Trading your personality

[Nakedtraderboy]

Hi All

Been a while since I have posted so hopefully I can get some decent answers from some of the other experienced traders on here.

I have just reviewed my trading over the last 3 years both professionall accounts and private accounts and have seen some startlingly obvious facts that are staring at me.

Thing is, my dilemma is that I think its going against my trading strategy.

My basic premise is that I buy high to sell even higher so happy to lift the bid at all time highs etc but over the years I have had various trades that have done quite well when I bought good support areas, trendlines holding etc.

I have also linked this to the fact that in business, I love to buy a bargain and get the best deal etc

I am linking this to the market wizards advice that you ULITMATELY MUST trade your personality to be sucessful.

This is pretty much is the opposite of what my strategy allows me to do so question is, should I change it and give it time to see if the returns are better consistently using this strategy....despite my belief that picking bottoms gives you smelly fingers etc and i dont want to catch the falling knife....especially in the commodity markets I focus on!

Anyway, sorry for the ramble...any honest responses would be appreciated.

Cheers

NTB

 

[kimo'sabby]

How much risk? How much money do you have? How much money do you want? How derranged are you? How savvy are you?

Risk is something that really can't be quantified or generalised.

Maths can explain some parts of risk, but it doesn't or can't go all the way.

 

[Nakedtraderboy]

How much risk? How much money do you have? How much money do you want? How derranged are you? How savvy are you?

Risk is something that really can't be quantified or generalised.

Maths can explain some parts of risk, but it doesn't or can't go all the way.

Thanks for the response, well I usually allow 2-4% on a 10K position...can have multiple positions on at once

The thing is, should I deviate now from my plan even though both are profitable?

I think buying the dips may be more alinged with me as a person as opposed to most of trades are paying the highs. Example of 1 of each...bought silver at 32 odd and gold at 1323 or thereabouts

 

[kimo'sabby]

Thanks for the response, well I usually allow 2-4% on a 10K position...can have multiple positions on at once

The thing is, should I deviate now from my plan even though both are profitable?

I think buying the dips may be more alinged with me as a person as opposed to most of trades are paying the highs. Example of 1 of each...bought silver at 32 odd and gold at 1323 or thereabouts

...hold it right there scrum 'arf...i need to sort some ballongs out.

 

[k-nau]

One of the big problems people have is they pick up this book or go to this class and try the same thing. You need to understand that person's system was refined over years and years of trading to fit their personality and lifestyle. If your personality and lifestyle are different, it will be like putting on a shoe that is two sizes too small. That shoe is great for someone smaller...just not for you. that doesn't mean it is crap and doesn't work. It just doesn't work for you

 

[jpadventure]

If you're profitable, I think your personality and strategy are in sync with each other. I think it's that simple. : )
If you've developed your own strategy that you use, then it's in sync with your personality. : )

I get the impression that there's some confusion here.

 

[numbertea]

Built my trading platform and all pattern recognition so that it suits me. I want to trade full time and enjoy it, I just couldn't do it any other way. Do what makes you feel good, life is too short to feel uncomfortable when you should be loving it.

 

[brettus]

Hi All

Been a while since I have posted so hopefully I can get some decent answers from some of the other experienced traders on here.

I have just reviewed my trading over the last 3 years both professionall accounts and private accounts and have seen some startlingly obvious facts that are staring at me.

Thing is, my dilemma is that I think its going against my trading strategy.

My basic premise is that I buy high to sell even higher so happy to lift the bid at all time highs etc but over the years I have had various trades that have done quite well when I bought good support areas, trendlines holding etc.

I have also linked this to the fact that in business, I love to buy a bargain and get the best deal etc

I am linking this to the market wizards advice that you ULITMATELY MUST trade your personality to be sucessful.

This is pretty much is the opposite of what my strategy allows me to do so question is, should I change it and give it time to see if the returns are better consistently using this strategy....despite my belief that picking bottoms gives you smelly fingers etc and i dont want to catch the falling knife....especially in the commodity markets I focus on!

Anyway, sorry for the ramble...any honest responses would be appreciated.

Cheers

NTB

I think i understand you wanting to buy at bargain price, how about buying a pullback on a clear uptrend? Wouldn't that be better? If you have an edge already then i would stick to it.

 

[tonster01]

I think i understand you wanting to buy at bargain price, how about buying a pullback on a clear uptrend? Wouldn't that be better? If you have an edge already then i would stick to it.

Hiya

Yes I have an edge but I dont feel this systemic method is as much a part of me as it could be...

I have since started looking at pullpacks, dips etc and have had some sucess

Will post as to longer term results as to it

Thanks again for the help and advice everyone

T

 

[gamfreek1989]

There are plenty of strategies out there depending on what you want to accomplish and your objectives. There are a great amount of resources that can give you ideas for new strategies. Take what need and throw away the rest until you come upon a system that will work for you.

 

[tonster01]

There are plenty of strategies out there depending on what you want to accomplish and your objectives. There are a great amount of resources that can give you ideas for new strategies. Take what need and throw away the rest until you come upon a system that will work for you.

There are indeed but they take alot of essential resources if you are to trade them live:

Time....Money....Opportunity Cost etc

 

[Enzzo]

Hi NTB....
In my opinion every single trading strategy or method can be refined and adapted to anyone's personality.... and you don't need to make it the other way around and try to adapt your personality to any method...
the only thing you need is understanding the ropes of it and work on it to make it fit you...
so I don't think your personality is gonna separate you from improving your trading with the help of any other strat at all....
give it some time, put in some work and you are gonna be in control of it....

 

[NVP]

Thanks for the response, well I usually allow 2-4% on a 10K position...can have multiple positions on at once

The thing is, should I deviate now from my plan even though both are profitable?

I think buying the dips may be more alinged with me as a person as opposed to most of trades are paying the highs. Example of 1 of each...bought silver at 32 odd and gold at 1323 or thereabouts

too many cahonas on the table my friend in my view ......how much % Cap have you had on the line at any one time ?

N

 

[barjon]

Hi All

Been a while since I have posted so hopefully I can get some decent answers from some of the other experienced traders on here.

I have just reviewed my trading over the last 3 years both professionall accounts and private accounts and have seen some startlingly obvious facts that are staring at me.

Thing is, my dilemma is that I think its going against my trading strategy.

My basic premise is that I buy high to sell even higher so happy to lift the bid at all time highs etc but over the years I have had various trades that have done quite well when I bought good support areas, trendlines holding etc.

I have also linked this to the fact that in business, I love to buy a bargain and get the best deal etc

I am linking this to the market wizards advice that you ULITMATELY MUST trade your personality to be sucessful.

This is pretty much is the opposite of what my strategy allows me to do so question is, should I change it and give it time to see if the returns are better consistently using this strategy....despite my belief that picking bottoms gives you smelly fingers etc and i dont want to catch the falling knife....especially in the commodity markets I focus on!

Anyway, sorry for the ramble...any honest responses would be appreciated.

Cheers

NTB

ntb

So where's the conflict with your personality? You love a bargain and that's what your strategy gives - ie: buying something that goes up and taking your profit is a good deal and shows that you came in at a "bargain" price.

If you were an antique dealer buying an old master for £1m because you reckoned you could get £1.25m for it and you did, then you'd pat yourself on the back for having done a great deal. So what that it sold for only a couple of quid many, many years ago or that it might depreciate a bit for some reason in the future. You struck while the iron was hot so it would have been a great deal at a bargain price - on all fours with your personality

 

[chinabean]

I wouldn't advise changing a successful way of trading, only using that as a foundation for greater success.

In terms of what you were saying about buying the high whilst other trades you've bough at support levels. I'm a big advocate of trading what is in front of you as well as not being overly dogmatic. If you have good solid and well thought out reasons for putting on a trade at a particular level (be it the high and you're going long or the high and you're going shot), you should put it on.

That being said, I've changed my approach from one based on intra-day factors to a much more fundamentally-based approach as I realised that one of my core strengths was that I can often understand what is driving a market. As a result, I generally hold a core position/view for a number of days or weeks and trade around that. That works for me but I'm sure it wouldn't for others whilst i'm know there are things that other traders do that just wouldn't work for me.

Without getting all philosophical on your ass, evolution doesn't have to mean revolution. Afterall, change is the only constant in life........ apart from my positive p/l

 

[marcela 2020]

Loss risks are inevitable that should be taken into account main risks you should know and deal with as a trader are
Lack of training ...
Risk more. ...
The market is unpredictable. ...
Not knowing the market in which you operate. ...
Emotion management and psychotrading. ...
Trust your money without guarantees.

 

[Bubba27]

This link has a free test to guage a traders personality:

Tharp Trader Test - What type of trader are you?

 

[fibo_trader]

Hi All

Been a while since I have posted so hopefully I can get some decent answers from some of the other experienced traders on here.

I have just reviewed my trading over the last 3 years both professionall accounts and private accounts and have seen some startlingly obvious facts that are staring at me.

Thing is, my dilemma is that I think its going against my trading strategy.

My basic premise is that I buy high to sell even higher so happy to lift the bid at all time highs etc but over the years I have had various trades that have done quite well when I bought good support areas, trendlines holding etc.

I have also linked this to the fact that in business, I love to buy a bargain and get the best deal etc

I am linking this to the market wizards advice that you ULITMATELY MUST trade your personality to be sucessful.

This is pretty much is the opposite of what my strategy allows me to do so question is, should I change it and give it time to see if the returns are better consistently using this strategy....despite my belief that picking bottoms gives you smelly fingers etc and i dont want to catch the falling knife....especially in the commodity markets I focus on!

Anyway, sorry for the ramble...any honest responses would be appreciated.

Cheers

NTB

Put some clothes on, boy. Not right you being naked and talking about smelly fingers in people's bottoms and falling knives.

 

[Pat494]

Here are my test results BUT I really needed more alternatives on each question.

 

[Bubba27]

Here are my test results BUT I really needed more alternatives on each question.

Try taking the test more than once. You can get different results each time.