My words of experience.....for myself.

[beenThereDoneThat]

Hi fellow traders,
I have been trading on and off for some time, but now seriously venturing into it as full time after getting many experiences. So I have started this thread just to note down some important points as what we might think now might be forgotten after some time, even though its important and insightful. And most importantly, this is as per my experience, my trading style, my personality and I don't claim it to be very useful for others. Because when someone makes one statement, he makes it from a variety of experiences he has had, and that statement is the gist of all those things, which is difficult, if not impossible, for someone else to understand properly. Still if someone finds it useful, they are welcome to read.
Lastly, the points I note down here would be from any source - read somewhere, saw a video or may be even my own observation.

 

[beenThereDoneThat]

For me, SL is more important than the entry.

 

[beenThereDoneThat]

Just like market has patterns, we traders also have behavioral patterns, and they are as important to study as the market patterns.

 

[beenThereDoneThat]

My entries are discretionary, my exits are TOTALLY mechanical.
I found my inner peace when I started following mechanical exits.
I studied trading from Lance Beggs book, blogs, articles (and also from TJ) and I was trying to follow it to the T. But wasted a lot of time and capital - both financial and emotional - because of managing the trades. Now it has dawned on me that there is no point in micro-managing the trades and let probability do its work.

 

[bunti_k23]

My entries are discretionary, my exits are TOTALLY mechanical.
I found my inner peace when I started following mechanical exits.
I studied trading from Lance Beggs book, blogs, articles (and also from TJ) and I was trying to follow it to the T. But wasted a lot of time and capital - both financial and emotional - because of managing the trades. Now it has dawned on me that there is no point in micro-managing the trades and let probability do its work.

Hello Brother, nice to see your thread as you are noting down important points.
However i wondered how you able to take mechanical exits, while i am struggling with EXIT criteria, as far as my knowledge concerned i can make mechanical entries but exiting any trade is a big challenge for me. if could elaborate a further about your exit plans it will be a great help for me and other forum members also....

 

[beenThereDoneThat]

Hello Brother, nice to see your thread as you are noting down important points.
However i wondered how you able to take mechanical exits, while i am struggling with EXIT criteria, as far as my knowledge concerned i can make mechanical entries but exiting any trade is a big challenge for me. if could elaborate a further about your exit plans it will be a great help for me and other forum members also....

Hello bunti_k23,
I started trading with Lane Beggs style. He is a strong advocate of managing the trades as per the evolving market conditions. So I was following his style. But there are many problems with this way for a beginner discretionary trader, at least they were there for me. Main issue is psychology. When we enter a trade based on our discretion, we are not always very sure of the decision. Many times there are some points in favour of our decision and some points against it. And in such situation, if it starts going against us, I would be worried and exit only to see that it would go to hit the target. This went on for a long period of time and my confidence was evaporated. Then I decided once I take a trade, I will put my target and SL and let the market do its work. This improved my trading a lot. Thats why I say my exits are mechanical, i.e. no discretion is involved in it.

 

[Ravish Sinha]

Hi fellow traders,
I have been trading on and off for some time, but now seriously venturing into it as full time after getting many experiences. So I have started this thread just to note down some important points as what we might think now might be forgotten after some time, even though its important and insightful. And most importantly, this is as per my experience, my trading style, my personality and I don't claim it to be very useful for others. Because when someone makes one statement, he makes it from a variety of experiences he has had, and that statement is the gist of all those things, which is difficult, if not impossible, for someone else to understand properly. Still if someone finds it useful, they are welcome to read.
Lastly, the points I note down here would be from any source - read somewhere, saw a video or may be even my own observation.

Thanks for initiating this thread! It's always valuable to reflect on our trading experiences and insights, and sharing them can potentially benefit others in the trading community.

 

[beenThereDoneThat]

I am in the market to trade only excellent set ups as per my system.
After every 20 trades I will check what's the outcome and analyze.