Comments on: 2. Good Traders http://www.freetradingsystems.org Design your own profitable trading system. Mon, 02 Jan 2012 11:45:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Kelly http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-8744 Kelly Mon, 25 Jul 2011 20:14:05 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-8744 Hi, this looks very interesting, as I have some experience trading stocks and options. I have ordered and started to read the 'Subtle Trap of Trading'. I previously ordered "The Way to Trade: Discover Your Successful Trading Personality" by John Piper - because i watched a youtube video of you(perhaps it's an older recording). I hope I am on the right track and on the right(most current) website. Thnx for the great material and presentation. Very professional. Thnx, Kelly Hi, this looks very interesting, as I have some experience trading stocks and options. I have ordered and started to read the ‘Subtle Trap of Trading’. I previously ordered “The Way to Trade: Discover Your Successful Trading Personality” by John Piper – because i watched a youtube video of you(perhaps it’s an older recording). I hope I am on the right track and on the right(most current) website. Thnx for the great material and presentation. Very professional.

Thnx,
Kelly

]]> By: Ray http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-7868 Ray Thu, 16 Jun 2011 11:16:57 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-7868 I am 57 yrs old and am looking at retirement. My goal in trading is to provide for our later years and leave enough for my wife so she can be independent. I've gone through several of the asset draining self-made traps, but I'm down only about 12% in my trading capital. I have a way to go in this venture of trading and expect that once I get further along in my learnings, I will be able to attain my goal. Thanks for being blunt and honest about this business. Blunt honesty is a truely rare quality among all those who purport to "train" students. Good luck in your own trading and I WILL eventually understand what I need to understand. I am 57 yrs old and am looking at retirement. My goal in trading is to provide for our later years and leave enough for my wife so she can be independent. I’ve gone through several of the asset draining self-made traps, but I’m down only about 12% in my trading capital. I have a way to go in this venture of trading and expect that once I get further along in my learnings, I will be able to attain my goal. Thanks for being blunt and honest about this business. Blunt honesty is a truely rare quality among all those who purport to “train” students. Good luck in your own trading and I WILL eventually understand what I need to understand.

]]> By: Fred http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-7170 Fred Sat, 30 Apr 2011 19:52:09 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-7170 I will say that $67 is a great price for a self-study. I spent $400 for Van Tharp's Home Study course, and he kind of strings you on by leaving parts of the puzzle missing. Then, you spend more to get the other pieces. Self study is difficult. One has to be totally honest with ones self. Since I am going through the Tharp course for a second time, I'm going to hold off on spending $67 for what is probably more of the same. Mindtraps is another book people may want to consider - but it is expensive. Fred I will say that $67 is a great price for a self-study. I spent $400 for Van Tharp’s Home Study course, and he kind of strings you on by leaving parts of the puzzle missing. Then, you spend more to get the other pieces.

Self study is difficult. One has to be totally honest with ones self. Since I am going through the Tharp course for a second time, I’m going to hold off on spending $67 for what is probably more of the same.

Mindtraps is another book people may want to consider – but it is expensive.

Fred

]]> By: Ken http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-6953 Ken Sun, 17 Apr 2011 01:18:16 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-6953 Hi Dave, I'm a novice trader just started off and you're totally right. It is really hard at first to cut losses. I'm started off small and hopefully I'll be able to get myself in place. Looking at the professionals traders who trade with multiple system and multiple monitors making me wonders how does that actually helping them? I trade with one laptop. Hi Dave,

I’m a novice trader just started off and you’re totally right. It is really hard at first to cut losses. I’m started off small and hopefully I’ll be able to get myself in place.

Looking at the professionals traders who trade with multiple system and multiple monitors making me wonders how does that actually helping them?

I trade with one laptop.

]]> By: David Jenyns http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-6457 David Jenyns Sun, 27 Mar 2011 05:59:06 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-6457 Hey Chakri, Thanks for your question... sadly, it's not that easy - there's a few more things you need have in place. That said, just by following the rules as you outlined above you'll be ahead of the pack - most people don't even have the basics in place. Can I suggest you continue through the freetradingsystems.org site and ensure you have something in place for each chapter... if you do, I know you'll be giving yourself the best chance of success. Now all that is left is that you follow your system. Sounds like you're on the right track, stick with it, you're on the right track and the rewards are worth it. Your Trading Coach, Dave Hey Chakri,

Thanks for your question… sadly, it’s not that easy – there’s a few more things you need have in place. That said, just by following the rules as you outlined above you’ll be ahead of the pack – most people don’t even have the basics in place.

Can I suggest you continue through the freetradingsystems.org site and ensure you have something in place for each chapter… if you do, I know you’ll be giving yourself the best chance of success. Now all that is left is that you follow your system.

Sounds like you’re on the right track, stick with it, you’re on the right track and the rewards are worth it.

Your Trading Coach,
Dave

]]> By: Chakri http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-6431 Chakri Sat, 26 Mar 2011 01:49:14 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-6431 Hi David, from what I understand, I can develop a trading system purely based on trading rules 1. Cut your losses short and let your profits run 2. Size your positions appropriately(Do not overtrade) 3. Always follow the trend. It's analogous to saying Cut your food intake and exercise regularly to a person who is overweight. As simple as that. Am I right? Thank you Chakri Hi David, from what I understand, I can develop a trading system purely based on trading rules 1. Cut your losses short and let your profits run 2. Size your positions appropriately(Do not overtrade) 3. Always follow the trend.
It’s analogous to saying Cut your food intake and exercise regularly to a person who is overweight. As simple as that. Am I right?

Thank you
Chakri

]]> By: Andrea http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-6008 Andrea Tue, 08 Mar 2011 20:41:30 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-6008 Dear David, with my last question I only intended that, as we all know, there is always something of interesting to trade in the world (when a stock goes up or sideways, another is rallying, when gold goes up, Stocks might be dipping...). I am worried about the fact that if we concentrate only on a few markets or stocks (or only one!!) we could lose occasions in other markets (for example, sometimes when some stocks are losing, other are giving "tempting" signals of strenght in my explorations). Do you think that we should ignore those signals if we don't know the specific security or market? Thank you. Dear David, with my last question I only intended that, as we all know, there is always something of interesting to trade in the world (when a stock goes up or sideways, another is rallying, when gold goes up, Stocks might be dipping…). I am worried about the fact that if we concentrate only on a few markets or stocks (or only one!!) we could lose occasions in other markets (for example, sometimes when some stocks are losing, other are giving “tempting” signals of strenght in my explorations). Do you think that we should ignore those signals if we don’t know the specific security or market?

Thank you.

]]> By: David Jenyns http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-5937 David Jenyns Thu, 03 Mar 2011 20:53:35 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-5937 Great insight Dean and Andrea, Thanks for your questions. 1. Yes, select only 1-3 markets to start with. You really should just start with 1. 2. By focusing on 1 you will start to understand the way that market works... with clarity comes mastery. 3. I think it's more risky to trade multiple markets and not fully master any of them. It's better to be a master of 1, than master of nothing :) 4. Sorry you last question is not clear to me, are you able to re-phrase it. Your Trading Coach, Dave Great insight Dean and Andrea,

Thanks for your questions.

1. Yes, select only 1-3 markets to start with. You really should just start with 1.
2. By focusing on 1 you will start to understand the way that market works… with clarity comes mastery.
3. I think it’s more risky to trade multiple markets and not fully master any of them. It’s better to be a master of 1, than master of nothing :)
4. Sorry you last question is not clear to me, are you able to re-phrase it.

Your Trading Coach,
Dave

]]> By: Andrea http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-5915 Andrea Wed, 02 Mar 2011 14:16:46 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-5915 Dear David, among the advise you gave in this clip, I found this most interesting: "mastering, at the beginning, only one market". To be sincere, I have always been tempted with asset allocation and diversification so, when I am in Metastock, I launch some explorations and have a response that, let's say, 10 markets are interesting or, depending on the market moods, no markets (or only very few) are interesting. Selecting among them is difficult, but studying a plan for so many markets is often time consuming and risky, because, as you say, I don't know none of them very well. So, should I only select 1 to 3 markets only at beginning? And, what do you mean, exactly, with the expression mastering or knowing a market? Don't you think that it's risky also to go only with a market? Why should we risk to lose what' profitable in markets we are not trading? thank you. Dear David,
among the advise you gave in this clip, I found this most interesting: “mastering, at the beginning, only one market”. To be sincere, I have always been tempted with asset allocation and diversification so, when I am in Metastock, I launch some explorations and have a response that, let’s say, 10 markets are interesting or, depending on the market moods, no markets (or only very few) are interesting.

Selecting among them is difficult, but studying a plan for so many markets is often time consuming and risky, because, as you say, I don’t know none of them very well. So, should I only select 1 to 3 markets only at beginning? And, what do you mean, exactly, with the expression mastering or knowing a market? Don’t you think that it’s risky also to go only with a market? Why should we risk to lose what’ profitable in markets we are not trading? thank you.

]]> By: Dean http://www.freetradingsystems.org/2-good-traders/comment-page-1/#comment-4929 Dean Thu, 16 Dec 2010 01:57:29 +0000 http://www.freetradingsystems.org/blog/?page_id=22#comment-4929 Hi David, I hope you don't mind me using my web sites name as the name. I just wanted to share an experience as it relates to psychology. My parents won the lotto in 1998, it was half a million so it was not something to sneeze at. 4 years later they were bankrupt, and in more debt than at any other time in their lives. It was not easy to watch them go through this, but after they moved back into government housing and were on the dole, I decided to do some research, and I found that this phenomenon actually happens to 95% of all lottery winners. The thing is, anyone who has spent any time trading and reading articles, ebooks, forums etc, knows the statistics for traders who consistently lose is the same - 95%! In business, they say 80% of businesses fail in the first 5 years, and of those who succeed, 80% of those will fail in the next 5. If you do the math, this is the same statistic 95%! So, trading psychology is in most part, money psychology. We as a society, and it doesn't matter what endeavour, be it trading, business (which is the same thing), saving, investing etc, are slaves to money and only 5% of us ever work out how to stop being a slave to it. So, my experiences tell me this is why I think a lot of trading psychology is money psychology in my view. For me, my point of trading turned when I stopped looking at the money! This is not to say to not use prudent money management, any system will break down once one starts using too high a % of trading capital per trade, but money is simply numbers in a trading business. Money is not something you spend until it is out of your trading account and into your pocket with the full intention of spending it. Big difference. Cheers Dean Trader Hi David, I hope you don’t mind me using my web sites name as the name.

I just wanted to share an experience as it relates to psychology.

My parents won the lotto in 1998, it was half a million so it was not something to sneeze at. 4 years later they were bankrupt, and in more debt than at any other time in their lives.

It was not easy to watch them go through this, but after they moved back into government housing and were on the dole, I decided to do some research, and I found that this phenomenon actually happens to 95% of all lottery winners.

The thing is, anyone who has spent any time trading and reading articles, ebooks, forums etc, knows the statistics for traders who consistently lose is the same – 95%!

In business, they say 80% of businesses fail in the first 5 years, and of those who succeed, 80% of those will fail in the next 5. If you do the math, this is the same statistic 95%!

So, trading psychology is in most part, money psychology. We as a society, and it doesn’t matter what endeavour, be it trading, business (which is the same thing), saving, investing etc, are slaves to money and only 5% of us ever work out how to stop being a slave to it.

So, my experiences tell me this is why I think a lot of trading psychology is money psychology in my view.

For me, my point of trading turned when I stopped looking at the money! This is not to say to not use prudent money management, any system will break down once one starts using too high a % of trading capital per trade, but money is simply numbers in a trading business. Money is not something you spend until it is out of your trading account and into your pocket with the full intention of spending it. Big difference.

Cheers
Dean
Trader

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