowing out a account is not the end of the world i know it may feel like it but the pain heals take this advice and live by it DO NOT TRADE WITH MONEY YOU CAN NOT AFFORD 2 LOSE.SCARED MONEY IS DEAD MONEY
 

kenu29

Newbie
6 0
Aptly put it ,sir. I've gone through it . I stick to first and last 45 mins of trading day. Most of the time profits with few small losses. Rest of the day, I study to kill off my boredom. If I find good chart patterns in between I take a trade.
 

jimdaly

Newbie
6 1
I'd be interested in hearing the authors views on which markets are easiest for a private investor to beat. I have traded pretty much everything over the years and find the major FX markets impossible to beat, no matter how much research I do. I've come to the conclusion that the Gold market is completely rigged by the major Central Banks. The one market in which I have an edge is single stock shares, where value can be found by doing the research.
 
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