I received an email from an EOTPRO Client who was courteous enough to share some of his hard earned lessons over time...
Now this trader implemented some of his own ideas, using some of Bill's creativity and had Richard code up some custom Indicator chart that like Bill's but rather what specific indicators he watched. This is what we are trying to share with everyone. This is a perfect example of someone who did not blindly follow our lead, but took some of our ideas, added his own, and then did due diligence and research until he had a trading plan that was right for HIM. For this I commend him and would like to add that I am proud of him for taking the lessons we try to teach and share with everyone and actually putting it all together! Great JOB!!
This is portion I copied from the email I received for everyone's benefit...
The newbie's have no idea that come into this room how much time and money you all will save them if they just listen and watch for a few weeks to a month.
The biggest problems with most traders which were mine are:
1 - Playing with scared money - I think this is the biggest one of them all. They do not have the money to risk and when they do put on a trade they are looking for the first sign of profit and take it. Richard has said this many times now. If you keep taking 1-2 tic profits it will slowly bleed your account even if you do not loose for a week. All it takes is one or 2 big losses and entire week of profit is gone and a metal scared is in their head. I think sim is good, but I see traders using sim account with 10 contracts and making all that money. If they are not going to trade everyday with 10 contacts then they are doing more harm then good. Its entire different story when its your real money. If a trader is going to practice with sim they should only use 1 contact. I really like what you and Bill tell them. When you start with real money only use 1 contact until you get 1000.00 or more. I would even go as far as 2000.00 profit before upping the contracts.
2 - No plan you say all the time - This is just as bad as scared money because if you do not have a plan you are done before you start.
3 - Switching from different trading style to style and changing indicators as Bill says all the time.
4 - Many trades get board and want to trade for something to do. This used to get me all the time. I would see a setup and think in my mind what would happen and it would happen. I would then start seeing things in the market and get in and bam, get hammered.
5 - Getting down by stupid mistakes ( # 4 example above ) and getting mad at the market. Now you think I am going to get my money back and then your losses double or triple and by the end of the day you are screwed. The worst part is you are metal damaged and prolly done as a trader mentally and monetarily.
Thank you for sharing!
Recent Comments