LTR (ASX) New TA/Charting

Originally posted by Veritas2000: ↑

Let's break this down into 2 crucial parts as I would love to delve deeper with you on this if you have time as my psychology studies come to the fore.

1.thanks for vote of confidence, I need it lately, I have had a period of seriously considering another line of work.

Welcome the the world you have chosen.
Trading/investing is quite a solitary career as there is just you and the computer.
Successful day trading usually requires a lot of hard work to develop the necessary skills.
Many day traders have some natural traits to get started but will have to work at others.
Successful traders develop discipline, patience, adaptability, mental toughness, independence, and forward thinking.
One of the most destructive habits a trader can have is ignoring the rules of their own trading plan about when to enter and exit a trade. Breaking this bad habit means critically examining how you view the success or failure of any single trade.
The most difficult job in trading isn't stock selection, market timing or making entries. The most difficult task is setting stop-loss points. At what point do you give up on a trade and take your loss?
Some will argue that one should never enter a trade without a predetermined stop loss.
You will need to develop whether your investments are going to be based in either TA or FA, or a combination.
You should keep a journal for each potential or taken trade.

2.Trading is too much fun... ah dear me I hope this was you being somewhat flippant !!!
Yes one should enjoy a career but also one needs to be deeply invested in becoming proficient and indeed profitable, if one is to eek out a living.
I also encourage all the traders I work with to discuss their journey with a spouse as it is a lonely vocation as there is no one to chat with over the coffee each day. It may be that your partner is not interested in trading but at least you have offered to give them an insight into your career. One should also take them through your trading plan and show them your portfolio and if they seem engaged as if they want to see how you arrive at a trade and possibly charts....anything is possible if you ascertain that they are interested.

Do you still want to pursue this career path??

V

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Sorry Veritas for the late response, I had a minor operation yesterday. Thank you for your sound advice, I have been going now 3 years of fulltime trading and not cashed out yet, in that time I've had plenty of disasters, plenty of successes. I am not tied to a J.O.B.(Just over broke), I answer to my beautiful partner. I go on holidays probably 4 times a year. I get to generously help people those around me who really need a hand. If I was working either a business or a job I would probably be a slave to that entity. With trading I am free. I find that I do have periods of wanting to give all of this away, when times are hard like now, but my crazy head seems well set up this line of work. Being left handed, therefore right brained, also dyslexic (therefore on the spectrum) I have a good maths brain, and I have a high threshold for risk. My beautiful partner is fine with what I do, she is strangely similar to me, which I find weird, but feel I am the luckiest person, for finding someone who understands me.

About every year I have a decent win which makes it all worthwhile, mostly I find that I am just minimising losses, which messes with your ego a lot, but forces you to learn which I actually love, this week for instance, I have gained a deeper understanding of shorting. I do extensive fundamental research(I was once an analyst and officer in federal law enforcement, in this regard I have considered actively using my investigative and surveillance training and experience to gather information, always and only a legal way of course). However but I find myself weakest in charting and just use basic indicators, these have served me fairly well so far.

I think you have to be partially mad or fully mad doing this as a job, but I'm sorry trading is way to much fun. It provides me a great lifestyle, I get out of bed usually I can't wait to see what is going on, if I left and went back to a job, I would just put my money in long term positions, with a view to coming back as soon as I could.

I thank you for your encouragement Veritas, I really need to build my charting skills and I have to admit I have neglected my charting skills, and find HC a great place to chat with amazing people and charters like H00ts, yourself and many others.

Thanks again Veritas for your support and effort.

B.