It’s a [I]very[/I] good article. Simple and straightforward, but [U]very[/U] good advice.
Do not aim for Rolex watch or Louboutin purchases from your trading,
basically
Good article, do you mind if I reference to it on my beginners thread?
I like this quote
"You learn about losing money, gaining money, and how to be 100% accountable for the decisions you make"
Go for.it!!
No Louboutins!!! Damn, I’m in the wrong business … :33:
[I]“Having an entrepreneurial or business ownership background gives you a huge advantage. Starting and running a business teaches you a lot about yourself and other people. It brings your strengths and weakness to the forefront and forces you to deal with them. You learn about losing money, gaining money, and how to be 100% accountable for the decisions you make. So, I did come the trading table with healthy experience in these areas. If you don’t have this type of background that absolutely does not mean you won’t be a successful trader. It just means if you haven’t already learned how to manage your time, money, and emotions under substantial pressure you are likely going to have extra self-improvement/psychological work to do.”[/I]
I like this. Having had my own business both alone and alongside a main job I can certainly endorse everything he says here. Maybe the most important and hardest lesson that one learns from self-employment (especially working from home) is time management. It is so easy to be distracted by other, outside factors.
[I]“Nobody knows what the hell is going to happen later today, tomorrow, next week…whatever.”[/I]
Well that just about sums up the whole of trading in one sentence! This is actually the thought behind my choice of avatar. I always feel my trading is like driving by only what I can see in the rear mirror and out the side window!
[I]“Find good people/traders to interact with and learn from them.”[/I]
Not sure I really agree with this one. Sounds a bit dangerous, expensive and elusive to me. In my experience, the consistent, regular traders (not the millionaire types) are rarely interested in taking on apprentices. Making a (normal) living is demanding enough without the added burden of carrying responsibility for someone else’s learning curve…but maybe there are some out there, one can only try. But I am really not sure how one finds them or tests them out!
Hmmm, having just treated myself to a new Samsung Galaxy 7 edge, I find I could have bought half a pair of Louboutins instead. Oh well, too late now. Back to the charts…
Manxx you have to realize that you are one of them, the good traders to interact with and learn from! And there are many more on BP
I start testing “your” Ribbon system on a demo account and very successful. After one day that doesn’t mean anything but I made 5 trades and they went all in profit. Yesterday I set up the charts and made three trades and lost only one. I made a mistake with the time frame and I closed it with a loss.
I was trading options for a living and last year I had to take a big loss and I stopped completely with trading and sleeping. If I had better control about myself I would have make back part of the money I lost. But fear took over. I was looking at forex already but many times I was convinced that it was impossible to make money from that after 2 years or so on a demo account. So I start looking for help and systems but in the end you have to do it your self.
This article is truly part of my one experience.
Manxx a galaxy 7 and not half a pair of Louboutins for your wife??? What is Lexys going to think about that?