Turn on Your Experience Indicator
Posted: Thu Nov 18, 2010 11:58 pm
I thought I would share my response to a recent PM since it may benefit some other beginning traders.
Essentially the new trader asked me if I trade the rat setup.
My response:
I trade based on the thousands of hours of experience that I possess. Nothing more nothing less.
Do I look at rat setups when the market conditions and my experience dictate? Certainly.
Learning setups is useful but is not the end all. Learning how to trade is your goal.
Sit down and trade. There are no shortcuts. Go log 100 or 500 hours of trading. Write down every observation. Learn from your observations. Rinse and repeat. Do this for at least 1000 hours and you will be well on your way to success.
Edward
Essentially the new trader asked me if I trade the rat setup.
My response:
I trade based on the thousands of hours of experience that I possess. Nothing more nothing less.
Do I look at rat setups when the market conditions and my experience dictate? Certainly.
Learning setups is useful but is not the end all. Learning how to trade is your goal.
Sit down and trade. There are no shortcuts. Go log 100 or 500 hours of trading. Write down every observation. Learn from your observations. Rinse and repeat. Do this for at least 1000 hours and you will be well on your way to success.
Edward