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> Learn to read the tape. Defy human nature and do the hard part
> first (picking up the phone, placing the trade, managing the risk,
> exiting trade with profit or loss).
Did that. Destroyed my account. This was after studying my
methodology for over 6 months and paper-trading it very successfully,
in realtime, for 2 weeks (at roughly 4 trades per day).
And no, I didn't fall apart when I started trading real money. Each
trade I took, I executed just the way I was supposed to. The only
problem was, I didn't take EVERY trade. I'd take a loss, sit back to
lick my wounds while the methodology churned out a couple of big
wins, then take the next one and it was a loss, etc. My biggest
mistakes were starting with a too-small account, and trying to start
with big SP's instead of the then-brand-new e-mini's.
> The reason so many new traders look for the holy grail is because
> it delays the actual process of learning how to trade. Trust me, I
> am speaking from actual experience.
The reason SOME traders look for other alternatives is because
they're lousy at reading the tape. Fortunately for me, I kept
looking for my own "holy grail" (system trading, with systems I
developed myself) and it's worked out very well for me. Trust me,
*I* am speaking from actual experience.
If tape-reading works for you, that's great. That DOES NOT mean it's
the ONLY way or the only RIGHT way to trade, for every trader.
Gary
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