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The Best Trading System

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  #1  
Old 19th November 2016, 03:08 PM
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Arrow The Best Trading System

Folks,
I am not sure if I am qualified enough to post anything is this privileged section as I consider myself as 'A trader, coming out of woods' and far way from perfection to enter the master league.

However, when I look back, I realized that I never had a trading coach or anyone who could have busted the myth about trading. I learned it the hard way (and it still continues). Internet was my best friend and Traderji was the first stop. Posting here something after a decade is like completing a full circle where someone might get benefit from my posts.

What the elders will readily agree with -

If the same trading system is given to 20 different people (consider all new or amateur traders) with same initial capital, following the 5% rule we will probably see 1 person surviving the continuous exposure to the market for a month. Rest will blow their accounts,sometimes mostly in a week time.

I do follow trading systems (indicators & setup) - but the real trading system which will work for you is - YOU, YOURSELF. ( I am talking about the secret script the Kung Fu Panda needed to become the Dragon Warrior)

On this thread, on every weekend, I will post something which helped me in a great way (and I actually had those documented). Whenever I go through a losing streak , I stop trading and refer to this comments to Reboot my psychological trading system.

Most of these are words of most successful traders around and we might have come across them most often on Twitter or Blogs, but let me share the same with you.

May be you find them useful.


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Last edited by Tuna; 19th November 2016 at 03:29 PM.
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  #2  
Old 19th November 2016, 06:54 PM
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Default Re: The Best Trading System

Successful trading is like being pregnant. Everyone congratulates you but no one knows how many times you got F****d first” ~ Tom Dante

Let me begin with the above outrageous comment from one the key traders I follow, whose trading styles, webinars helped me a lot.

And sincere apologies to any female readers, moderators in case the above statement is offending to you. Don’t take it on face value.


I used the rude word to keep the pretext set that we are in one of the most naked & brutal arena of money grabbing game where one trader is looking to exploit the others to the extent possible.

Since the Title of thread is ‘The Best Trading System’ – I guess some of you already started looking for indicators on this thread. But the system starts from the next line. The indicators are just a part of it.

Some cold facts for newbies on trading (Elders already learnt these the hard way, but may read it once more to correct me if I am wrong anywhere):
  1. Trading is gambling. Yes. You may make it look scientific with fundamental and technical attributes, at end of the day you are trying to make your career by your ability of ‘Guessing’. If ‘Logic’ was the only driver in trades, computer would have beaten us long before. That is not the case fortunately or unfortunately

  2. You earn your living by taking the money from the losing traders. There is no money printing machine in the Stock Exchanges – and if this is against your ethics, quit trading

  3. Statistically only 5% of participating traders are consistent winners over time. Think this twice. How much of effort / discipline would have been required for each of us to make it to the top 5% in our education/ Job etc. So if you want to trade for living, believe me, this is one of toughest profession on this planet where you are up against

    1. People who has more money than you
    2. People who has access to market influencing news much before those are published
    3. Machines which can trigger trades faster than blip of your eyelid

  4. You may not be consistent in your trading decision every day, but there will be a group folks, always, every minute, sitting on the other side (Buyers/Sellers) who will beat you in seconds once you commit your mistake. Market is the most unforgiving place for people who are looking for their lucky charm here

  5. If you are coming to trade to make your money double or triple in 2 weeks or a months or so – please try lottery, that is better option

  6. If you are not a risk taker – trading is not for you. And if you are hyper-risk taker – trading is not for you either


Did I make you already negative enough about trading? Yes?

Then we are all set. Let’s start.
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  #3  
Old 19th November 2016, 07:10 PM
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Default Re: The Best Trading System

Now, why to trade:
  • The amount of the money you can earn has no limit

  • If understood well, Trading can give you financial freedom faster than any profession compared

  • It actually makes you understand about yourself – your drawbacks, your strength and you can use to make a better person out of you (sound funny, but it did it for me)

  • 70% time of our life (relevant for people from middle/upper middle class background or lower) is actually spent in getting the security (financial). But inflation keeps on chewing away your savings every years. If you are looking for something which can edge past this, chose trading

  • This is a profession where there is no age bar for retirement, in fact if done well, you can retire well before your friends and with enough wealth for your next 7 generations unless some of them turns up to be bad traders and lose everything

Last edited by Tuna; 19th November 2016 at 07:20 PM.
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  #4  
Old 19th November 2016, 07:38 PM
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Default Re: The Best Trading System

Quote:
Originally Posted by Tuna View Post
[LIST=1][*]Trading is gambling. Yes. You may make it look scientific with fundamental and technical attributes, at end of the day you are trying to make your career by your ability of ‘Guessing’. If ‘Logic’ was the only driver in trades, computer would have beaten us long before. That is not the case fortunately or unfortunately
By that reasoning, everything we do in life is gambling, since there is uncertainty in everything we do. It's just the degree of uncertainty that varies.

When I join a good company, I am gambling that the company will remain solvent and pay me my salary next month.
When I get married, I am betting that my partner will make my life better.
When I eat food, I am gambling that it is not poisoned.

etc....
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  #5  
Old 19th November 2016, 07:51 PM
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Default Re: The Best Trading System

Quote:
Originally Posted by augubhai View Post
By that reasoning, everything we do in life is gambling, since there is uncertainty in everything we do. It's just the degree of uncertainty that varies.



When I join a good company, I am gambling that the company will remain solvent and pay me my salary next month.

When I get married, I am betting that my partner will make my life better.

When I eat food, I am gambling that it is not poisoned.



etc....


Bhai,
I knew this argument is coming and you are right. Likewise when we cross a road it is gambling that someone will not break a signal and hit us... and the list goes on.

But the keyword is RELATIVE PROBABILITY.

The degree of dependency on ability of GUESSING is much much higher is trading than any of those examples we discussed . It is not the purest form of gambling for sure , but I used that para to emphasise on 'Development of Skill to live with the uncertainty and Survive'.


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  #6  
Old 19th November 2016, 07:55 PM
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Default Re: The Best Trading System

On a lighter note the example on marriage, well that is no less riskier than gambling for sure these days.


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Old 19th November 2016, 07:58 PM
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Default Re: The Best Trading System

Dear Tuna,Firstly thanks from the bottom of my heart to start this thread.Now waiting for your new lesson.Following your 3 min. chart. with some changes to suit myself and its giving me very decent profit.
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Old 19th November 2016, 08:02 PM
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Default Re: The Best Trading System

Heartening to know that you developed something profitable.


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Old 19th November 2016, 08:06 PM
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Default Re: The Best Trading System

All credit goes to you,Tuna.Being in a job in a college,I trade in the evening session only and I think evening session is best for coil.
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Old 19th November 2016, 08:07 PM
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Default Re: The Best Trading System

Quote:
Originally Posted by Tuna View Post
I do follow trading systems (indicators & setup) - but the real trading system which will work for you is - YOU, YOURSELF. ( I am talking about the secret script the Kung Fu Panda needed to become the Dragon Warrior)

From my ten years experience as a trader, i would say that this is the essence of all trading knowledge one need to know(Of course, you have to understand price ). IF there is any secret in trading, it is this.

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