The single, most important thing you've learnt as a trader

[MACD]

To be a successful trader you need,

1) discipline and
2) trade what you see an NOT what you think.

There are many other rules as summarized above, however these two are critical to your success.

Happy trading

 

[Wysiwyg]

Most here are generous in their posting to help newbies or those struggling. But if you are posing as someone needing help while blatantly milking that information for your own financial gain, it doesn't sit well with me.

Yeah I feel the same way and am usually wary of new posters so didn`t think to check the dudes website. Gleaning information is different to an individual seeking guidance or discussion. It happens alot where posters open a thread for discussion and contribute nothing. Tech/a smacked the nail on the head quite well.


P.S.... As the Bedouin said to the Tea Merchant over a cuppa .... one hump or two.

 

[kam75]

Timmy.

I have this thing about people who pass themselves off as something they aren't. Must be as a builder I cant handle unlicensed morons offering to the public that which we licenced people do with all the costs and verification we who are licensed have to go through.

Nothings more regulated than the financial industry and Joe unwittingly is allowing an unlicensed spruiker advertise on his site.
This is a clever Kam as he is posting US trades on his site and doing seminars O/S.

The guys evidently a "Professional Trader" who---if you take the time to have a look at his posts you'll note that there is little in the way of "giving" and a great deal of taking.

There are copious amounts of woe is me why didn't someone tell me about charlatans---I smell a rat so I post a comment---why would a "Professional Trader" act dumb and start a thread lick this,not even expanding on his comment.

But hey if you think this fine so be it. I expect that free advertising will then be allowed. If he wants to remove his link then OK by me.

Thought the retort was pretty poor!

Bloody hell. Just wanted a thread to see some opinion. No-one hates spruikers more than I do. Just read my posts.

So I got a blog. Big deal. I created it to teach myself how to build a website and to provide some tips I've learnt over the years. Yeah, I like to call myself a professional trader. Trade for a living and it's the only job I've had the last 7 years.

Tech/a and his infinite wizdom. Dude, seriously, you're spending too much time here. Maybe we should all run our posts past you for your approval first.

 

[tech/a]

Maybe we should all run our posts past you for your approval first

Would you mind?

Not talking about your Blog but your advertising.

Frankly I think what your doing stinks.

The retorts much better.

 

[Michael Dempsey]

Question: "What is the single, most important thing you've learnt as a trader that contributed to your success in the markets?"

For me it was realizing that money management is more important than being right in the market.

This was from an investment, not trading but still relevant I guess.
"Never risk more than you can afford to loose" was the lesson I learnt after loosing $150,000 in a failed investment that took 5 years to pay off. It was borrowed money with a lease. Expensive lesson

 

[Naked shorts]

Timmy, its quite obvious that kam is simply doing market research so he has some extra buzzwords to confuse his clients with to make himself look smarter, and continue to perpetuate the illusion that he is able to add value.

Not to mention the way he worded his initial post.

Question: "What is the single, most important thing you've learnt as a trader that contributed to your success in the markets?"

For me it was realizing that money management is more important than being right in the market.

He is basically baiting for noobs who are looking for a guru to follow. From this post you can see that kam is saying that he is successful in the markets.

Mindset of a noob:
"hmm, the markets are so hard to navigate, i wish i had someone help me make it easier, oh look, this kam guy is successful. hmm shares made easy! wow im interested, ill just go over to his website and hopefully learn a thing or too from this guy. oh look he wants to give me a free gift "the secrets of trading patterns for profits" cool! All i have to do it give him my email address and pretty soon ill be rich! no chance of him using my email address to continuously send me a barrage of promotions or selling it to spam artists. Cool he consults and does seminars, there I will be able to learn the true secrets of the markets, the stuff they you can even get in the books"

Undercover marketing and lead generation at its finest.

 

[888]

LOL, agreed with tech/a, and never listen to someone who'll help you only when you paid. People who are successful normally will be happy to give advice for free, just need to be on their good side.

 

[kam75]

Would you mind?

Not talking about your Blog but your advertising.

Frankly I think what your doing stinks.

The retorts much better.

You'd like that wouldn't you. Then you could spend 25 hours a day here criticizing other people's posts. Get a life man. I mean look at yourself, Qoute: "The retort much better" - geez, you seem to be getting the kick out of how I respond to your criticism.

I wrote this thread in the Beginners section with the hope that perhaps some of us could contribute something of value. Most of the people did except you to idiots.

Tech/a and Naked Shorts, please don't contribute to any of my posts again.

 

[tech/a]

Re: The single, most important thing you've learnt as a trader.

Finding out its so Damned easy!

Is an appropriate response.

As a professional trader of 7 yrs you'd be very familiar with the simplicity of a profitable trading business--infact any business.

You'd also be very aware that the 27 or so most important things learned are infact blocks but not THE single reason people would/could be profitable nor do they in conjunction with each other in full or in part guarentee success.

But then again perhaps you dont!

 

[wbosher]

I read somewhere to always stick to your stop loss...God I wish I'd take that advice as I sit here watching my share price plummet thinking "it'll go back up".

 

[MACD]

I read somewhere to always stick to your stop loss...God I wish I'd take that advice as I sit here watching my share price plummet thinking "it'll go back up".

Therein lies the truth!

 

[swm79]

its almost as though someone is trying to obtain info so as to include it in a presentation at a seminar.... hmmm would there be money made by the operator of this seminar using information posted here???

Re: The single, most important thing you've learnt as a trader
Ok, Ok I think we're getting a bit off the topic. This is an excellent response guys. So to summarise, we have:

1. Money management
2. Taking losses while small
3. Positive expectancy
4. Importance of time out
5. Market can do anything anytime
6. Recognize your mistakes
7. Never indulge in hope
8. Keep things in perspctive
9. Concentration, patience
10. Being humble
11. Ride the trends - (Ed Seykota would agree - Kam)
12. Define what success is, for you.
13. Do your own research
14. Use sound risk management
15. Lock in your profits when they're there (Ahhh, yes. A recent $85,000 dollar lesson. - Kam)
16. Accept that you'll be wrong.
17. Keep it simple you stupid!
18. Sticking to your plan
19. Contrary opinion
20. Always have a good exit strategy
21. Knowing when to stay out of the market
22. Control your emotions
23. Never average down.

Did we get them all? What about:
24. DISCIPLINE! (Eat an apple a day - Ed Seykota) -Kam
25. Pyramiding profitable positions to maximize profits in the trade.

A fantastic response again guys.

seems very very suspicious.... almost like a tutorial... make sure you get them all!

now if we just put all of that info into a powerpoint presentation i think we'll have something to sell

 

[prozac]

Thanks for the insights.

 

[Joules MM1]

got an idea? paper trade the idea(s)

think that discipline is the key to income? that's the quickest way to walk the path of ultimate loss....

any ideas you read that sound good and make total sense; paper trade them...

any ideas you read that are backed by charts; paper trade them......you can't trade hindsight......and there's a plethora of hindsight charts self-back-patting in chatsites....

work out why technicals fail....why one successful triangle break-out is as common as failed triangles.....understand what/who makes the price.....

some pillock is going to tell you that paper trading is worthless, of course, they won't give you their money to risk.....

if you were to apprentice yourself to a mentor and that mentor said no live trades for 12 months, then, how long do you need to self-apprentice yourself for without a mentor? what does your gain strike-rate need to be ?

if youve never traded before or have turned over your capital a few times, then, importantly; How do you know you are asking the right questions? ......

the single most important "thing" you may learn is to ask the right questions, not look for the right answers......

 

[weird]

let people believe whatever they want to believe

 

[IFocus]

got an idea? paper trade the idea(s)

think that discipline is the key to income? that's the quickest way to walk the path of ultimate loss....

any ideas you read that sound good and make total sense; paper trade them...

any ideas you read that are backed by charts; paper trade them......you can't trade hindsight......and there's a plethora of hindsight charts self-back-patting in chatsites....

work out why technicals fail....why one successful triangle break-out is as common as failed triangles.....understand what/who makes the price.....

some pillock is going to tell you that paper trading is worthless, of course, they won't give you their money to risk.....

if you were to apprentice yourself to a mentor and that mentor said no live trades for 12 months, then, how long do you need to self-apprentice yourself for without a mentor? what does your gain strike-rate need to be ?

if youve never traded before or have turned over your capital a few times, then, importantly; How do you know you are asking the right questions? ......

the single most important "thing" you may learn is to ask the right questions, not look for the right answers......

Pretty much the holy grail IMHO testing, testing but it has none of the excitement / passion / emotion etc as real trading, didn't even make the list "sigh"...........

 

[cutz]

If it aint broke don't try to fix.

A bird in the hand is worth two in the bush.

An apple a day keeps the doctor away.

 

[kam75]

let people believe whatever they want to believe

Should be engraved in stone mate.

Now, who the hell wants to go first and buy my ebooks and seminars? Tech/a? Give you $10 bucks off the first lot!

 

[weird]

Should be engraved in stone mate.

Now, who the hell wants to go first and buy my ebooks and seminars? Tech/a? Give you $10 bucks off the first lot!

Hi Kam, I would probably err more on the side of Tech/A, because I have a longer relationship with John, but I have nothing against you either.

The only thing I note, is in your pic you look very young, and while you may have supported yourself over an extended period of trading or inheritance, honestly I don't know or care, unless there is either a public or submitted record of trading results to a mod.

I believe the most important thing is 'compounding', and to move forward, one must accept a horrible year or more (that could potentially put the believers of OST - Out of sample testers - offside, but I don't wish to suggest this as it will fall on either deaf ears or spruikers will use this to sucker more funds.

Anyway mate, if you have something commercially to offer, do it within the legal framework, and best of luck.

 

[Naked shorts]

Now, who the hell wants to go first and buy my ebooks and seminars? Tech/a? Give you $10 bucks off the first lot!

Hey don't steal my joke.

Only difference between me and you telling it, is that I dont actually have ebooks and seminars...