How do you become a winning trader then

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FattyGoLucky
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Kai wrote:
Wed Jun 22, 2022 1:25 pm
Vaz0202 wrote:
Wed Jun 22, 2022 1:00 pm
As a Newbie, still finding his feet, but in the green for the past few weeks, what helped me was watching the markets.
Would argue that even the newbies can often get the initial read of a market right, but they can get bullied so easily when the overall confidence is on the low side, can so easily get caught up in the market noise and all the emotions... To anyone starting out raise your hand if you keep having those "I knew it" moments but the market already played you for an idiot etc. And the fact that one is even feeling these emotions means they've practically already lost the battle.
Common Newbie poker player reaction after calling and being beat at showdown. I knew you had it
Vaz0202
Posts: 72
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Kai wrote:
Wed Jun 22, 2022 1:25 pm
Vaz0202 wrote:
Wed Jun 22, 2022 1:00 pm
As a Newbie, still finding his feet, but in the green for the past few weeks, what helped me was watching the markets.
Would argue that even the newbies can often get the initial read of a market right, but they can get bullied so easily when the overall confidence is on the low side, can so easily get caught up in the market noise and all the emotions... To anyone starting out raise your hand if you keep having those "I knew it" moments but the market already played you for an idiot etc. And the fact that one is even feeling these emotions means they've practically already lost the battle.
*raised hand*

A year ago, I would have took that trade inplay because I couldn’t handle the loss. Fingers burnt.
These days, I forget about it and move on. A few green trades later and it is all forgotten about
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Kai
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Well I don't mind saying it again since it's a wide enough concept... but one way to beat the market is to become it. As a market maker you can make your profit off market takers, and if markets with big obvious swing potential come along it can be a little bonus, doesn't have to be the main approach etc
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Kai
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alexmr2 wrote:
Wed Jun 22, 2022 4:04 am
Screenshot_20220622-040342_Gallery.jpg
That's quite the effort Alex, lol. As a lover of memes, and occasionally... women, I approve your message 👍
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ShaunWhite
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Kai wrote:
Wed Jun 22, 2022 1:42 pm
Well I don't mind saying it again since it's a wide enough concept... but one way to beat the market is to become it.
Exactly, most gamblers lose and its our job to be the ones they lose to.
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Trader724
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It's generally best to become the market when the market has no idea what exactly the right price should be.Yes, it's really that counterintuitive. If you try to imitate something that does things for reasons you don't understand problems start to arise.
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ODPaul82
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Location: Digswell Herts

  • Discipline
  • Bank/Risk Management
  • Do the right thing at the right time (i.e. appropriate strategy for appropriate market)
  • KISS principle
Works for me
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ShaunWhite
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Anything that has bullet points is FACT 😁

Discipline is key but don't fool yourself into thinking you'll change your wiring much with books and cod psychology. Traders don't actually find discipline they just stop needing it when they're confident enough to stop being stressed by loses.

One tough part for someone who's been salaried is earning your wages £1 at a time rather than getting a big lump. A shopkeeper would make a good trader, small intermittent amounts and used to the idea of giving people their cash back sometimes.
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ODPaul82
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ShaunWhite wrote:
Wed Jun 22, 2022 9:34 pm
Anything that has bullet points is FACT 😁

Discipline is key but don't fool yourself into thinking you'll change your wiring much with books and cod psychology. Traders don't actually find discipline they just stop needing it when they're confident enough to stop being stressed by loses.

One tough part for someone who's been salaried is earning your wages £1 at a time rather than getting a big lump. A shopkeeper would make a good trader, small intermittent amounts and used to the idea of giving people their cash back sometimes.
But bullet points make it look so pweetttyy!

My big downside was discipline, in being that I'd be doing lines of horse tranquilizer and copious amounts of wine (hence my nickname elsewhere of wineoholic). But would I do either in a day job??? Well.... yes I did.... but would any sane person risking their own money do it, the simple answer is no.

With your point about making small amounts at a time yes that was a big turning point for me as I had come from a poker tournament background which was take numerous losses and then have the big win whereas I'm happy now to take the small amounts on a regular basis.

Now who's hidden my straw........
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ODPaul82
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Also just to add, find a sport that suits you.
I've perpetually looked for something with the horses to no avail, more than likely because I haven't tried enough or because I can't see the wood from the tree

Tennis is my bread & butter, football is the cherry bakewell treat at the end of the week. Trade to what suits you sports wise and don't just follow the crowd.
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Trader724
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Kai wrote:
Wed Jun 22, 2022 2:10 pm
alexmr2 wrote:
Wed Jun 22, 2022 4:04 am
Screenshot_20220622-040342_Gallery.jpg
That's quite the effort Alex, lol. As a lover of memes, and occasionally... women, I approve your message 👍
I'm glad there aren't others who feel the same way. You should be ashamed of yourself.
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Crumpets
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Joined: Fri Nov 05, 2021 4:38 pm

Threads like these drive me insane! :D

Cryptic posts like that of Archery and Pat make me believe I'm missing some big 'truths' about the market.
Like others, i work my backside off trying to make sense of these markets, then I come across a forum like this where I can't help but attempt to 'read between the lines' and second guess myself.

Interesting stuff though. Especially about how the price will typically return to what it was at 'X'...
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Kai
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Trader724 wrote:
Thu Jun 23, 2022 7:23 am
Kai wrote:
Wed Jun 22, 2022 2:10 pm
alexmr2 wrote:
Wed Jun 22, 2022 4:04 am
Screenshot_20220622-040342_Gallery.jpg
That's quite the effort Alex, lol. As a lover of memes, and occasionally... women, I approve your message 👍
I'm glad there aren't others who feel the same way. You should be ashamed of yourself.
Haha calm down Karen, granted the imagery is all over the place and maybe shouldn't be encouraging him but thought the message behind it is simple enough, don't fall for get rich quick schemes. As a customer he's perfectly entitled to feel disgruntled if he didn't get his money's worth from such products.
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ShaunWhite
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ODPaul82 wrote:
Wed Jun 22, 2022 11:39 pm
Also just to add, find a sport that suits you.
  • Suits you and interests you.
No point having a job trading horses if you only like football. I'm not fussed about any of the tradable sports so that's why I do it by numbers, and never have to watch any of it.
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ShaunWhite
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Joined: Sat Sep 03, 2016 3:42 am

Kai wrote:
Thu Jun 23, 2022 12:12 pm
. As a customer he's perfectly entitled to feel disgruntled if he didn't get his money's worth from such products.
What's the guy from Mythbusters done wrong? :)

It's kind of naive to expect Caan's book to be a masterclass, it's a beginners guide isn't it? ...or should be, there's always more beginners than intermediates (afterall pros don't need a book) so if you're writing a book then level 1 stuff will always sell more copies.
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