This is certainly a good thread yet I feel Pm's post should...

This is certainly a good thread yet I feel Pm's post should also be placed in the new traders forum as a word of warning. His/hers frank an honest confession of what can and will happen when dealing with markets should be an eye opener to one and all. It also highlights in many different ways how unforgiving the market can really be.

There are no rules for trading imposed upon you by the market . Any rules you generate are your own , and as such they have to suit your objectives as a trader and your personal approach to the market. The second is by having rules to guide you , removes emotion from your trading. Easier said than done especially by those who are new to the market.

Suffice to say my early days were a huge learning curve especially when trades went the wrong way. There is always something that can be learnt if one is prepared to do so.

In the mid to late 90s the tech boom also opened my eyes to GREED in an enormous way. Im sure Ipod and others around at the time would agree with this. !! Human nature unfortunately hasnt changed.


What also woke me up was to seek advice of seasoned professionals many of whom are still around today !! that would kick me up the a$$ if I strayed in my trading plan. Quite a few colourful words coupled with constructive criticism brought me back on track. In other words those on the outside were able to see better than those on the inside at times.

By retracing my steps and reflecting on trades that went askew at times brought things into perspective . Reflection is something I still adhere to today, in other words what went right , and what went wrong especially if Im stopped out.

Becoming proficient and comfortable in one market allowed me to take small steps before entering other markets, each time calling on the advice and mentoring of professional people who specialize in such markets and are successful at what they do. In other words dont call on a plumber to do an electricians job. !!!!!.

One thing I will say is that the advice cost me money early on , yet saved me ten times more by not entering trades that may have wiped out a substantial amount of my capital. In doing so it has allowed me to stay in the game rather than sit on the sideline as a spectator. It also allowed me to learn from mistakes they had made in the past and more importantly I Learnt how to trade effectively in markets that go sideways as well as up and down. In doing so how each provides levels of uncertainty as well as opportunity.

In closing I agree with many other examples given here today such as IPOD, trade4 profit as well as Wanelads take on indicators.

This may sound rather corny yet I have a well worn piece of paper near my screens with a clich that sums it up quite succinctly.
BE AGGRESSIVE WITH LOSING TRADES AND DEFENSIVE WITH PROFITABLE ONES.

Pull the pin in order to stay in !! In other words take the stop before you lose a lot !!

Every trader has his /her own style. The only constant in the market is risk. IF YOU FAIL TO PREPARE, BE PREPARED TO FAIL !!!!.


Good luck Pm for the future , may you bounce back with renewed vigour and take it as experience that can be learnt from. Losing money in trades is a great reality check. Most traders Ive dealt with over the years have had similar stories. The ones that pretend they havent are either B S artists or or have have disappeared in a puff of smoke never to be seen again this place is full of them.

cheers